bluebird bio (BLUE) 10-Q 27 Sep 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Sep. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35966
Entity Registrant Name	bluebird bio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3680878
Entity Address, Address Line One	455 Grand Union Boulevard
Entity Address, City or Town	Somerville
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02145
City Area Code	339
Local Phone Number	499-9300
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	BLUE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		193,913,585
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001293971
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 144,067	$ 221,755
Prepaid expenses	10,539	14,800
Inventory	33,330	22,919
Due from factor	1,302	560
Receivables and other current assets	14,278	21,651
Total current assets	203,516	281,685
Property, plant and equipment, net	78,756	65,936
Goodwill	5,646	5,646
Intangible assets, net	10,012	10,438
Operating lease right-of-use assets	189,206	201,113
Restricted cash and other non-current assets	58,057	54,343
Total assets	545,193	619,161
Current liabilities:
Accounts payable	30,591	18,498
Due to factor	5,220	2,520
Accrued expenses and other current liabilities	65,889	73,188
Operating lease liability, current portion	25,052	21,202
Financing lease liability, current portion	101,335	84,705
Term loan debt	69,843	0
Total current liabilities	297,930	200,113
Operating lease liability, net of current portion	174,535	186,687
Financing lease liability, net of current portion	19,655	37,732
Other non-current liabilities	92	92
Total liabilities	492,212	424,624
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.01 par value, 5,000 shares authorized; 0 shares issued and outstanding at June 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value, 250,000 shares authorized; 193,856 and 192,772 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	1,916	1,905
Additional paid-in capital	4,464,712	4,454,756
Accumulated other comprehensive loss	(2,122)	(1,796)
Accumulated deficit	(4,411,525)	(4,260,328)
Total stockholders’ equity	52,981	194,537
Total liabilities and stockholders’ equity	$ 545,193	$ 619,161

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	193,856,000	192,772,000
Common stock, shares outstanding (in shares)	193,856,000	192,772,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Product revenue, net	$ 16,101	$ 6,837	$ 34,662	$ 9,133
Other revenue	0	53	12	138
Total revenues	16,101	6,890	34,674	9,271
Cost of product revenue	28,946	6,697	54,810	12,209
Gross margin	(12,845)	193	(20,136)	(2,938)
Operating expenses:
Selling, general and administrative	50,385	40,462	96,714	77,929
Research and development	25,162	31,448	50,236	73,035
Total operating expenses	75,547	71,910	146,950	150,964
Gain from sale of priority review voucher, net	0	0	0	92,930
Loss from operations	(88,392)	(71,717)	(167,086)	(60,972)
Interest income	2,837	2,679	5,416	5,507
Interest expense	(5,453)	(3,750)	(10,308)	(8,020)
Other income, net	9,636	9,919	20,802	19,546
Loss before income taxes	(81,372)	(62,869)	(151,176)	(43,939)
Income tax (expense) benefit	(21)	80	(21)	80
Net loss	$ (81,393)	$ (62,789)	$ (151,197)	$ (43,859)
Net loss per share - basic (in dollars per share)	$ (0.42)	$ (0.58)	$ (0.78)	$ (0.41)
Net loss per share - diluted (in dollars per share)	$ (0.42)	$ (0.58)	$ (0.78)	$ (0.41)
Weighted-average number of common shares used in computing net loss per share - basic (in shares)	193,716	108,685	193,433	105,819
Weighted-average number of common shares used in computing net loss per share - diluted (in shares)	193,716	108,685	193,433	105,819
Other comprehensive income (loss):
Total other comprehensive income (loss)	$ (14)	$ 722	$ (327)	$ 1,706
Comprehensive loss	$ (81,407)	$ (62,067)	$ (151,524)	$ (42,153)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2022		82,923,000
Beginning balance at Dec. 31, 2022	$ 134,333	$ 830	$ 4,185,988	$ (4,070)	$ (4,048,415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		382,000
Vesting of restricted stock units	(195)	$ 3	(198)
Exercise of stock options (in shares)		3,000
Exercise of stock options	7		7
Purchase of common stock under employee stock purchase plan (ESPP) (in shares)		62,000
Purchase of common stock under employee stock purchase plan (ESPP)	227	$ 1	226
Issuance of common stock (in shares)		23,000,000
Issuance of common stock	130,291	$ 230	130,061
Stock-based compensation expense	5,843		5,843
Other comprehensive income (loss)	984			984
Net income (loss)	18,930				18,930
Ending balance, shares (in shares) at Mar. 31, 2023		106,370,000
Ending balance at Mar. 31, 2023	290,420	$ 1,064	4,321,927	(3,086)	(4,029,485)
Beginning balance (in shares) at Dec. 31, 2022		82,923,000
Beginning balance at Dec. 31, 2022	134,333	$ 830	4,185,988	(4,070)	(4,048,415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	1,706
Net income (loss)	(43,859)
Ending balance, shares (in shares) at Jun. 30, 2023		106,454,000
Ending balance at Jun. 30, 2023	234,818	$ 1,065	4,328,391	(2,364)	(4,092,274)
Beginning balance (in shares) at Mar. 31, 2023		106,370,000
Beginning balance at Mar. 31, 2023	290,420	$ 1,064	4,321,927	(3,086)	(4,029,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		65,000
Vesting of restricted stock units	0	$ 1	(1)
Exercise of stock options (in shares)		19,000
Exercise of stock options	77		77
Stock-based compensation expense	6,388		6,388
Other comprehensive income (loss)	722			722
Net income (loss)	(62,789)				(62,789)
Ending balance, shares (in shares) at Jun. 30, 2023		106,454,000
Ending balance at Jun. 30, 2023	$ 234,818	$ 1,065	4,328,391	(2,364)	(4,092,274)
Beginning balance (in shares) at Dec. 31, 2023	192,772,000	192,772,000
Beginning balance at Dec. 31, 2023	$ 194,537	$ 1,905	4,454,756	(1,796)	(4,260,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		811,000
Vesting of restricted stock units	0	$ 8	(8)
Issuance of warrants	2,571		2,571
Stock-based compensation expense	4,054		4,054
Other comprehensive income (loss)	(312)			(312)
Net income (loss)	(69,804)				(69,804)
Ending balance, shares (in shares) at Mar. 31, 2024		193,583,000
Ending balance at Mar. 31, 2024	$ 131,046	$ 1,913	4,461,373	(2,108)	(4,330,132)
Beginning balance (in shares) at Dec. 31, 2023	192,772,000	192,772,000
Beginning balance at Dec. 31, 2023	$ 194,537	$ 1,905	4,454,756	(1,796)	(4,260,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	0
Other comprehensive income (loss)	$ (327)
Net income (loss)	$ (151,197)
Ending balance, shares (in shares) at Jun. 30, 2024	193,856,000	193,856,000
Ending balance at Jun. 30, 2024	$ 52,981	$ 1,916	4,464,712	(2,122)	(4,411,525)
Beginning balance (in shares) at Mar. 31, 2024		193,583,000
Beginning balance at Mar. 31, 2024	131,046	$ 1,913	4,461,373	(2,108)	(4,330,132)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		185,000
Vesting of restricted stock units	0	$ 2	(2)
Purchase of common stock under employee stock purchase plan (ESPP) (in shares)		88,000
Purchase of common stock under employee stock purchase plan (ESPP)	81	$ 1	80
Stock-based compensation expense	3,261		3,261
Other comprehensive income (loss)	(14)			(14)
Net income (loss)	$ (81,393)				(81,393)
Ending balance, shares (in shares) at Jun. 30, 2024	193,856,000	193,856,000
Ending balance at Jun. 30, 2024	$ 52,981	$ 1,916	$ 4,464,712	$ (2,122)	$ (4,411,525)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (151,197)	$ (43,859)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	31,995	12,250
Stock-based compensation expense	6,968	11,145
Noncash research and development expense (finance lease)	0	434
Noncash operating lease expense	11,908	14,966
Gain from sale of priority review voucher	0	(92,930)
Excess inventory reserve	5,666	6,278
Noncash interest related to debt	1,004	0
Other non-cash items	(21)	343
Gain on foreign currency exchange rates	(581)	(281)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(35,131)	(6,440)
Inventory	(15,729)	(17,599)
Accounts payable	12,517	(5,623)
Accrued expenses and other liabilities	(5,670)	3,052
Accrued interest payable under finance lease	5,646	819
Operating lease liabilities	(8,303)	(13,276)
Deferred revenue	0	(138)
Net cash used in operating activities	(140,928)	(130,859)
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,834)	(937)
Purchases of marketable securities	0	(34,418)
Proceeds from previously transferred invoices	2,800	0
Proceeds from maturities of marketable securities	0	26,521
Proceeds from sales of marketable securities	0	5,853
Purchase of intangible assets	0	(868)
Proceeds from sale of priority review voucher	0	92,930
Net cash provided by investing activities	966	89,081
Cash flows from financing activities:
Proceeds from the issuance of debt, net of fees paid to lender	71,316	0
Proceeds allocated to detachable warrants issued in conjunction with debt	2,669	0
Payments of debt issuance costs	(2,576)	0
Proceeds from exercise of stock options and ESPP contributions	0	85
Proceeds from the transfer of invoices	35,820	0
Principal payments on finance leases	(48,645)	(28,504)
Net cash provided by financing activities	58,584	101,507
(Decrease) increase in cash, cash equivalents and restricted cash	(81,378)	59,729
Cash, cash equivalents and restricted cash at beginning of period	274,597	158,445
Cash, cash equivalents and restricted cash at end of period	193,219	218,174
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	144,067	172,872
Restricted cash included in other current assets	1,154	1,364
Restricted cash included in restricted cash and other non-current assets	47,998	43,938
Total cash, cash equivalents and restricted cash	193,219	218,174
Supplemental cash flow disclosures from investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued expenses	284	2,290
Right-of-use assets obtained in exchange for financial lease liabilities	43,055	3,436
Cash paid (refund received) during the period for income taxes	(10)	7
Beneficiary interest obtained in transferred invoices	3,680	0
Derecognition of due to factor liabilities	33,120	0
Private Placement
Cash flows from financing activities:
Proceeds from issuance of common stock	0	(196)
Public Offering
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 0	$ 130,122

Description of the business

Description of the business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the business	Description of the business bluebird bio, Inc. (the “Company” or “bluebird”) was incorporated in Delaware on April 16, 1992, and is headquartered in Somerville, Massachusetts. The Company is a biotechnology company committed to researching, developing and commercializing potentially curative gene therapies for severe genetic diseases based on its proprietary lentiviral vector ("LVV") gene addition platform. Since its inception, the Company has devoted substantially all of its resources to its research and development efforts relating to its product candidates, and commercialization of its approved products, including activities to manufacture product candidates, conduct clinical studies of its product candidates, perform preclinical research to identify new product candidates, provide selling, general and administrative support for these operations and market and commercially manufacture and distribute its approved products. The Company’s programs in severe genetic diseases include ZYNTEGLO (betibeglogene autotemcel, also known as beti-cel) as a treatment for β-thalassemia; LYFGENIA (lovotibeglogene autotemcel, also known as lovo-cel) as a treatment for sickle cell disease ("SCD"); and SKYSONA (elivaldogene autotemcel, also known as eli-cel) as a treatment for cerebral adrenoleukodystrophy ("CALD"). On August 17, 2022, ZYNTEGLO was approved by the U.S. Food and Drug Administration ("FDA") for the treatment of adult and pediatric patients with ß-thalassemia who require regular red blood cell transfusions. On September 16, 2022, the FDA granted Accelerated Approval of SKYSONA to slow the progression of neurologic dysfunction in boys 4-17 years of age with early, active CALD. On December 8, 2023, LYFGENIA was approved by the FDA for the treatment of patients 12 years of age or older with sickle cell disease and with a history of vaso-occlusive-events. In August 2023, the Company entered into an Open Market Sales Agreement (the "Sales Agreement") with Jefferies LLC ("Jefferies") to sell shares of the Company’s common stock up to $125.0 million, from time to time, through an “at the market” equity offering program under which Jefferies will act as sales agent. As of June 30, 2024, the Company has made no sales pursuant to the Sales Agreement. In December 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC ("Goldman") and J.P. Morgan Securities LLC, to sell 83.3 million shares of the Company's common stock. The Company received net proceeds of approximately $118.1 million. In March 2024, the Company entered into a five-year term loan facility agreement with Hercules Capital, Inc. to secure debt financing for up to $175.0 million, available in four tranches. This is described in Note 8, Term Loan Debt , in the Notes to Condensed Consolidated Financial Statements appearing elsewhere in this Quarterly Report on Form 10-Q. Since its inception, the Company has incurred significant operating losses and negative operating cash flows. As of June 30, 2024, the Company had an accumulated deficit of $4.4 billion. During the six months ended June 30, 2024, the Company incurred a net loss of $151.2 million and used $140.9 million of cash in operations. As of June 30, 2024, the Company had cash and cash equivalents of $144.1 million. In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. The Company's history of recurring operating losses and negative operating cash flows, its expectation to generate operating losses and negative operating cash flows, and the need for additional funding to support its planned operations raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date that these consolidated financial statements are issued. Management's plans to alleviate the conditions that raise substantial doubt include controlling spending, executing on commercial launch plans, and exploring additional financing options. Management has concluded the likelihood that its plan to successfully obtain sufficient funding from one or more of these sources, or adequately reduce expenditures, while reasonably possible, is less than probable. Accordingly, the Company has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of issuance of these consolidated financial statements. The Company has based the estimated cash needs on assumptions that may prove to be wrong, and its operating plan may change as a result of many factors currently unknown to it. As a result, the Company could deplete its capital resources sooner than it currently expects. Along with the Company's revenue from product sales, the Company expects to finance its future cash needs through the issuance of equity, or debt, or other alternative means. If the Company is unable to obtain funding on a timely basis, or if revenues from product sales are less than it has projected, the Company may be required to further revise its business plan and strategy, which may result in the Company significantly curtailing, delaying or discontinuing one or more of its research or development programs or the commercialization of any products or may result in the Company being unable to expand its operations or otherwise capitalize on its business opportunities. As a result, the Company's business, financial condition and results of operations could be materially affected. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Basis of presentation, principl

Basis of presentation, principles of consolidation and significant accounting policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of presentation, principles of consolidation and significant accounting policies	Basis of presentation, principles of consolidation and significant accounting policies Basis of presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States GAAP as included in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods ended June 30, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on September 13, 2024 (the "2023 Annual Report on Form 10-K"). Amounts reported are computed based on thousands, except percentages, per share amounts, or as otherwise noted. As a result, certain totals may not sum due to rounding. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment. Restatement of Previously Issued Financial Statements As previously disclosed in the Company's 2023 Annual Report Form 10-K filed with the SEC on September 13, 2024, the Company is restating its previously issued unaudited condensed consolidated financial information for the three and six month periods ending June 30, 2023 due to multiple prior period misstatements. The accompanying condensed consolidated financial information as of and for the quarter ended June 30, 2023 have been restated in this Quarterly Report on Form 10-Q (see Note 15: Restatement of Previously Issued Financial Statements). In addition, the Company has corrected the accompanying footnotes in connection with the restatement. Significant accounting policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2024 are consistent with those discussed in Note 3 to the consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, interest expense has been reclassified from interest income to interest expense in the consolidated statement of operations and comprehensive loss. These reclassifications had no effect on the reported results of operations. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Estimates and judgments are used in the following areas, among others: the alternative future use of assets used in research and development activities, future undiscounted cash flows and subsequent fair value estimates used to assess potential and measure any impairment of long-lived assets, including goodwill and intangible assets, and the measurement of right-of-use assets and lease liabilities, gross-to-net revenue calculations, stock-based compensation expense, accrued expenses, income taxes, the assessment of the Company's ability to fund its operations for at least the next twelve months from the date of issuance of these financial statements, and the assessment of the likelihood and magnitude of losses that may be sustained upon resolution of contingencies. Inventory Inventories are stated at the lower of cost or net realizable value under the first-expired, first-out ("FEFO") methodology. Given human gene therapy products are a new and novel category of therapeutics and future economic benefit is not probable until regulatory approval for the product has been obtained, the Company has only considered inventory for capitalization upon regulatory approval. Manufacturing costs incurred prior to regulatory approval for pre-launch inventory that did not qualify for capitalization and clinical manufacturing costs are charged to research and development expense in the Company’s consolidated statements of operations and comprehensive loss as costs are incurred. Additionally, inventory that initially qualifies for capitalization but that may ultimately be used to produce clinical drug product is expensed as research and development expense when it has been designated for the manufacture of clinical drug product. Inventory consists of cell banks, plasmids, LVV, other materials and compounds sourced from third party suppliers and utilized in the manufacturing process, and drug product which has been produced for the treatment of specific patients, that are owned by the Company until infusion. Management periodically reviews inventories for excess or obsolescence, considering factors such as sales forecasts compared to quantities on-hand and firm purchase commitments as well as remaining shelf life of on-hand inventories. The Company writes down its inventory that is in excess, obsolete or otherwise unmarketable to its estimated net realizable value in the period in which the impairment is first identified. Any such adjustments are included as a component of cost of goods sold within cost of product revenue in the Company’s consolidated statements of operations and comprehensive loss. Revenue recognition Under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The Company assesses whether each promised good or service is distinct to identify the performance obligations in the contract. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices (“SSP”) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the adjustment period. In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed each of its revenue generating arrangements to determine whether a significant financing component exists and concluded that a significant financing component does not exist in any of its arrangements. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time, and if over time recognition is based on the use of an output or input method. Product revenue In 2022, the Company received approval of ZYNTEGLO and SKYSONA from the FDA. In 2023, the Company received approval of LYFGENIA from the FDA. The amount of revenue recognized by the Company is equal to the amount of consideration that is expected to be received from the sale of product to its customers. The Company uses Specialty Distributors ("SD") and Specialty Pharmacies ("SP") to deliver product to the Qualified Treatment Centers ("QTC"). Revenue is only recognized when the performance obligation is satisfied. The Company recognizes revenue upon infusion to the patient. To determine whether a significant reversal will occur in future periods, the Company will assess both the likelihood and magnitude of any such potential reversal of revenue. Gross product revenue is reduced by outcomes-based rebates, other rebates and distributor fees. Rebates expense Rebates are based on contractual arrangements or statutory requirements and include amounts due to Medicaid agencies and third-party payers. These amounts may vary by product and payer. Rebates are estimated primarily based on product sales, including product mix and pricing, historical and estimated payer mix and discount rates, among other inputs, which require significant estimates and judgment. The Company assesses and updates estimates each reporting period to reflect actual claims and other current information. Rebates that are payable to Medicaid agencies and third-party payers are recorded in accrued expenses and other current liabilities on the Company's consolidated balance sheets. Distributor fees The Company pays distribution fees to SDs and SPs in connection with the sales of our product. These distributor fees are based on a contractually determined fixed percentage of sales. Other revenue In 2021, the Company entered into a grant agreement with the Bill and Melinda Gates Foundation. The Company recognizes grant revenue in accordance with ASC 958-605, Revenue Recognition Not-for-Profit Entities , when qualifying costs are incurred and barriers to restriction have been overcome. When grant funds are received after costs have been incurred, the Company records revenue and a corresponding grant receivable. Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. In 2023, the Company ceased further research work and is in the process of winding down such collaboration. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance and requires companies to disclose all annual disclosures about segments in interim periods. The ASU also requires companies with a single reportable segment to provide all disclosures required by Topic 280 – Segment Reporting. This update is effective beginning with the Company’s 2024 fiscal year annual reporting period and interim periods beginning thereafter. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding taxes paid both in the U.S. and foreign jurisdictions. This update is effective beginning with the Company’s 2025 fiscal year annual reporting period. The Company is currently evaluating the impact to its income tax disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards . This update clarifies the scope of "Profit Interest" and similar awards and adds an illustrative example to the existing ASC 718 standard that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is permitted for interim and annual financial statements not yet issued or made available for issuance. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures. In March 2024, the FASB issued ASU 2024-02 " Codification Improvements—Amendments to Remove References to the Concepts Statements" , which removes various references to concepts statements from the FASB Accounting Standards Codification. This ASU is effective for the Company beginning in the first quarter of fiscal year 2026, with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2026.

Product revenue and reserves

Product revenue and reserves	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Product revenue and reserves	Product revenue and reserves For the three months ended June 30, 2024 and 2023, the Company recorded $16.1 million and $6.8 million, respectively, of product revenue. For the six months ended June 30, 2024 and 2023, the Company recorded $34.7 million and $9.1 million, respectively, of product revenue. Product revenue by therapy represents: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 ZYNTEGLO $ 11,158 $ 4,180 $ 29,719 $ 4,180 SKYSONA 4,943 2,657 4,943 4,953 Total product revenue, net $ 16,101 $ 6,837 $ 34,662 $ 9,133 Five individual customers accounted for 80% of product revenue for the six months ended June 30, 2024 and two individual customer accounted for 100% of product revenue for the six months ended June 30, 2023. The Company considers there to be revenue concentration risks for customers that represent product revenues that exceed 10% of total product revenue. The concentration of the Company’s product revenue within a particular customer may have a material adverse effect on the Company’s revenue and results of operations if sales with the respective customer experience difficulties. All product revenue during the six months ended June 30, 2024 and 2023 were within the United States. The following table summarizes an analysis of the change in reserves for gross to net deductions for the periods indicated: Total Balance at December 31, 2023 $ 5,365 Provision for rebates 7,536 Payments/credits — Balance at June 30, 2024 $ 12,901

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands): Description Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) June 30, 2024 Assets: Cash and cash equivalents $ 144,067 $ 144,067 $ — $ — Marketable securities: U.S. government agency securities and treasuries — — — — Due from factor: Beneficiary interest in factored invoices 1,440 — — 1,440 Total $ 145,507 $ 144,067 $ — $ 1,440 December 31, 2023 Assets: Cash and cash equivalents $ 221,755 $ 221,755 $ — $ — Marketable securities: U.S. government agency securities and treasuries — — — — Receivables and other current assets: Beneficiary interest in factored invoices 560 — — 560 Total $ 222,315 $ 221,755 $ — $ 560 Cash and cash equivalents The Company considers all highly liquid securities with original final maturities of 90 days or less from the date of purchase to be cash equivalents. As of June 30, 2024 and December 31, 2023, cash and cash equivalents comprise funds in cash and money market accounts held at multiple banking and asset management institutions. Marketable securities Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. government agency securities and treasuries, corporate bonds, and commercial paper. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The Company validates the prices provided by its third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to the earliest call date for premiums or to maturity for discounts. There were no and $0.1 million of realized losses recognized on the sale or maturity of available-for-sale debt securities during the six months ended June 30, 2024 and 2023, respectively. Accrued interest receivable on the Company's available-for-sale debt securities totaled $0.2 million and $0.3 million as of June 30, 2024 and December 31, 2023, respectively. No accrued interest receivable was written off during the three and six months ended June 30, 2024 or 2023. Factoring agreement Due from factor classified as Level 3 within the valuation hierarchy consists of beneficiary interest in transferred invoices. The Company estimates the fair value of the beneficiary interest based on the estimated cash flows after applying counterparty and credit risk adjustments associated with the factoring agent and distributors, respectively. As of June 30, 2024, no adjustment to the beneficiary interest in invoices sold was deemed an unobservable input and was determined based from ongoing credit evaluations and historical experience with aging of such invoices, among other factors. A significant change to this input could result in a significantly lower or higher fair value measurement. The following table shows a reconciliation of the beginning and ending balances for Level 3 financial liabilities measured at fair value on a recurring basis for the six months ended June 30, 2024: For the six months ended June 30, 2024 Level 3 financial assets, beginning of period $ 560 Beneficiary interest obtained in transferred invoices 3,680 Proceeds from previously transferred invoices (2,800) Level 3 financial assets, end of period $ 1,440

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory, net, consists of the following (in thousands): As of June 30, 2024 As of December 31, 2023 Raw materials $ 3,092 $ 2,329 Work in progress 28,167 17,375 Finished goods 2,071 3,215 Inventory $ 33,330 $ 22,919

Factoring agreement

Factoring agreement	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Factoring agreement	Factoring agreement The company sells rights to future revenues associated with invoices issued upon delivery of drug product to QTCs. The upfront payments are treated as a short-term liability, presented as due to factor on the Company's consolidated balance sheets until the right to consideration from the customer is deemed unconditional. The remaining invoice amount payable to the Company at infusion is considered a beneficial interest in the factored invoice and represents the extent of our continued involvement in the sale of invoices. Due to Factor For the three and six months ending June 30, 2024, the Company collected $20.7 million and $35.8 million, respectively, in cash receipts prior to an unconditional right to consideration and derecognized $18.0 million and $33.1 million, respectively, of due to factor amounts as a result of patient drug product infusions. Amounts presented as due to factor on the consolidated balance sheets would be subject to payment based on the repurchase requirements that exist prior to the infusion date in the factoring agreement. Due from Factor For the three and six months ending June 30, 2024, the company obtained $2.1 million and $3.7 million, respectively, of beneficiary interest in invoices and collected $1.7 million and $2.8 million, respectively, in cash receipts. Uncollected amounts presented as due from factor on the consolidated balance sheets are net of accrued fees of $0.1 million. The maximum loss exposure is $1.4 million at June 30, 2024.

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in thousands): As of June 30, 2024 As of December 31, 2023 Accrued CMO and CRO costs $ 19,665 $ 24,824 Accrued employee compensation 16,669 19,972 Accrued rebates 12,942 5,365 Accrued goods and services 4,295 8,392 Accrued professional fees 3,733 2,531 Accrued refund liability — 5,600 Other 8,585 6,504 Total accrued expenses and other current liabilities $ 65,889 $ 73,188

Term loan debt

Term loan debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Term loan debt	Term loan debt 2024 Term Loan On March 15, 2024 (the “Effective Date”), the Company entered into a Loan and Security Agreement (the “LSA”) and a Warrant Agreement (the “Warrant Agreement”) with Hercules Capital and funds managed by Hercules Capital (collectively, “Hercules” or “the lenders”). Under the terms of the LSA, the Company may borrow up to an aggregate principal amount of $175.0 million over the term of the agreement, in four separate tranches (the “Term Loans”) dependent on the achievement of certain milestones. On the Effective Date, the Company drew down the initial $75.0 million of gross proceeds (“Initial Loan”), and paid initial debt issuance costs of $3.5 million, inclusive of legal fees of approximately $2.7 million and the original issuance discount (“OID”) of $0.8 million, or 1% of the drawn amount, in accordance with the terms of the LSA. Additional amounts are available to borrow in two separate $25.0 million tranches based on the Company meeting certain pre-defined milestone achievements associated with cell collection from LYFGENIA patients (35 patients on or before September 30, 2024 or 55 patients on or before December 31, 2024) (“Tranche 2”) and compliance with a gross profit metric (no later than the period ending June 30, 2025) (“Tranche 3”). Additionally, the Company may request up to an additional $50.0 million through December 15, 2026 from Hercules (“Tranche 4”). The lenders have no obligation to fund any amounts under Tranche 4 as funding is conditioned on approval by the lenders’ investment committee. The Term Loans bear both cash interest and paid-in-kind interest (“PIK”). The cash interest is due on the first business day of each month (“Payment Date”) and will be equal to the WSJ prime rate (“prime rate”) plus 1.45% (floored at 9.95%). The PIK interest is fixed at 2.45% and is to be capitalized and added to the outstanding principal on each Payment Date. Unless prepaid by the Company at their discretion, subject to certain prepayment penalties and conditions, the Term Loans are repayable in monthly interest-only payments until April 1, 2027, or April 1, 2028, if the Company has achieved, no later than December 31, 2026, certain financial metrics (the “Performance Milestone”). After the expiration of the interest-only payment period, the Term Loans are repayable in equal monthly payments of principal and accrued interest until maturity. The Term Loans will mature on April 1, 2029. The 2024 Term Loan is collateralized by substantially all the Company’s assets. In addition to other covenants, the 2024 Term Loan contains affirmative covenants as well as certain financial covenants, including a minimum cash coverage requirement of 40% of the outstanding principal of the term loan and a minimum net product revenue requirement that commences with the quarter ending September 30, 2024. The Company was in compliance with the minimum cash coverage covenant as of June 30, 2024, but the Company projects that it may not maintain its minimum cash coverage requirement within the next 12 months (see the Company's going concern assessment in Note 1, Description of the business ). As such, the term loan is presented as a current liability as of June 30, 2024. The Company also issued warrants under the Warrant Agreement for the right to purchase shares of the Company’s common stock to Hercules, with the number of shares to be based on the amounts borrowed under the LSA (the “Warrants”). The Warrants are exercisable for a number of shares of common stock equal to the quotient of (i.) 5% times the aggregate original principal of amounts drawn under the LSA divided by (ii.) the exercise price of $1.45 per share. As of June 30, 2024, the Company had issued 2.6 million warrants associated with the Initial Loan (“Initial Warrants”) to purchase common stock at an exercise price of $1.45 per share and a contractual life of 7 years from the Effective Date. The Warrants have been recorded at their relative fair value using the Black-Scholes option-pricing model and the following assumptions: no dividend yield, expected volatility of 81.1%, risk free rate of 4.3%, and expected term of 7 years, equal to the life of the warrant. The relative fair value allocated to the initial warrants was $2.7 million, which was classified as additional-paid-in-capital and recorded as a debt discount which will be amortized, together with debt issuance costs, to interest expense using the effective interest method over the life of the loan at an effective interest rate of 15.7%. For the three and six months ended June 30, 2024, the Company recorded approximately $2.7 million and $3.2 million in interest expense associated with the Term Loans, respectively, inclusive of amounts related to the Warrants. Refer to Note 16, Subsequent Events , for further discussion on the amendments to the LSA and the Warrant Agreement subsequent to the six months ended June 30, 2024.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company leases certain office and laboratory space, primarily located in Somerville, Massachusetts. Additionally, the Company has embedded leases through its agreements with CMOs and a contract testing organization ("CTO") in both the United States and internationally. Except as described below, there have been no material changes in lease obligations from those disclosed in Note 11 to the consolidated financial statements included in the Company's 2023 Annual Report on Form 10-K. Embedded leases Periodically, throughout the three and six months ended June 30, 2024, the Company amended several of its embedded contract manufacturing leases, some of which were accounted for as lease modifications under ASC 842. The lease modifications primarily relate to the execution of new statements of work with the vendors or the extension of contractual terms. As it relates to embedded leases related to drug product manufacturing and quality testing, due to lease modification adjustments and amortization, the Company increased its finance lease right-of-use assets in the amount of $22.4 million during the six months ended June 30, 2024. As it relates to embedded leases related to drug substance manufacturing, due to lease modification adjustments and amortization, the Company decreased its finance lease right-of-use assets in the amount of $8.9 million during the six months ended June 30, 2024. The following paragraph describes a significant lease modification to the Company's embedded drug substance manufacturing lease that was executed during the three months ended June 30, 2024. In June 2024, the Company extended its embedded lease for the manufacturing of vector and was obligated under the defined production schedule through July 1, 2024. Refer to Note 16, Subsequent Events , for further discussion on the extension of this agreement subsequent to June 30, 2024. Summary of all lease costs recognized under ASC 842 The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating and finance leases for the three months and six months ended June 30, 2024 and 2023 (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (As Restated) (As Restated) Finance leases Interest expense $ 2,710 $ 3,750 $ 7,057 $ 8,017 Amortization expense 15,375 5,228 29,703 10,444 Total fixed finance lease cost $ 18,085 $ 8,978 $ 36,760 $ 18,461 Operating leases Fixed lease cost $ 9,486 $ 11,470 $ 18,973 $ 22,941 Total fixed operating lease cost $ 9,486 $ 11,470 $ 18,973 $ 22,941 Variable lease cost 6,863 5,091 12,999 11,953 Short-term lease cost 80 46 155 97 Total lease cost $ 34,514 $ 25,585 $ 68,887 $ 53,452 Operating sublease income $ 10,260 $ 10,373 $ 20,606 $ 20,481 Cash paid in the measurement of lease liabilities Operating cash flows used for operating leases $ 8,303 $ 13,276 Operating cash flows used for finance leases $ 1,411 $ 7,198 Financing cash flows for finance leases $ 48,645 $ 28,504 Supplemental balance sheet information related to leases was as follows: As of As of June 30, 2024 June 30, 2023 Weighted average remaining lease term - finance leases 1.26 years 2.18 years Weighted average discount rate - finance leases 11.18 % 14.02 % Weighted average remaining lease term - operating leases 6.52 years 7.4 years Weighted average discount rate - operating leases 6.99 % 7.03 % As of June 30, 2024, future minimum commitments under ASC 842 under the Company’s leases were as follows (in thousands): Operating Leases Financing Leases Remaining Lease Payments Remainder of 2024 $ 19,550 $ 78,746 2025 37,084 41,797 2026 35,719 3,408 2027 36,742 2,548 2028 37,795 1,043 2029 and thereafter 81,986 — Total $ 248,876 $ 127,542 Less: Imputed Interest (49,289) (6,552) Present Value of Lease Liabilities $ 199,587 $ 120,990

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Lease commitments The Company leases certain office and laboratory space and has embedded leases at CMOs and a CTO. As of June 30, 2024, the Company has commitments arising from a forward starting lease that had not yet commenced related to an embedded equipment lease with a CMO. This lease is expected to commence in 2025 with an initial lease term of three years. Fixed commitments under this contract approximate $56.6 million. The following table presents the non-cancelable contractual obligations arising from this arrangement as of June 30, 2024 (in thousands): Future commitment Remainder of 2024 $ — 2025 13,563 2026 17,858 2027 17,858 2028 7,310 2029 and thereafter — Total purchase commitments $ 56,589 Refer to Note 9, Leases, for further information on the terms of these lease agreements. Litigation From time to time, the Company is party to various claims and complaints arising in the ordinary course of business, including securities class action litigation and intellectual property litigation. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to the agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is generally unlimited. Accruals for loss contingencies are recognized when a loss is probable, and the amount of such loss can be reasonably estimated. The Company has not accrued for a loss for any matter as a loss is not probable and a loss, or a range of loss, is not reasonably estimable. The Company also indemnifies each of its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company's request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and by-laws. The term of the indemnification period lasts as long as such officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance allows the transfer of risk associated with the Company's exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, it has not recognized any liabilities relating to these obligations. There have been no material changes in claims and complaints from those disclosed in Note 12 to the consolidated financial statements included in the Company's 2023 Annual Report on Form 10-K.

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity On January 18, 2023, the Company entered into an underwriting agreement (the “January Underwriting Agreement”) with Goldman and J.P. Morgan Securities LLC in connection with the public offering, issuance, and sale by the Company of 20.0 million shares of the Company’s common stock at a public offering price of $6.00 per share, less underwriting discounts and commissions, pursuant to an effective shelf registration statement on Form S-3 and a related prospectus supplement filed with the Securities and Exchange Commission. Under the terms of the January Underwriting Agreement, the Company also granted the underwriters an option exercisable for 30 days to purchase up to an additional 3.0 million shares of common stock at the public offering price, less underwriting discounts and commissions, which the underwriters exercised in full. The offering closed on January 23, 2023. The Company received aggregate net proceeds of $130.5 million. In August 2023, the Company entered into an Open Market Sales Agreement (the "Sales Agreement") with Jefferies LLC ("Jefferies") to sell shares of the Company’s common stock up to $125.0 million, from time to time, through an “at the market” equity offering program under which Jefferies will act as sales agent. As of June 30, 2024, the Company has made no sales pursuant to the Sales Agreement.

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation In June 2023, the Company’s stockholders approved the bluebird bio, Inc. 2023 Incentive Award Plan (the “2023 Plan”), which replaced the 2013 Stock Option and Incentive Plan (“2013 Plan”). Following approval of the 2023 Plan, no further awards will be granted under the 2013 Plan. As of June 30, 2024, the total number of shares of common stock available for issuance under the 2023 Plan was approximately 2.7 million. Stock-based compensation expense The Company recognized stock-based compensation expense totaling $3.2 million and $5.8 million during the three months ended June 30, 2024 and 2023, respectively. The Company recognized stock-based compensation expense totaling $7.0 million and $11.1 million during the six months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense recognized by award type is included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Stock options $ 1,192 $ 1,710 $ 2,422 $ 3,433 Restricted stock units 2,012 3,969 4,463 7,637 Employee stock purchase plan and other 2 75 83 75 $ 3,206 $ 5,754 $ 6,968 $ 11,145 Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Cost of product revenue 289 (10) 780 93 Selling, general and administrative 1,798 2,681 4,133 5,042 Research and development 1,119 3,083 2,055 6,010 $ 3,206 $ 5,754 $ 6,968 $ 11,145 During the six months ended June 30, 2024 and 2023, the Company had $0.3 million and $1.1 million of stock compensation expense that was capitalized into inventory. Stock options The following table summarizes the stock option activity under the Company’s equity award plans excluding awards held by employees of 2seventy bio: Shares (in thousands) Weighted- average exercise price per share Outstanding at December 31, 2023 4,227 $ 14.16 Granted 2,672 $ 1.54 Exercised — $ — Canceled, forfeited, or expired (600) $ 10.86 Outstanding at June 30, 2024 6,299 $ 9.13 Exercisable at June 30, 2024 2,196 $ 19.60 Vested and expected to vest at June 30, 2024 6,299 $ 9.13 During the six months ended June 30, 2024, no stock options were exercised. Restricted stock units The following table summarizes the restricted stock unit activity under the Company’s equity award plans excluding awards held by employees of 2seventy bio: Shares Weighted- Unvested at December 31, 2023 4,207 $ 6.08 Granted 2,337 $ 1.54 Vested (970) $ 6.76 Forfeited (577) $ 4.09 Unvested at June 30, 2024 4,997 $ 4.05 Employee stock purchase plan In June 2013, the Company's board of directors adopted its 2013 Employee Stock Purchase Plan (“2013 ESPP”), which authorized the initial issuance of up to a total of 0.2 million shares of the Company’s common stock to participating employees. In June 2021, the Company amended the 2013 ESPP to authorize an additional 1.4 million shares of the Company’s common stock available to participating employees. During each of the six months ended June 30, 2024 and 2023, 0.1 million shares and 0.1 million shares, respectively, of common stock were issued under the 2013 ESPP.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has recorded a full valuation allowance against the Company’s otherwise recognizable net deferred tax assets. The tax benefit recognized during the three and six months ended June 30, 2024 was $0.0 million due to the full valuation allowance.

Net loss per share

Net loss per share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net loss per share	Net loss per share The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect (in thousands): For the three and six months ended 2024 2023 Outstanding stock options (1) 7,495 6,109 Restricted stock units (1) 5,000 4,682 Warrants 2,586 — ESPP shares and other 87 — 15,168 10,791 (1) Outstanding stock options and restricted stock units include awards outstanding to employees of 2seventy bio. Net loss per share for the three and six months ended June 30, 2024 was $0.42 and $0.78, respectively. Net loss per share for the three and six months ended June 30, 2023 was $0.58 and $0.41, respectively.

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Statements	Restatement of Previously Issued Financial Statements As further described below, as well as in Note 2 - Basis of Presentation, the Company identified several prior period misstatements that impacted its unaudited quarterly condensed consolidated financial statements for the three and six months ended June 30, 2023. Such restated and unaudited quarterly financial data and the related impacted amounts were presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. As part of the restatement, the Company recorded adjustments to correct the material misstatements related to accounting for embedded leases and other immaterial errors. The following tables present the restated unaudited Condensed Consolidated Financial Information for the three and six months ended June 30, 2023. Consolidated Statements of Operations and Comprehensive Loss For the three months ended June 30, 2023 As Previously Reported Adjustments to Embedded Leases Other Adjustments As Restated Revenue: Product revenue, net $ 6,837 $ — $ — $ 6,837 Other revenue 53 — — 53 Total revenues 6,890 — — 6,890 Cost of product revenue 9,564 (2,867) — 6,697 Gross margin (2,674) 2,867 — 193 Operating expenses: Research and development 42,274 (10,189) (637) 31,448 Selling, general and administrative 40,349 113 — 40,462 Total operating expenses 82,623 (10,076) (637) 71,910 Loss from operations (85,297) 12,943 637 (71,717) Interest income 2,679 — — 2,679 Interest expense — (3,750) — (3,750) Other income, net 9,630 289 — 9,919 Loss before income taxes (72,988) 9,482 637 (62,869) Income tax (expense) benefit 80 — — 80 Net loss (72,908) 9,482 637 (62,789) Net loss per share - basic (1) $ (0.67) $ 0.09 $ 0.01 $ (0.58) Net loss per share - diluted (1) $ (0.67) $ 0.09 $ 0.01 $ (0.58) Weighted-average number of common shares used in computing net loss per share - basic: 108,685 108,685 108,685 108,685 Weighted-average number of common shares used in computing net loss per share - diluted: 108,685 108,685 108,685 108,685 Other comprehensive income (loss): Other comprehensive income (loss), net of tax (benefit) expense of $0.0 million for the three months ended June 30, 2023 722 — — 722 Total other comprehensive income (loss) 722 — — 722 Comprehensive loss $ (72,186) $ 9,482 $ 637 $ (62,067) (1) Due to differences in rounding to the nearest cent per basic or diluted share, totals may not equal the sum of the line items. For the six months ended June 30, 2023 As Previously Reported Adjustments to Embedded Leases Other Adjustments As Restated Revenue: Product revenue, net $ 9,133 $ — $ — $ 9,133 Other revenue 138 — — 138 Total revenues 9,271 — — 9,271 Cost of product revenue 12,940 (731) — 12,209 Gross margin (3,669) 731 — (2,938) Operating expenses: Research and development 88,418 (14,705) (678) 73,035 Selling, general and administrative 77,703 226 — 77,929 Total operating expenses 166,121 (14,479) (678) 150,964 Gain from sale of priority review voucher, net 92,930 — — 92,930 Loss from operations (76,860) 15,210 678 (60,972) Interest income 5,507 — — 5,507 Interest expense (3) (8,017) — (8,020) Other income, net 19,608 (62) — 19,546 Loss before income taxes (51,748) 7,131 678 (43,939) Income tax (expense) benefit 80 — — 80 Net loss (51,668) 7,131 678 (43,859) Net loss per share - basic $ (0.49) $ 0.07 $ 0.01 $ (0.41) Net loss per share - diluted $ (0.49) $ 0.07 $ 0.01 $ (0.41) Weighted-average number of common shares used in computing net loss per share - basic: 105,819 105,819 105,819 105,819 Weighted-average number of common shares used in computing net loss per share - diluted: 105,819 105,819 105,819 105,819 Other comprehensive income (loss): Other comprehensive income (loss), net of tax (benefit) expense of $0.0 million for the six months ended June 30, 2023 1,706 — — 1,706 Total other comprehensive income (loss) 1,706 — — 1,706 Comprehensive loss $ (49,962) $ 7,131 $ 678 $ (42,153) Statements of Changes in Stockholders' Equity: Common stock Additional Accumulated other comprehensive income (loss) Accumulated Total Shares Amount As Previously Reported Balances at December 31, 2022 82,923 $ 830 $ 4,186,086 $ (4,070) $ (3,986,503) $ 196,343 Vesting of restricted stock 382 3 (198) — — (195) Exercise of stock options 3 — 7 — — 7 Purchase of shares under ESPP 62 1 226 — — 227 Issuance of common stock for private equity placement 23,000 230 130,061 — — 130,291 Stock-based compensation — — 5,843 — — 5,843 Other comprehensive income (loss) — — — 984 — 984 Net income (loss) — — — — 21,240 21,240 Balances at March 31, 2023 106,370 $ 1,064 $ 4,322,025 $ (3,086) $ (3,965,263) $ 354,740 Adjustments to Embedded Leases Balances at December 31, 2022 $ — $ — $ — $ — $ (59,700) $ (59,700) Vesting of restricted stock — — — — — — Exercise of stock options — — — — — — Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — — — — — Other comprehensive income (loss) — — — — — — Net income (loss) — — — — (2,351) (2,351) Balances at March 31, 2023 — $ — $ — $ — $ (62,051) $ (62,051) Other Adjustments Balances at December 31, 2022 — — (98) — (2,212) (2,310) Vesting of restricted stock — — — — — — Exercise of stock options — — — — — — Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — — — — — Other comprehensive income (loss) — — — — — — Net income (loss) — — — — 41 41 Balances at March 31, 2023 — $ — $ (98) $ — $ (2,171) $ (2,269) As Restated Balances at December 31, 2022 82,923 830 4,185,988 (4,070) (4,048,415) 134,333 Vesting of restricted stock 382 3 (198) — — (195) Exercise of stock options 3 — 7 — — 7 Purchase of shares under ESPP 62 1 226 — — 227 Issuance of common stock for private equity placement 23,000 230 130,061 — — 130,291 Stock-based compensation — — 5,843 — — 5,843 Other comprehensive income (loss) — — — 984 — 984 Net income (loss) — — — — 18,930 18,930 Balances at March 31, 2023 106,370 $ 1,064 $ 4,321,927 $ (3,086) $ (4,029,485) $ 290,420 Common stock Additional Accumulated Accumulated Total Shares Amount As Previously Reported Balances at March 31, 2023 106,370 $ 1,064 $ 4,322,025 $ (3,086) $ (3,965,263) $ 354,740 Vesting of restricted stock 65 1 (1) — — — Exercise of stock options 19 — 77 — — 77 Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — 6,388 — — 6,388 Other comprehensive income (loss) — — — 722 — 722 Net income (loss) — — — — (72,908) (72,908) Balances at June 30, 2023 106,454 $ 1,065 $ 4,328,489 $ (2,364) $ (4,038,171) $ 289,019 Adjustments to Embedded Leases Balances at March 31, 2023 $ — $ — $ — $ — $ (62,051) $ (62,051) Vesting of restricted stock — — — — — — Exercise of stock options — — — — — — Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — — — — — Other comprehensive income (loss) — — — — — — Net income (loss) — — — — 9,482 9,482 Balances at June 30, 2023 — $ — $ — $ — $ (52,569) $ (52,569) Other Adjustments Balances at March 31, 2023 — — (98) — (2,171) (2,269) Vesting of restricted stock — — — — — — Exercise of stock options — — — — — — Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — — — — — Other comprehensive income (loss) — — — — — — Net income (loss) — — — — 637 637 Balances at June 30, 2023 — $ — $ (98) $ — $ (1,534) $ (1,632) As Restated Balances at March 31, 2023 106,370 1,064 4,321,927 (3,086) (4,029,485) 290,420 Vesting of restricted stock 65 1 (1) — — — Exercise of stock options 19 — 77 — — 77 Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — 6,388 — — 6,388 Other comprehensive income (loss) — — — 722 — 722 Net income (loss) — — — — (62,789) (62,789) Balances at June 30, 2023 106,454 $ 1,065 $ 4,328,391 $ (2,364) $ (4,092,274) $ 234,818 Consolidated Statement of Cash Flows For the six months ended June 30, 2023 As Previously Reported Adjustments to Embedded Leases Other Adjustments As Restated Cash flows from operating activities: Net loss $ (51,668) $ 7,131 $ 678 $ (43,859) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,052 10,274 (76) 12,250 Stock-based compensation expense 11,145 — — 11,145 Noncash research and development expense (finance lease) — 434 — 434 Noncash operating lease expense — 14,966 — 14,966 Gain from sale of priority review voucher (92,930) — — (92,930) Excess inventory reserve 3,939 — 2,339 6,278 Other non-cash items 343 — — 343 Gain on foreign currency exchange rates — (281) — (281) Changes in operating assets and liabilities: Prepaid expenses and other assets (9,082) 2,642 — (6,440) Inventory (16,496) 1,838 (2,941) (17,599) Operating right of use assets 24,102 (24,102) — — Accounts payable (14,767) 9,144 — (5,623) Accrued expenses and other liabilities 3,625 (573) — 3,052 Accrued interest payable under finance lease — 819 — 819 Operating lease liabilities (19,488) 6,212 — (13,276) Deferred revenue (138) — — (138) Net cash (used in) provided by operating activities (159,363) 28,504 — (130,859) Cash flows from investing activities: Purchase of property, plant and equipment (937) — — (937) Purchases of marketable securities (34,418) — — (34,418) Proceeds from maturities of marketable securities 26,521 — — 26,521 Proceeds from sales of marketable securities 5,853 — — 5,853 Purchase of intangible assets (868) — — (868) Proceeds from sale of priority review voucher 92,930 — — 92,930 Net cash provided by investing activities 89,081 — — 89,081 Cash flows from financing activities: Proceeds from exercise of stock options and ESPP contributions 85 — — 85 Proceeds from vesting of restricted stock (196) — — (196) Principal payments on finance lease — (28,504) — (28,504) Proceeds from the secondary public offering, net of issuance costs 130,122 — — 130,122 Net cash (used in) provided by financing activities 130,011 (28,504) — 101,507 Increase in cash, cash equivalents and restricted cash 59,729 — — 59,729 Cash, cash equivalents and restricted cash at beginning of year 158,445 — — 158,445 Cash, cash equivalents and restricted cash at end of year $ 218,174 $ — $ — $ 218,174 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 172,872 $ — $ — $ 172,872 Restricted cash included in receivables and other current assets 1,364 — — 1,364 Restricted cash included in restricted cash and other non-current assets 43,938 — — 43,938 Total cash, cash equivalents and restricted cash $ 218,174 $ — $ — $ 218,174 Supplemental cash flow disclosures: Right-of-use assets obtained in exchange for operating lease liabilities 44,968 (44,968) — — Increase (Reduction) of right of use asset and associated operating lease liability due to lease reassessment (14) 14 — — Purchases of property, plant and equipment included in accounts 2,290 — — 2,290 Right-of-use assets obtained in exchange for finance lease liabilities — 3,436 — 3,436 Cash paid during the period for income taxes 7 — — 7

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent events	Subsequent events Term Loan Debt As previously disclosed in Note 8, Term loan debt , on March 15, 2024, the Company entered into a five-year term loan facility agreement with Hercules Capital, Inc. ("Hercules") to secure debt financing for up to $175 million, available in four tranches. The first tranche in an amount equal to $75 million was drawn at the time of closing (the "Initial Loan"). The Company may draw upon two additional tranches of $25 million each, subject to satisfaction of certain conditions, including achievement of commercial milestones. The facility also provides a fourth tranche of $50 million, available at the sole discretion of Hercules, until December 15, 2026. The Loan and Security Agreement ("LSA") requires the Company to comply with customary affirmative and negative covenants, including, among other things, a requirement to deliver annual financial statements within 90 days of each fiscal year and quarterly financial statements within 45 days of each fiscal quarter. A failure to comply with these covenants, or failure to obtain a waiver for any non-compliance, would result in an event of default under the LSA and would allow Hercules to accelerate repayment of the debt, which could materially and adversely affect the business, results of operations and financial condition of the Company. On April 30, 2024, July 9, 2024, August 13, 2024, and August 29, 2024 the Company and Hercules entered into amendments to the LSA providing for revised monthly financial reporting metrics for each month through September 30, 2024 and extension of the deadlines by which the Company must provide certain annual and quarterly financial statements. On August 13, 2024, the Company and Hercules entered into a third amendment to the LSA (the “Third Amendment”), pursuant to which the parties agreed to, among other things, revised terms for the availability of the second and third tranches of funding under the LSA. In accordance with the Third Amendment, the Company may draw the second tranche of $25.0 million during the period commencing on the date the Company has (x) received at least $75.0 million in gross cash proceeds from qualified financing transactions by December 20, 2024 and (y) completed patient starts (cell collections) for at least 50 LYFGENIA patients by March 31, 2025 or 70 LYFGENIA patients by June 30, 2025 (collectively, the “Tranche 2 Milestone”) and ending on the earlier of (i) the date that is 30 days immediately following achievement of the Tranche 2 Milestone and (ii) July 31, 2025. The Company may draw the third tranche of $25.0 million during the period commencing on the date the Company has (x) received at least $100.0 million in gross cash proceeds from qualified financing transactions by December 20, 2024 or at least $125.0 million by June 30, 2025 and (y) completed 70 drug product deliveries within a given six-month period ending no later than December 31, 2025, at least 40 of which are for LYFGENIA (collectively, the “Tranche 3 Milestone”) and ending on the earlier of (i) the date that is 30 days immediately following the date the Company achieves the Tranche 3 Milestone and (ii) December 31, 2025. Additionally, the Company and Hercules agreed to increase the minimum cash coverage requirement from 40% to 45% of the outstanding principal of the term loan. Additionally, in connection with entry into the LSA, the Company issued to the lenders warrants to purchase that number of shares of the Company’s common stock equal to five percent of the Initial Loan, or $3.75 million, divided by the volume-weighted average price (“VWAP”) of the Company’s common stock for the ten-day period preceding March 15, 2024 (the “Initial Warrants”). The Company agreed to issue additional common stock warrants to the lenders at the closings of future tranches of funding under the LSA, if any, to purchase that number of shares of common stock equal to five percent of the applicable loan divided by the VWAP of the Company’s common stock for the ten-day period preceding March 15, 2024 (together with the Initial Warrants, the “Warrants”). On August 13, 2024, in connection with the Third Amendment, the Company agreed to amend the exercise price of the Warrants to purchase shares of the Company’s common stock from $1.45 per share to the lesser of the VWAP of the Company’s common stock for the ten-day period preceding August 13, 2024, and the price per share of the Company’s first equity financing event within six months of August 13, 2024. The amendment does not impact the number of shares the lenders may purchase pursuant to the Warrants. Reduction in force The Company’s board of directors approved a restructuring action (the "Restructuring") on September 23, 2024, following a comprehensive review of the Company’s operations. The Restructuring includes a reduction of the Company’s workforce by 94 employees, or approximately 25% of employees. As a result of the Restructuring, the Company estimates that it will incur aggregate charges of approximately $3.3 million to $3.7 million in cash expenditures for severance and employee termination-related costs to be paid out over multiple weeks through the end of the fiscal year ending December 31, 2024, as well as approximately $0.3 million to $0.5 million in non-cash stock-based compensation expense associated with accelerated vesting of RSUs. The Company expects to record a significant portion of these charges in the third quarter of 2024. Extended agreement for manufacturing of vector On September 20, 2024, the Company extended its embedded lease for the manufacturing of vector effective September 15, 2024, which previously had an expiration date of July 1, 2024, and was subsequently extended through September 15, 2024. This extended agreement provides that it will remain in effect until September 25, 2029, and will automatically renew for additional two-year periods unless either party provides advance notice of non-renewal. Either party may terminate the agreement in the event of the other party's material uncured breach or bankruptcy proceedings, or due to certain force majeure events.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (81,393)	$ (69,804)	$ (62,789)	$ 18,930	$ (151,197)	$ (43,859)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of presentation, princi_2

Basis of presentation, principles of consolidation and significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States GAAP as included in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods ended June 30, 2024 and 2023.
Consolidation	The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company views its operations and manages its business in one operating segment.
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, interest expense has been reclassified from interest income to interest expense in the consolidated statement of operations and comprehensive loss. These reclassifications had no effect on the reported results of operations.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Estimates and judgments are used in the following areas, among others: the alternative future use of assets used in research and development activities, future undiscounted cash flows and subsequent fair value estimates used to assess potential and measure any impairment of long-lived assets, including goodwill and intangible assets, and the measurement of right-of-use assets and lease liabilities, gross-to-net revenue calculations, stock-based compensation expense, accrued expenses, income taxes, the assessment of the Company's ability to fund its operations for at least the next twelve months from the date of issuance of these financial statements, and the assessment of the likelihood and magnitude of losses that may be sustained upon resolution of contingencies.
Inventory	Inventory Inventories are stated at the lower of cost or net realizable value under the first-expired, first-out ("FEFO") methodology. Given human gene therapy products are a new and novel category of therapeutics and future economic benefit is not probable until regulatory approval for the product has been obtained, the Company has only considered inventory for capitalization upon regulatory approval. Manufacturing costs incurred prior to regulatory approval for pre-launch inventory that did not qualify for capitalization and clinical manufacturing costs are charged to research and development expense in the Company’s consolidated statements of operations and comprehensive loss as costs are incurred. Additionally, inventory that initially qualifies for capitalization but that may ultimately be used to produce clinical drug product is expensed as research and development expense when it has been designated for the manufacture of clinical drug product. Inventory consists of cell banks, plasmids, LVV, other materials and compounds sourced from third party suppliers and utilized in the manufacturing process, and drug product which has been produced for the treatment of specific patients, that are owned by the Company until infusion. Management periodically reviews inventories for excess or obsolescence, considering factors such as sales forecasts compared to quantities on-hand and firm purchase commitments as well as remaining shelf life of on-hand inventories. The Company writes down its inventory that is in excess, obsolete or otherwise unmarketable to its estimated net realizable value in the period in which the impairment is first identified. Any such adjustments are included as a component of cost of goods sold within cost of product revenue in the Company’s consolidated statements of operations and comprehensive loss.
Revenue recognition	Revenue recognition Under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The Company assesses whether each promised good or service is distinct to identify the performance obligations in the contract. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices (“SSP”) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the adjustment period. In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed each of its revenue generating arrangements to determine whether a significant financing component exists and concluded that a significant financing component does not exist in any of its arrangements. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time, and if over time recognition is based on the use of an output or input method. Product revenue In 2022, the Company received approval of ZYNTEGLO and SKYSONA from the FDA. In 2023, the Company received approval of LYFGENIA from the FDA. The amount of revenue recognized by the Company is equal to the amount of consideration that is expected to be received from the sale of product to its customers. The Company uses Specialty Distributors ("SD") and Specialty Pharmacies ("SP") to deliver product to the Qualified Treatment Centers ("QTC"). Revenue is only recognized when the performance obligation is satisfied. The Company recognizes revenue upon infusion to the patient. To determine whether a significant reversal will occur in future periods, the Company will assess both the likelihood and magnitude of any such potential reversal of revenue. Gross product revenue is reduced by outcomes-based rebates, other rebates and distributor fees. Rebates expense Rebates are based on contractual arrangements or statutory requirements and include amounts due to Medicaid agencies and third-party payers. These amounts may vary by product and payer. Rebates are estimated primarily based on product sales, including product mix and pricing, historical and estimated payer mix and discount rates, among other inputs, which require significant estimates and judgment. The Company assesses and updates estimates each reporting period to reflect actual claims and other current information. Rebates that are payable to Medicaid agencies and third-party payers are recorded in accrued expenses and other current liabilities on the Company's consolidated balance sheets. Distributor fees The Company pays distribution fees to SDs and SPs in connection with the sales of our product. These distributor fees are based on a contractually determined fixed percentage of sales. Other revenue In 2021, the Company entered into a grant agreement with the Bill and Melinda Gates Foundation. The Company recognizes grant revenue in accordance with ASC 958-605, Revenue Recognition Not-for-Profit Entities , when qualifying costs are incurred and barriers to restriction have been overcome. When grant funds are received after costs have been incurred, the Company records revenue and a corresponding grant receivable. Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. In 2023, the Company ceased further research work and is in the process of winding down such collaboration.
Recent accounting pronouncements	Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance and requires companies to disclose all annual disclosures about segments in interim periods. The ASU also requires companies with a single reportable segment to provide all disclosures required by Topic 280 – Segment Reporting. This update is effective beginning with the Company’s 2024 fiscal year annual reporting period and interim periods beginning thereafter. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding taxes paid both in the U.S. and foreign jurisdictions. This update is effective beginning with the Company’s 2025 fiscal year annual reporting period. The Company is currently evaluating the impact to its income tax disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards . This update clarifies the scope of "Profit Interest" and similar awards and adds an illustrative example to the existing ASC 718 standard that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is permitted for interim and annual financial statements not yet issued or made available for issuance. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures. In March 2024, the FASB issued ASU 2024-02 " Codification Improvements—Amendments to Remove References to the Concepts Statements" , which removes various references to concepts statements from the FASB Accounting Standards Codification. This ASU is effective for the Company beginning in the first quarter of fiscal year 2026, with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2026.

Product revenue and reserves (T

Product revenue and reserves (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Product revenue by therapy represents: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 ZYNTEGLO $ 11,158 $ 4,180 $ 29,719 $ 4,180 SKYSONA 4,943 2,657 4,943 4,953 Total product revenue, net $ 16,101 $ 6,837 $ 34,662 $ 9,133
Summary Of Contract With Customer, Refund Liability	The following table summarizes an analysis of the change in reserves for gross to net deductions for the periods indicated: Total Balance at December 31, 2023 $ 5,365 Provision for rebates 7,536 Payments/credits — Balance at June 30, 2024 $ 12,901

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands): Description Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) June 30, 2024 Assets: Cash and cash equivalents $ 144,067 $ 144,067 $ — $ — Marketable securities: U.S. government agency securities and treasuries — — — — Due from factor: Beneficiary interest in factored invoices 1,440 — — 1,440 Total $ 145,507 $ 144,067 $ — $ 1,440 December 31, 2023 Assets: Cash and cash equivalents $ 221,755 $ 221,755 $ — $ — Marketable securities: U.S. government agency securities and treasuries — — — — Receivables and other current assets: Beneficiary interest in factored invoices 560 — — 560 Total $ 222,315 $ 221,755 $ — $ 560
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table shows a reconciliation of the beginning and ending balances for Level 3 financial liabilities measured at fair value on a recurring basis for the six months ended June 30, 2024: For the six months ended June 30, 2024 Level 3 financial assets, beginning of period $ 560 Beneficiary interest obtained in transferred invoices 3,680 Proceeds from previously transferred invoices (2,800) Level 3 financial assets, end of period $ 1,440

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventory, net, consists of the following (in thousands): As of June 30, 2024 As of December 31, 2023 Raw materials $ 3,092 $ 2,329 Work in progress 28,167 17,375 Finished goods 2,071 3,215 Inventory $ 33,330 $ 22,919

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): As of June 30, 2024 As of December 31, 2023 Accrued CMO and CRO costs $ 19,665 $ 24,824 Accrued employee compensation 16,669 19,972 Accrued rebates 12,942 5,365 Accrued goods and services 4,295 8,392 Accrued professional fees 3,733 2,531 Accrued refund liability — 5,600 Other 8,585 6,504 Total accrued expenses and other current liabilities $ 65,889 $ 73,188

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Summary of Lease Cost	The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating and finance leases for the three months and six months ended June 30, 2024 and 2023 (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (As Restated) (As Restated) Finance leases Interest expense $ 2,710 $ 3,750 $ 7,057 $ 8,017 Amortization expense 15,375 5,228 29,703 10,444 Total fixed finance lease cost $ 18,085 $ 8,978 $ 36,760 $ 18,461 Operating leases Fixed lease cost $ 9,486 $ 11,470 $ 18,973 $ 22,941 Total fixed operating lease cost $ 9,486 $ 11,470 $ 18,973 $ 22,941 Variable lease cost 6,863 5,091 12,999 11,953 Short-term lease cost 80 46 155 97 Total lease cost $ 34,514 $ 25,585 $ 68,887 $ 53,452 Operating sublease income $ 10,260 $ 10,373 $ 20,606 $ 20,481 Cash paid in the measurement of lease liabilities Operating cash flows used for operating leases $ 8,303 $ 13,276 Operating cash flows used for finance leases $ 1,411 $ 7,198 Financing cash flows for finance leases $ 48,645 $ 28,504 Supplemental balance sheet information related to leases was as follows: As of As of June 30, 2024 June 30, 2023 Weighted average remaining lease term - finance leases 1.26 years 2.18 years Weighted average discount rate - finance leases 11.18 % 14.02 % Weighted average remaining lease term - operating leases 6.52 years 7.4 years Weighted average discount rate - operating leases 6.99 % 7.03 %
Schedule of Future Minimum Commitments Under Operating Leases	As of June 30, 2024, future minimum commitments under ASC 842 under the Company’s leases were as follows (in thousands): Operating Leases Financing Leases Remaining Lease Payments Remainder of 2024 $ 19,550 $ 78,746 2025 37,084 41,797 2026 35,719 3,408 2027 36,742 2,548 2028 37,795 1,043 2029 and thereafter 81,986 — Total $ 248,876 $ 127,542 Less: Imputed Interest (49,289) (6,552) Present Value of Lease Liabilities $ 199,587 $ 120,990
Schedule of Future Minimum Commitments Under Financing Leases	As of June 30, 2024, future minimum commitments under ASC 842 under the Company’s leases were as follows (in thousands): Operating Leases Financing Leases Remaining Lease Payments Remainder of 2024 $ 19,550 $ 78,746 2025 37,084 41,797 2026 35,719 3,408 2027 36,742 2,548 2028 37,795 1,043 2029 and thereafter 81,986 — Total $ 248,876 $ 127,542 Less: Imputed Interest (49,289) (6,552) Present Value of Lease Liabilities $ 199,587 $ 120,990

Commitment and contingencies (T

Commitment and contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Non-cancelable Contractual Obligations	The following table presents the non-cancelable contractual obligations arising from this arrangement as of June 30, 2024 (in thousands): Future commitment Remainder of 2024 $ — 2025 13,563 2026 17,858 2027 17,858 2028 7,310 2029 and thereafter — Total purchase commitments $ 56,589

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense by Award Type	Stock-based compensation expense recognized by award type is included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Stock options $ 1,192 $ 1,710 $ 2,422 $ 3,433 Restricted stock units 2,012 3,969 4,463 7,637 Employee stock purchase plan and other 2 75 83 75 $ 3,206 $ 5,754 $ 6,968 $ 11,145
Schedule of Stock-Based Compensation Expense by Classification	Stock-based compensation expense by classification included within the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Cost of product revenue 289 (10) 780 93 Selling, general and administrative 1,798 2,681 4,133 5,042 Research and development 1,119 3,083 2,055 6,010 $ 3,206 $ 5,754 $ 6,968 $ 11,145
Summary of Stock Option Activity Under Plan	The following table summarizes the stock option activity under the Company’s equity award plans excluding awards held by employees of 2seventy bio: Shares (in thousands) Weighted- average exercise price per share Outstanding at December 31, 2023 4,227 $ 14.16 Granted 2,672 $ 1.54 Exercised — $ — Canceled, forfeited, or expired (600) $ 10.86 Outstanding at June 30, 2024 6,299 $ 9.13 Exercisable at June 30, 2024 2,196 $ 19.60 Vested and expected to vest at June 30, 2024 6,299 $ 9.13
Summary of Restricted Common Stock Awards	The following table summarizes the restricted stock unit activity under the Company’s equity award plans excluding awards held by employees of 2seventy bio: Shares Weighted- Unvested at December 31, 2023 4,207 $ 6.08 Granted 2,337 $ 1.54 Vested (970) $ 6.76 Forfeited (577) $ 4.09 Unvested at June 30, 2024 4,997 $ 4.05

Net loss per share (Tables)

Net loss per share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share	The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect (in thousands): For the three and six months ended 2024 2023 Outstanding stock options (1) 7,495 6,109 Restricted stock units (1) 5,000 4,682 Warrants 2,586 — ESPP shares and other 87 — 15,168 10,791 (1) Outstanding stock options and restricted stock units include awards outstanding to employees of 2seventy bio.

Restatement of Previously Iss_2

Restatement of Previously Issued Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Schedule of Corrections to Impacted Financial Statements	The following tables present the restated unaudited Condensed Consolidated Financial Information for the three and six months ended June 30, 2023. Consolidated Statements of Operations and Comprehensive Loss For the three months ended June 30, 2023 As Previously Reported Adjustments to Embedded Leases Other Adjustments As Restated Revenue: Product revenue, net $ 6,837 $ — $ — $ 6,837 Other revenue 53 — — 53 Total revenues 6,890 — — 6,890 Cost of product revenue 9,564 (2,867) — 6,697 Gross margin (2,674) 2,867 — 193 Operating expenses: Research and development 42,274 (10,189) (637) 31,448 Selling, general and administrative 40,349 113 — 40,462 Total operating expenses 82,623 (10,076) (637) 71,910 Loss from operations (85,297) 12,943 637 (71,717) Interest income 2,679 — — 2,679 Interest expense — (3,750) — (3,750) Other income, net 9,630 289 — 9,919 Loss before income taxes (72,988) 9,482 637 (62,869) Income tax (expense) benefit 80 — — 80 Net loss (72,908) 9,482 637 (62,789) Net loss per share - basic (1) $ (0.67) $ 0.09 $ 0.01 $ (0.58) Net loss per share - diluted (1) $ (0.67) $ 0.09 $ 0.01 $ (0.58) Weighted-average number of common shares used in computing net loss per share - basic: 108,685 108,685 108,685 108,685 Weighted-average number of common shares used in computing net loss per share - diluted: 108,685 108,685 108,685 108,685 Other comprehensive income (loss): Other comprehensive income (loss), net of tax (benefit) expense of $0.0 million for the three months ended June 30, 2023 722 — — 722 Total other comprehensive income (loss) 722 — — 722 Comprehensive loss $ (72,186) $ 9,482 $ 637 $ (62,067) (1) Due to differences in rounding to the nearest cent per basic or diluted share, totals may not equal the sum of the line items. For the six months ended June 30, 2023 As Previously Reported Adjustments to Embedded Leases Other Adjustments As Restated Revenue: Product revenue, net $ 9,133 $ — $ — $ 9,133 Other revenue 138 — — 138 Total revenues 9,271 — — 9,271 Cost of product revenue 12,940 (731) — 12,209 Gross margin (3,669) 731 — (2,938) Operating expenses: Research and development 88,418 (14,705) (678) 73,035 Selling, general and administrative 77,703 226 — 77,929 Total operating expenses 166,121 (14,479) (678) 150,964 Gain from sale of priority review voucher, net 92,930 — — 92,930 Loss from operations (76,860) 15,210 678 (60,972) Interest income 5,507 — — 5,507 Interest expense (3) (8,017) — (8,020) Other income, net 19,608 (62) — 19,546 Loss before income taxes (51,748) 7,131 678 (43,939) Income tax (expense) benefit 80 — — 80 Net loss (51,668) 7,131 678 (43,859) Net loss per share - basic $ (0.49) $ 0.07 $ 0.01 $ (0.41) Net loss per share - diluted $ (0.49) $ 0.07 $ 0.01 $ (0.41) Weighted-average number of common shares used in computing net loss per share - basic: 105,819 105,819 105,819 105,819 Weighted-average number of common shares used in computing net loss per share - diluted: 105,819 105,819 105,819 105,819 Other comprehensive income (loss): Other comprehensive income (loss), net of tax (benefit) expense of $0.0 million for the six months ended June 30, 2023 1,706 — — 1,706 Total other comprehensive income (loss) 1,706 — — 1,706 Comprehensive loss $ (49,962) $ 7,131 $ 678 $ (42,153) Statements of Changes in Stockholders' Equity: Common stock Additional Accumulated other comprehensive income (loss) Accumulated Total Shares Amount As Previously Reported Balances at December 31, 2022 82,923 $ 830 $ 4,186,086 $ (4,070) $ (3,986,503) $ 196,343 Vesting of restricted stock 382 3 (198) — — (195) Exercise of stock options 3 — 7 — — 7 Purchase of shares under ESPP 62 1 226 — — 227 Issuance of common stock for private equity placement 23,000 230 130,061 — — 130,291 Stock-based compensation — — 5,843 — — 5,843 Other comprehensive income (loss) — — — 984 — 984 Net income (loss) — — — — 21,240 21,240 Balances at March 31, 2023 106,370 $ 1,064 $ 4,322,025 $ (3,086) $ (3,965,263) $ 354,740 Adjustments to Embedded Leases Balances at December 31, 2022 $ — $ — $ — $ — $ (59,700) $ (59,700) Vesting of restricted stock — — — — — — Exercise of stock options — — — — — — Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — — — — — Other comprehensive income (loss) — — — — — — Net income (loss) — — — — (2,351) (2,351) Balances at March 31, 2023 — $ — $ — $ — $ (62,051) $ (62,051) Other Adjustments Balances at December 31, 2022 — — (98) — (2,212) (2,310) Vesting of restricted stock — — — — — — Exercise of stock options — — — — — — Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — — — — — Other comprehensive income (loss) — — — — — — Net income (loss) — — — — 41 41 Balances at March 31, 2023 — $ — $ (98) $ — $ (2,171) $ (2,269) As Restated Balances at December 31, 2022 82,923 830 4,185,988 (4,070) (4,048,415) 134,333 Vesting of restricted stock 382 3 (198) — — (195) Exercise of stock options 3 — 7 — — 7 Purchase of shares under ESPP 62 1 226 — — 227 Issuance of common stock for private equity placement 23,000 230 130,061 — — 130,291 Stock-based compensation — — 5,843 — — 5,843 Other comprehensive income (loss) — — — 984 — 984 Net income (loss) — — — — 18,930 18,930 Balances at March 31, 2023 106,370 $ 1,064 $ 4,321,927 $ (3,086) $ (4,029,485) $ 290,420 Common stock Additional Accumulated Accumulated Total Shares Amount As Previously Reported Balances at March 31, 2023 106,370 $ 1,064 $ 4,322,025 $ (3,086) $ (3,965,263) $ 354,740 Vesting of restricted stock 65 1 (1) — — — Exercise of stock options 19 — 77 — — 77 Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — 6,388 — — 6,388 Other comprehensive income (loss) — — — 722 — 722 Net income (loss) — — — — (72,908) (72,908) Balances at June 30, 2023 106,454 $ 1,065 $ 4,328,489 $ (2,364) $ (4,038,171) $ 289,019 Adjustments to Embedded Leases Balances at March 31, 2023 $ — $ — $ — $ — $ (62,051) $ (62,051) Vesting of restricted stock — — — — — — Exercise of stock options — — — — — — Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — — — — — Other comprehensive income (loss) — — — — — — Net income (loss) — — — — 9,482 9,482 Balances at June 30, 2023 — $ — $ — $ — $ (52,569) $ (52,569) Other Adjustments Balances at March 31, 2023 — — (98) — (2,171) (2,269) Vesting of restricted stock — — — — — — Exercise of stock options — — — — — — Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — — — — — Other comprehensive income (loss) — — — — — — Net income (loss) — — — — 637 637 Balances at June 30, 2023 — $ — $ (98) $ — $ (1,534) $ (1,632) As Restated Balances at March 31, 2023 106,370 1,064 4,321,927 (3,086) (4,029,485) 290,420 Vesting of restricted stock 65 1 (1) — — — Exercise of stock options 19 — 77 — — 77 Purchase of shares under ESPP — — — — — — Issuance of common stock for private equity placement — — — — — — Stock-based compensation — — 6,388 — — 6,388 Other comprehensive income (loss) — — — 722 — 722 Net income (loss) — — — — (62,789) (62,789) Balances at June 30, 2023 106,454 $ 1,065 $ 4,328,391 $ (2,364) $ (4,092,274) $ 234,818 Consolidated Statement of Cash Flows For the six months ended June 30, 2023 As Previously Reported Adjustments to Embedded Leases Other Adjustments As Restated Cash flows from operating activities: Net loss $ (51,668) $ 7,131 $ 678 $ (43,859) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,052 10,274 (76) 12,250 Stock-based compensation expense 11,145 — — 11,145 Noncash research and development expense (finance lease) — 434 — 434 Noncash operating lease expense — 14,966 — 14,966 Gain from sale of priority review voucher (92,930) — — (92,930) Excess inventory reserve 3,939 — 2,339 6,278 Other non-cash items 343 — — 343 Gain on foreign currency exchange rates — (281) — (281) Changes in operating assets and liabilities: Prepaid expenses and other assets (9,082) 2,642 — (6,440) Inventory (16,496) 1,838 (2,941) (17,599) Operating right of use assets 24,102 (24,102) — — Accounts payable (14,767) 9,144 — (5,623) Accrued expenses and other liabilities 3,625 (573) — 3,052 Accrued interest payable under finance lease — 819 — 819 Operating lease liabilities (19,488) 6,212 — (13,276) Deferred revenue (138) — — (138) Net cash (used in) provided by operating activities (159,363) 28,504 — (130,859) Cash flows from investing activities: Purchase of property, plant and equipment (937) — — (937) Purchases of marketable securities (34,418) — — (34,418) Proceeds from maturities of marketable securities 26,521 — — 26,521 Proceeds from sales of marketable securities 5,853 — — 5,853 Purchase of intangible assets (868) — — (868) Proceeds from sale of priority review voucher 92,930 — — 92,930 Net cash provided by investing activities 89,081 — — 89,081 Cash flows from financing activities: Proceeds from exercise of stock options and ESPP contributions 85 — — 85 Proceeds from vesting of restricted stock (196) — — (196) Principal payments on finance lease — (28,504) — (28,504) Proceeds from the secondary public offering, net of issuance costs 130,122 — — 130,122 Net cash (used in) provided by financing activities 130,011 (28,504) — 101,507 Increase in cash, cash equivalents and restricted cash 59,729 — — 59,729 Cash, cash equivalents and restricted cash at beginning of year 158,445 — — 158,445 Cash, cash equivalents and restricted cash at end of year $ 218,174 $ — $ — $ 218,174 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 172,872 $ — $ — $ 172,872 Restricted cash included in receivables and other current assets 1,364 — — 1,364 Restricted cash included in restricted cash and other non-current assets 43,938 — — 43,938 Total cash, cash equivalents and restricted cash $ 218,174 $ — $ — $ 218,174 Supplemental cash flow disclosures: Right-of-use assets obtained in exchange for operating lease liabilities 44,968 (44,968) — — Increase (Reduction) of right of use asset and associated operating lease liability due to lease reassessment (14) 14 — — Purchases of property, plant and equipment included in accounts 2,290 — — 2,290 Right-of-use assets obtained in exchange for finance lease liabilities — 3,436 — 3,436 Cash paid during the period for income taxes 7 — — 7

Description of the business (De

Description of the business (Details) $ in Thousands, shares in Millions			1 Months Ended			3 Months Ended				6 Months Ended
	Dec. 22, 2023 USD ($)	Dec. 19, 2023 shares	Mar. 31, 2024 USD ($) tranche	Dec. 31, 2023 USD ($) shares	Aug. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) tranche	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of tranches | tranche			4				4
Accumulated deficit				$ 4,260,328		$ 4,411,525				$ 4,411,525
Net income (loss)						81,393	$ 69,804	$ 62,789	$ (18,930)	151,197	$ 43,859
Net cash used in operating activities										140,928	$ 130,859
Cash, cash equivalents and marketable securities						$ 144,100				$ 144,100
Term Loan
Subsidiary, Sale of Stock [Line Items]
Debt instrument term			5 years
Line of credit			$ 175,000				$ 175,000
At The Market Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from stock offering					$ 125,000
December Underwriting Agreement
Subsidiary, Sale of Stock [Line Items]
Proceeds from stock offering	$ 118,100			$ 118,100
Shares of common stock sold (in shares) | shares		83.3		83.3

Basis of presentation, princi_3

Basis of presentation, principles of consolidation and significant accounting policies (Details)	6 Months Ended
	Jun. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1

Product revenue and reserves -

Product revenue and reserves - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Product revenue, net	$ 16,101	$ 6,837	$ 34,662	$ 9,133
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Six Individual Customers
Revenue from External Customer [Line Items]
Concentration risk, percentage			80%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | One Individual Customer
Revenue from External Customer [Line Items]
Concentration risk, percentage				100%

Product revenue and reserves _2

Product revenue and reserves - Summary of Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Product revenue, net	$ 16,101	$ 6,837	$ 34,662	$ 9,133
ZYNTEGLO
Revenue from External Customer [Line Items]
Product revenue, net	11,158	4,180	29,719	4,180
SKYSONA
Revenue from External Customer [Line Items]
Product revenue, net	$ 4,943	$ 2,657	$ 4,943	$ 4,953

Product revenue and reserves _3

Product revenue and reserves - Rebate Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Contract with Customer, Refund Liability [Roll Forward]
Balance at December 31, 2023	$ 5,365
Provision for rebates	7,536
Payments/credits	0
Balance at June 30, 2024	$ 12,901

Fair value measurements - Recor

Fair value measurements - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 144,067	$ 221,755
Beneficiary interest in factored invoices	1,440	560
Total	145,507	222,315
U.S. government agency securities and treasuries
Assets:
Marketable securities:	0	0
Quoted prices in active markets (Level 1)
Assets:
Cash and cash equivalents	144,067	221,755
Beneficiary interest in factored invoices	0	0
Total	144,067	221,755
Quoted prices in active markets (Level 1) | U.S. government agency securities and treasuries
Assets:
Marketable securities:	0	0
Significant other observable inputs (Level 2)
Assets:
Cash and cash equivalents	0	0
Beneficiary interest in factored invoices	0	0
Total	0	0
Significant other observable inputs (Level 2) | U.S. government agency securities and treasuries
Assets:
Marketable securities:	0	0
Significant unobservable inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Beneficiary interest in factored invoices	1,440	560
Total	1,440	560
Significant unobservable inputs (Level 3) | U.S. government agency securities and treasuries
Assets:
Marketable securities:	$ 0	$ 0

Fair value measurements - Narra

Fair value measurements - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Realized loss			$ 0	$ 100,000
Interest receivable	$ 200,000		200,000		$ 300,000
Interest receivable, write-offs	$ 0	$ 0	$ 0	$ 0

Fair value measurements - Facto

Fair value measurements - Factoring Agreement Reconciliation of Beginning and Ending Balances (Details) - Beneficial Interest $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 financial assets, beginning of period	$ 560
Beneficiary interest obtained in transferred invoices	3,680
Proceeds from previously transferred invoices	(2,800)
Level 3 financial assets, end of period	$ 1,440

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 3,092	$ 2,329
Work in progress	28,167	17,375
Finished goods	2,071	3,215
Inventory	$ 33,330	$ 22,919

Factoring agreement (Details)

Factoring agreement (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Cash receipts collected prior to consideration	$ 20,700	$ 35,800
Due to factor, value derecognized	18,000	33,100
Beneficiary interest obtained in transferred invoices	2,100	3,700
Proceeds from previously transferred invoices	1,700	2,800	$ 0
Uncollectable amounts, net of accrued fees	100	100
Maximum loss exposure	1,400	1,400
Loss on sale of invoice	300	600
Servicing fees	$ 400	$ 800

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued CMO and CRO costs	$ 19,665	$ 24,824
Accrued employee compensation	16,669	19,972
Accrued rebates	12,942	5,365
Accrued goods and services	4,295	8,392
Accrued professional fees	3,733	2,531
Accrued refund liability	0	5,600
Other	8,585	6,504
Total accrued expenses and other current liabilities	$ 65,889	$ 73,188

Term loan debt (Details)

Term loan debt (Details) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended
	Mar. 15, 2024 USD ($) tranche $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Minimum cash coverage as a percentage of outstanding principal	40%
Interest expense			$ 3,750		$ 8,020
The Warrants
Line of Credit Facility [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares	$ 1.45	$ 1.45		$ 1.45
Number of securities called by warrants (in shares) | shares		2.6		2.6
Warrants and rights outstanding, contractual term (in years)	7 years	7 years		7 years
Relative fair value allocated to the initial warrants	$ 2,700
The Warrants | Expected Dividend Rate
Line of Credit Facility [Line Items]
Warrants and rights outstanding, measurement input	0
The Warrants | Expected Volatility
Line of Credit Facility [Line Items]
Warrants and rights outstanding, measurement input	0.811
The Warrants | Risk Free Interest Rate
Line of Credit Facility [Line Items]
Warrants and rights outstanding, measurement input	0.043
Secured Debt | Line of Credit
Line of Credit Facility [Line Items]
Minimum cash coverage as a percentage of outstanding principal	40%
Percentage of aggregate original principal	5%
Secured Debt | Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 175,000
Number of tranches | tranche	4
Proceeds from long-term lines of credit	$ 75,000
Debt issuance costs, gross	3,500
Debt issuance costs, net	2,700
Original issue discount	$ 800
Discount percentage	1%
Number of additional tranches | tranche	2
Effective interest rate	15.70%
Interest expense		$ 2,700		$ 3,200
Secured Debt | Term Loan Facility | Line of Credit | Prime Rate
Line of Credit Facility [Line Items]
Variable rate	1.45%
Secured Debt | Term Loan Facility | Line of Credit | Prime Floor Rate
Line of Credit Facility [Line Items]
Variable rate	9.95%
Secured Debt | Term Loan Facility | Line of Credit | Paid In Kind
Line of Credit Facility [Line Items]
PIK interest	2.45%
Secured Debt | Term Loan Facility Tranche Two | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25,000
Secured Debt | Term Loan Facility Tranche Three | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25,000
Secured Debt | Term Loan Facility Tranche Four | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 50,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Drug Product Manufacturing Facility And Quality Testing
Lessee, Lease, Description [Line Items]
Increase (decrease) in finance lease right of use asset	$ 22.4
Drug Substance Manufacturing Facility
Lessee, Lease, Description [Line Items]
Increase (decrease) in finance lease right of use asset	$ (8.9)

Leases - Summary of Operating L

Leases - Summary of Operating Lease Costs and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finance leases
Interest expense	$ 2,710	$ 3,750	$ 7,057	$ 8,017
Amortization expense	15,375	5,228	29,703	10,444
Total fixed finance lease cost	18,085	8,978	36,760	18,461
Operating leases
Fixed lease cost	9,486	11,470	18,973	22,941
Variable lease cost	6,863	5,091	12,999	11,953
Short-term lease cost	80	46	155	97
Total lease cost	34,514	25,585	68,887	53,452
Operating sublease income	$ 10,260	$ 10,373	20,606	20,481
Cash paid in the measurement of lease liabilities
Operating cash flows used for operating leases			8,303	13,276
Operating cash flows used for finance leases			1,411	7,198
Financing cash flows for finance leases			$ 48,645	$ 28,504
Lease, Cost [Abstract]
Weighted average remaining lease term - finance leases	1 year 3 months 3 days	2 years 2 months 4 days	1 year 3 months 3 days	2 years 2 months 4 days
Weighted average discount rate - finance leases	11.18%	14.02%	11.18%	14.02%
Weighted average remaining lease term - operating leases	6 years 6 months 7 days	7 years 4 months 24 days	6 years 6 months 7 days	7 years 4 months 24 days
Weighted average discount rate - operating leases	6.99%	7.03%	6.99%	7.03%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Commitments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
Remainder of 2024	$ 19,550
2025	37,084
2026	35,719
2027	36,742
2028	37,795
2029 and thereafter	81,986
Total	248,876
Less: Imputed Interest	(49,289)
Present Value of Lease Liabilities	199,587
Financing Leases
Remainder of 2024	78,746
2025	41,797
2026	3,408
2027	2,548
2028	1,043
2029 and thereafter	0
Total	127,542
Less: Imputed Interest	(6,552)
Present Value of Lease Liabilities	$ 120,990

Commitments and contingencies -

Commitments and contingencies - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lease period	3 years
Purchase obligation	$ 56,589

Commitments and contingencies_2

Commitments and contingencies - Schedule of Non-cancelable Contractual Obligations (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 0
2025	13,563
2026	17,858
2027	17,858
2028	7,310
2029 and thereafter	0
Total purchase commitments	$ 56,589

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions					1 Months Ended
	Dec. 22, 2023	Dec. 19, 2023	Jan. 23, 2023	Jan. 18, 2023	Dec. 31, 2023	Aug. 31, 2023
January Underwriting Agreement
Subsidiary, Sale of Stock [Line Items]
Shares of common stock sold (in shares)				20
Common stock price per share (in dollars per share)				$ 6
Proceeds from stock offering			$ 130.5
Inclusive of Shares Pursuant to Over Allotment Option Granted
Subsidiary, Sale of Stock [Line Items]
Shares of common stock sold (in shares)		12.5		3
Option to purchase additional shares, exercise period		30 days		30 days
At The Market Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from stock offering						$ 125
Number of shares available for issue in transaction (in shares)						125
December Underwriting Agreement
Subsidiary, Sale of Stock [Line Items]
Shares of common stock sold (in shares)		83.3			83.3
Common stock price per share (in dollars per share)		$ 1.50
Proceeds from stock offering	$ 118.1				$ 118.1

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2021	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,206	$ 5,754	$ 6,968	$ 11,145
Amount capitalized			$ 300	1,100
Stock option share exercised (in shares)			0
Employee stock purchase plan and other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2	$ 75	$ 83	$ 75
Common shares reserved for future issuance (in shares)						200,000
Increase in shares authorized (in shares)					1,400,000
Shares of common stock issued under plan (in shares)			100,000
Employee stock purchase plan and other | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock issued under plan (in shares)				100,000
2023 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)	2,700,000		2,700,000

Stock-based compensation - Summ

Stock-based compensation - Summary of Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,206	$ 5,754	$ 6,968	$ 11,145
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,192	1,710	2,422	3,433
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2,012	3,969	4,463	7,637
Employee stock purchase plan and other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2	$ 75	$ 83	$ 75

Stock-based compensation - Sche

Stock-based compensation - Schedule of Stock-Based Compensation Expense by Classification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,206	$ 5,754	$ 6,968	$ 11,145
Cost of product revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	289	(10)	780	93
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,798	2,681	4,133	5,042
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,119	$ 3,083	$ 2,055	$ 6,010

Stock-based compensation - Su_2

Stock-based compensation - Summary of Stock Option Activity Under Plan (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares (in thousands)
Outstanding at beginning of period (in shares) | shares	4,227,000
Granted (in shares) | shares	2,672,000
Exercised (in shares) | shares	0
Canceled, forfeited, or expired (in shares) | shares	(600,000)
Outstanding at end of period (in shares) | shares	6,299,000
Exercisable at end of period (in shares) | shares	2,196,000
Vested and expected to vest at end of period (in shares) | shares	6,299,000
Weighted- average exercise price per share
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 14.16
Granted (in dollars per share) | $ / shares	1.54
Exercised (in dollars per share) | $ / shares	0
Canceled, forfeited, or expired (in dollars per share) | $ / shares	10.86
Outstanding at end of period (in dollars per share) | $ / shares	9.13
Exercisable at end of period (in dollars per share) | $ / shares	19.60
Vested and expected to vest at end of period (in dollars per share) | $ / shares	$ 9.13

Stock-based compensation - Su_3

Stock-based compensation - Summary of Restricted Stock Units (Details) - Restricted stock units shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares (in thousands)
Unvested balance at beginning of period (in shares) | shares	4,207
Granted (in shares) | shares	2,337
Vested (in shares) | shares	(970)
Forfeited (in shares) | shares	(577)
Unvested balance at end of period (in shares) | shares	4,997
Weighted- average grant date fair value
Unvested balance at beginning of period (in dollars per share) | $ / shares	$ 6.08
Granted (in dollars per share) | $ / shares	1.54
Vested (in dollars per share) | $ / shares	6.76
Forfeited (in dollars per share) | $ / shares	4.09
Unvested balance at end of period (in dollars per share) | $ / shares	$ 4.05

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ 21	$ (80)	$ 21	$ (80)

Net loss per share - Anti-dilut

Net loss per share - Anti-dilutive shares (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	15,168	10,791	15,168	10,791
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	7,495	6,109	7,495	6,109
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	5,000	4,682	5,000	4,682
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	2,586	0	2,586	0
ESPP shares and other
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the calculation of diluted net loss per share (in shares)	87	0	87	0

Net loss per share - Narrative

Net loss per share - Narrative (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic EPS (In dollars per share)	$ (0.42)	$ (0.58)	$ (0.78)	$ (0.41)
Diluted EPS (in dollars per share)	$ (0.42)	$ (0.58)	$ (0.78)	$ (0.41)

Restatement of Previously Iss_3

Restatement of Previously Issued Financial Statements - Schedule of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Product revenue, net	$ 16,101		$ 6,837		$ 34,662	$ 9,133
Other revenue	0		53		12	138
Total revenues	16,101		6,890		34,674	9,271
Cost of product revenue	28,946		6,697		54,810	12,209
Gross margin	(12,845)		193		(20,136)	(2,938)
Operating expenses:
Research and development	25,162		31,448		50,236	73,035
Selling, general and administrative	50,385		40,462		96,714	77,929
Total operating expenses	75,547		71,910		146,950	150,964
Gain from sale of priority review voucher, net	0		0		0	92,930
Loss from operations	(88,392)		(71,717)		(167,086)	(60,972)
Interest income	2,837		2,679		5,416	5,507
Interest expense			(3,750)			(8,020)
Other income, net	9,636		9,919		20,802	19,546
Loss before income taxes	(81,372)		(62,869)		(151,176)	(43,939)
Income tax (expense) benefit	(21)		80		(21)	80
Net loss	$ (81,393)	$ (69,804)	$ (62,789)	$ 18,930	$ (151,197)	$ (43,859)
Net loss per share - basic (in dollars per share)	$ (0.42)		$ (0.58)		$ (0.78)	$ (0.41)
Net loss per share - diluted (in dollars per share)	$ (0.42)		$ (0.58)		$ (0.78)	$ (0.41)
Weighted-average number of common shares used in computing net loss per share - basic (in shares)	193,716		108,685		193,433	105,819
Weighted-average number of common shares used in computing net loss per share - diluted (in shares)	193,716		108,685		193,433	105,819
Other comprehensive income (loss):
Total other comprehensive income (loss)	$ (14)	$ (312)	$ 722	984	$ (327)	$ 1,706
Comprehensive loss	(81,407)		(62,067)		(151,524)	(42,153)
Other comprehensive income (loss), tax	$ 0		0		$ 0	0
As Previously Reported
Revenue:
Product revenue, net			6,837			9,133
Other revenue			53			138
Total revenues			6,890			9,271
Cost of product revenue			9,564			12,940
Gross margin			(2,674)			(3,669)
Operating expenses:
Research and development			42,274			88,418
Selling, general and administrative			40,349			77,703
Total operating expenses			82,623			166,121
Gain from sale of priority review voucher, net						92,930
Loss from operations			(85,297)			(76,860)
Interest income			2,679			5,507
Interest expense			0			(3)
Other income, net			9,630			19,608
Loss before income taxes			(72,988)			(51,748)
Income tax (expense) benefit			80			80
Net loss			$ (72,908)	21,240		$ (51,668)
Net loss per share - basic (in dollars per share)			$ (0.67)			$ (0.49)
Net loss per share - diluted (in dollars per share)			$ (0.67)			$ (0.49)
Weighted-average number of common shares used in computing net loss per share - basic (in shares)			108,685			105,819
Weighted-average number of common shares used in computing net loss per share - diluted (in shares)			108,685			105,819
Other comprehensive income (loss):
Total other comprehensive income (loss)			$ 722			$ 1,706
Comprehensive loss			(72,186)			(49,962)
Revision of Prior Period, Error Correction, Adjustment | Adjustments to Embedded Leases
Revenue:
Product revenue, net			0			0
Other revenue			0			0
Total revenues			0			0
Cost of product revenue			(2,867)			(731)
Gross margin			2,867			731
Operating expenses:
Research and development			(10,189)			(14,705)
Selling, general and administrative			113			226
Total operating expenses			(10,076)			(14,479)
Gain from sale of priority review voucher, net						0
Loss from operations			12,943			15,210
Interest income			0			0
Interest expense			(3,750)			(8,017)
Other income, net			289			(62)
Loss before income taxes			9,482			7,131
Income tax (expense) benefit			0			0
Net loss			$ 9,482	(2,351)		$ 7,131
Net loss per share - basic (in dollars per share)			$ 0.09			$ 0.07
Net loss per share - diluted (in dollars per share)			$ 0.09			$ 0.07
Weighted-average number of common shares used in computing net loss per share - basic (in shares)			108,685			105,819
Weighted-average number of common shares used in computing net loss per share - diluted (in shares)			108,685			105,819
Other comprehensive income (loss):
Total other comprehensive income (loss)			$ 0			$ 0
Comprehensive loss			9,482			7,131
Revision of Prior Period, Error Correction, Adjustment | Other Adjustments
Revenue:
Product revenue, net			0			0
Other revenue			0			0
Total revenues			0			0
Cost of product revenue			0			0
Gross margin			0			0
Operating expenses:
Research and development			(637)			(678)
Selling, general and administrative			0			0
Total operating expenses			(637)			(678)
Gain from sale of priority review voucher, net						0
Loss from operations			637			678
Interest income			0			0
Interest expense			0			0
Other income, net			0			0
Loss before income taxes			637			678
Income tax (expense) benefit			0			0
Net loss			$ 637	$ 41		$ 678
Net loss per share - basic (in dollars per share)			$ 0.01			$ 0.01
Net loss per share - diluted (in dollars per share)			$ 0.01			$ 0.01
Weighted-average number of common shares used in computing net loss per share - basic (in shares)			108,685			105,819
Weighted-average number of common shares used in computing net loss per share - diluted (in shares)			108,685			105,819
Other comprehensive income (loss):
Total other comprehensive income (loss)			$ 0			$ 0
Comprehensive loss			$ 637			$ 678

Restatement of Previously Iss_4

Restatement of Previously Issued Financial Statements - Schedule of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance (in shares)		192,772,000			192,772,000
Beginning balance	$ 131,046	$ 194,537	$ 290,420	$ 134,333	$ 194,537	$ 134,333
Vesting of restricted stock units	0	0	0	(195)
Stock option share exercised (in shares)					0
Exercise of stock options			77	7
Purchase of common stock under employee stock purchase plan (ESPP)	81			227
Issuance of common stock				130,291
Stock-based compensation expense	3,261	4,054	6,388	5,843
Other comprehensive income (loss)			722	984
Net income (loss)	$ (81,393)	(69,804)	(62,789)	18,930	$ (151,197)	(43,859)
Ending balance, shares (in shares)	193,856,000				193,856,000
Ending balance	$ 52,981	$ 131,046	$ 234,818	$ 290,420	$ 52,981	$ 234,818
Common Shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance (in shares)	193,583,000	192,772,000	106,370,000	82,923,000	192,772,000	82,923,000
Beginning balance	$ 1,913	$ 1,905	$ 1,064	$ 830	$ 1,905	$ 830
Vesting of restricted stock units (in shares)	185,000	811,000	65,000	382,000
Vesting of restricted stock units	$ 2	$ 8	$ 1	$ 3
Stock option share exercised (in shares)			19,000	3,000
Purchase of common stock under employee stock purchase plan (ESPP) (in shares)	88,000			62,000
Purchase of common stock under employee stock purchase plan (ESPP)	$ 1			$ 1
Issuance of common stock (in shares)				23,000,000
Issuance of common stock				$ 230
Ending balance, shares (in shares)	193,856,000	193,583,000	106,454,000	106,370,000	193,856,000	106,454,000
Ending balance	$ 1,916	$ 1,913	$ 1,065	$ 1,064	$ 1,916	$ 1,065
Additional paid-in capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	4,461,373	4,454,756	4,321,927	4,185,988	4,454,756	4,185,988
Vesting of restricted stock units	(2)	(8)	(1)	(198)
Exercise of stock options			77	7
Purchase of common stock under employee stock purchase plan (ESPP)	80			226
Issuance of common stock				130,061
Stock-based compensation expense	3,261	4,054	6,388	5,843
Ending balance	4,464,712	4,461,373	4,328,391	4,321,927	4,464,712	4,328,391
Accumulated other comprehensive income (loss)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	(2,108)	(1,796)	(3,086)	(4,070)	(1,796)	(4,070)
Other comprehensive income (loss)			722	984
Ending balance	(2,122)	(2,108)	(2,364)	(3,086)	(2,122)	(2,364)
Accumulated deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	(4,330,132)	(4,260,328)	(4,029,485)	(4,048,415)	(4,260,328)	(4,048,415)
Net income (loss)	(81,393)	(69,804)	(62,789)	18,930
Ending balance	$ (4,411,525)	$ (4,330,132)	(4,092,274)	(4,029,485)	$ (4,411,525)	(4,092,274)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			354,740	196,343		196,343
Vesting of restricted stock units			0	(195)
Exercise of stock options			77	7
Purchase of common stock under employee stock purchase plan (ESPP)				227
Issuance of common stock				130,291
Stock-based compensation expense			6,388	5,843
Other comprehensive income (loss)			722	984
Net income (loss)			(72,908)	21,240		(51,668)
Ending balance			$ 289,019	$ 354,740		$ 289,019
As Previously Reported | Common Shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance (in shares)			106,370,000	82,923,000		82,923,000
Beginning balance			$ 1,064	$ 830		$ 830
Vesting of restricted stock units (in shares)			65,000	382,000
Vesting of restricted stock units			$ 1	$ 3
Stock option share exercised (in shares)			19,000	3,000
Purchase of common stock under employee stock purchase plan (ESPP) (in shares)				62,000
Purchase of common stock under employee stock purchase plan (ESPP)				$ 1
Issuance of common stock (in shares)				23,000,000
Issuance of common stock				$ 230
Ending balance, shares (in shares)			106,454,000	106,370,000		106,454,000
Ending balance			$ 1,065	$ 1,064		$ 1,065
As Previously Reported | Additional paid-in capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			4,322,025	4,186,086		4,186,086
Vesting of restricted stock units			(1)	(198)
Exercise of stock options			77	7
Purchase of common stock under employee stock purchase plan (ESPP)				226
Issuance of common stock				130,061
Stock-based compensation expense			6,388	5,843
Ending balance			4,328,489	4,322,025		4,328,489
As Previously Reported | Accumulated other comprehensive income (loss)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			(3,086)	(4,070)		(4,070)
Other comprehensive income (loss)			722	984
Ending balance			(2,364)	(3,086)		(2,364)
As Previously Reported | Accumulated deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			(3,965,263)	(3,986,503)		(3,986,503)
Net income (loss)			(72,908)	21,240
Ending balance			(4,038,171)	(3,965,263)		(4,038,171)
Revision of Prior Period, Error Correction, Adjustment | Adjustments to Embedded Leases
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			(62,051)	(59,700)		(59,700)
Net income (loss)			9,482	(2,351)		7,131
Ending balance			(52,569)	(62,051)		(52,569)
Revision of Prior Period, Error Correction, Adjustment | Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			(2,269)	(2,310)		(2,310)
Net income (loss)			637	41		678
Ending balance			$ (1,632)	$ (2,269)		$ (1,632)
Revision of Prior Period, Error Correction, Adjustment | Common Shares | Adjustments to Embedded Leases
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance (in shares)			0	0		0
Beginning balance			$ 0	$ 0		$ 0
Ending balance, shares (in shares)			0	0		0
Ending balance			$ 0	$ 0		$ 0
Revision of Prior Period, Error Correction, Adjustment | Common Shares | Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance (in shares)			0	0		0
Beginning balance			$ 0	$ 0		$ 0
Ending balance, shares (in shares)			0	0		0
Ending balance			$ 0	$ 0		$ 0
Revision of Prior Period, Error Correction, Adjustment | Additional paid-in capital | Adjustments to Embedded Leases
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			0	0		0
Ending balance			0	0		0
Revision of Prior Period, Error Correction, Adjustment | Additional paid-in capital | Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			(98)	(98)		(98)
Ending balance			(98)	(98)		(98)
Revision of Prior Period, Error Correction, Adjustment | Accumulated other comprehensive income (loss) | Adjustments to Embedded Leases
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			0	0		0
Ending balance			0	0		0
Revision of Prior Period, Error Correction, Adjustment | Accumulated other comprehensive income (loss) | Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			0	0		0
Ending balance			0	0		0
Revision of Prior Period, Error Correction, Adjustment | Accumulated deficit | Adjustments to Embedded Leases
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			(62,051)	(59,700)		(59,700)
Net income (loss)			9,482	(2,351)
Ending balance			(52,569)	(62,051)		(52,569)
Revision of Prior Period, Error Correction, Adjustment | Accumulated deficit | Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance			(2,171)	(2,212)		(2,212)
Net income (loss)			637	41
Ending balance			$ (1,534)	$ (2,171)		$ (1,534)

Restatement of Previously Iss_5

Restatement of Previously Issued Financial Statements - Schedule of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (81,393)	$ (69,804)	$ (62,789)	$ 18,930	$ (151,197)	$ (43,859)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization					31,995	12,250
Stock-based compensation expense					6,968	11,145
Noncash research and development expense (finance lease)					0	434
Noncash operating lease expense					11,908	14,966
Gain from sale of priority review voucher	0		0		0	(92,930)
Excess inventory reserve					5,666	6,278
Other non-cash items					(21)	343
Gain on foreign currency exchange rates					(581)	(281)
Changes in operating assets and liabilities:
Prepaid expenses and other assets					(35,131)	(6,440)
Inventory					(15,729)	(17,599)
Operating right of use assets						0
Accounts payable					12,517	(5,623)
Accrued expenses and other liabilities					(5,670)	3,052
Accrued interest payable under finance lease					5,646	819
Operating lease liabilities					(8,303)	(13,276)
Deferred revenue					0	(138)
Net cash (used in) provided by operating activities					(140,928)	(130,859)
Cash flows from investing activities:
Purchase of property, plant and equipment					(1,834)	(937)
Purchases of marketable securities					0	(34,418)
Proceeds from maturities of marketable securities					0	26,521
Proceeds from sales of marketable securities					0	5,853
Purchase of intangible assets					0	(868)
Proceeds from sale of priority review voucher					0	92,930
Net cash provided by investing activities					966	89,081
Cash flows from financing activities:
Proceeds from exercise of stock options and ESPP contributions					0	85
Principal payments on finance leases					(48,645)	(28,504)
Net cash provided by financing activities					58,584	101,507
Increase in cash, cash equivalents and restricted cash					(81,378)	59,729
Cash, cash equivalents and restricted cash at beginning of period		$ 274,597		158,445	274,597	158,445
Cash, cash equivalents and restricted cash at end of period	193,219		218,174		193,219	218,174
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	144,067		172,872		144,067	172,872	$ 221,755
Restricted cash included in other current assets	1,154		1,364		1,154	1,364
Restricted cash included in restricted cash and other non-current assets	47,998		43,938		47,998	43,938
Total cash, cash equivalents and restricted cash	$ 193,219		218,174		193,219	218,174	$ 274,597
Supplemental cash flow disclosures from investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities						0
Increase (Reduction) of right of use asset and associated operating lease liability due to lease reassessment						0
Purchases of property, plant and equipment included in accounts payable and accrued expenses					284	2,290
Right-of-use assets obtained in exchange for financial lease liabilities					43,055	3,436
Cash paid (refund received) during the period for income taxes						7
As Previously Reported
Cash flows from operating activities:
Net loss			(72,908)	21,240		(51,668)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization						2,052
Stock-based compensation expense						11,145
Noncash research and development expense (finance lease)						0
Noncash operating lease expense						0
Gain from sale of priority review voucher						(92,930)
Excess inventory reserve						3,939
Other non-cash items						343
Gain on foreign currency exchange rates						0
Changes in operating assets and liabilities:
Prepaid expenses and other assets						(9,082)
Inventory						(16,496)
Operating right of use assets						24,102
Accounts payable						(14,767)
Accrued expenses and other liabilities						3,625
Accrued interest payable under finance lease						0
Operating lease liabilities						(19,488)
Deferred revenue						(138)
Net cash (used in) provided by operating activities						(159,363)
Cash flows from investing activities:
Purchase of property, plant and equipment						(937)
Purchases of marketable securities						(34,418)
Proceeds from maturities of marketable securities						26,521
Proceeds from sales of marketable securities						5,853
Purchase of intangible assets						(868)
Proceeds from sale of priority review voucher						92,930
Net cash provided by investing activities						89,081
Cash flows from financing activities:
Proceeds from exercise of stock options and ESPP contributions						85
Principal payments on finance leases						0
Net cash provided by financing activities						130,011
Increase in cash, cash equivalents and restricted cash						59,729
Cash, cash equivalents and restricted cash at beginning of period				158,445		158,445
Cash, cash equivalents and restricted cash at end of period			218,174			218,174
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			172,872			172,872
Restricted cash included in other current assets			1,364			1,364
Restricted cash included in restricted cash and other non-current assets			43,938			43,938
Total cash, cash equivalents and restricted cash			218,174			218,174
Supplemental cash flow disclosures from investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities						44,968
Increase (Reduction) of right of use asset and associated operating lease liability due to lease reassessment						(14)
Purchases of property, plant and equipment included in accounts payable and accrued expenses						2,290
Right-of-use assets obtained in exchange for financial lease liabilities						0
Cash paid (refund received) during the period for income taxes						7
Revision of Prior Period, Error Correction, Adjustment | Adjustments to Embedded Leases
Cash flows from operating activities:
Net loss			9,482	(2,351)		7,131
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization						10,274
Stock-based compensation expense						0
Noncash research and development expense (finance lease)						434
Noncash operating lease expense						14,966
Gain from sale of priority review voucher						0
Excess inventory reserve						0
Other non-cash items						0
Gain on foreign currency exchange rates						(281)
Changes in operating assets and liabilities:
Prepaid expenses and other assets						2,642
Inventory						1,838
Operating right of use assets						(24,102)
Accounts payable						9,144
Accrued expenses and other liabilities						(573)
Accrued interest payable under finance lease						819
Operating lease liabilities						6,212
Deferred revenue						0
Net cash (used in) provided by operating activities						28,504
Cash flows from investing activities:
Purchase of property, plant and equipment						0
Purchases of marketable securities						0
Proceeds from maturities of marketable securities						0
Proceeds from sales of marketable securities						0
Purchase of intangible assets						0
Proceeds from sale of priority review voucher						0
Net cash provided by investing activities						0
Cash flows from financing activities:
Proceeds from exercise of stock options and ESPP contributions						0
Principal payments on finance leases						(28,504)
Net cash provided by financing activities						(28,504)
Increase in cash, cash equivalents and restricted cash						0
Cash, cash equivalents and restricted cash at beginning of period				0		0
Cash, cash equivalents and restricted cash at end of period			0			0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			0			0
Restricted cash included in other current assets			0			0
Restricted cash included in restricted cash and other non-current assets			0			0
Total cash, cash equivalents and restricted cash			0			0
Supplemental cash flow disclosures from investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities						(44,968)
Increase (Reduction) of right of use asset and associated operating lease liability due to lease reassessment						14
Purchases of property, plant and equipment included in accounts payable and accrued expenses						0
Right-of-use assets obtained in exchange for financial lease liabilities						3,436
Revision of Prior Period, Error Correction, Adjustment | Other Adjustments
Cash flows from operating activities:
Net loss			637	41		678
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization						(76)
Stock-based compensation expense						0
Noncash research and development expense (finance lease)						0
Noncash operating lease expense						0
Gain from sale of priority review voucher						0
Excess inventory reserve						2,339
Other non-cash items						0
Gain on foreign currency exchange rates						0
Changes in operating assets and liabilities:
Prepaid expenses and other assets						0
Inventory						(2,941)
Operating right of use assets						0
Accounts payable						0
Accrued expenses and other liabilities						0
Accrued interest payable under finance lease						0
Operating lease liabilities						0
Deferred revenue						0
Net cash (used in) provided by operating activities						0
Cash flows from investing activities:
Purchase of property, plant and equipment						0
Purchases of marketable securities						0
Proceeds from maturities of marketable securities						0
Proceeds from sales of marketable securities						0
Purchase of intangible assets						0
Proceeds from sale of priority review voucher						0
Net cash provided by investing activities						0
Cash flows from financing activities:
Proceeds from exercise of stock options and ESPP contributions						0
Principal payments on finance leases						0
Net cash provided by financing activities						0
Increase in cash, cash equivalents and restricted cash						0
Cash, cash equivalents and restricted cash at beginning of period				$ 0		0
Cash, cash equivalents and restricted cash at end of period			0			0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			0			0
Restricted cash included in other current assets			0			0
Restricted cash included in restricted cash and other non-current assets			0			0
Total cash, cash equivalents and restricted cash			$ 0			0
Supplemental cash flow disclosures from investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities						0
Increase (Reduction) of right of use asset and associated operating lease liability due to lease reassessment						0
Purchases of property, plant and equipment included in accounts payable and accrued expenses						0
Right-of-use assets obtained in exchange for financial lease liabilities						0
Cash paid (refund received) during the period for income taxes						0
Revision of Prior Period, Error Correction, Adjustment | Error Correction, Leases
Supplemental cash flow disclosures from investing and financing activities:
Cash paid (refund received) during the period for income taxes						0
Private Placement
Cash flows from financing activities:
Proceeds from issuance of common stock					0	(196)
Private Placement | As Previously Reported
Cash flows from financing activities:
Proceeds from issuance of common stock						(196)
Private Placement | Revision of Prior Period, Error Correction, Adjustment | Adjustments to Embedded Leases
Cash flows from financing activities:
Proceeds from issuance of common stock						0
Private Placement | Revision of Prior Period, Error Correction, Adjustment | Other Adjustments
Cash flows from financing activities:
Proceeds from issuance of common stock						0
Public Offering
Cash flows from financing activities:
Proceeds from issuance of common stock					$ 0	130,122
Public Offering | As Previously Reported
Cash flows from financing activities:
Proceeds from issuance of common stock						130,122
Public Offering | Revision of Prior Period, Error Correction, Adjustment | Adjustments to Embedded Leases
Cash flows from financing activities:
Proceeds from issuance of common stock						0
Public Offering | Revision of Prior Period, Error Correction, Adjustment | Other Adjustments
Cash flows from financing activities:
Proceeds from issuance of common stock						$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Sep. 23, 2024 USD ($) agreement	Aug. 13, 2024 USD ($) $ / shares	Mar. 15, 2024 USD ($) tranche $ / shares	Sep. 20, 2024	Jun. 30, 2024 $ / shares
Subsequent Event [Line Items]
Minimum cash coverage as a percentage of outstanding principal			40%
The Warrants
Subsequent Event [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares			$ 1.45		$ 1.45
Secured Debt | Line of Credit
Subsequent Event [Line Items]
Annual financial statement delivery period			90 days
Quarterly financial statement delivery period			45 days
Minimum cash coverage as a percentage of outstanding principal			40%
Secured Debt | Term Loan Facility | Line of Credit
Subsequent Event [Line Items]
Debt instrument term			5 years
Line of credit			$ 175,000
Number of tranches | tranche			4
Proceeds from long-term lines of credit			$ 75,000
Number of additional tranches | tranche			2
Secured Debt | Term Loan Facility | Line of Credit | Debt Instrument Availability, Tranche Two
Subsequent Event [Line Items]
Debt amount			$ 25,000
Secured Debt | Term Loan Facility | Line of Credit | Debt Instrument Availability, Tranche Three
Subsequent Event [Line Items]
Debt amount			25,000
Secured Debt | Term Loan Facility | Line of Credit | Debt Instrument Availability, Tranche Four
Subsequent Event [Line Items]
Debt amount			50,000
Secured Debt | Term Loan Facility Tranche Two | Line of Credit
Subsequent Event [Line Items]
Line of credit			25,000
Secured Debt | Term Loan Facility Tranche Three | Line of Credit
Subsequent Event [Line Items]
Line of credit			$ 25,000
Subsequent Event
Subsequent Event [Line Items]
Number of employees eliminated | agreement	94
Plans to reduce workforce, as a percent	25%
Finance lease renewal term				2 years
Subsequent Event | Minimum | Employee Severance
Subsequent Event [Line Items]
Incur aggregate charges	$ 3,300
Subsequent Event | Minimum | Restricted stock units
Subsequent Event [Line Items]
Stock-based compensation expense, vesting of RSUs	300
Subsequent Event | Maximum | Employee Severance
Subsequent Event [Line Items]
Incur aggregate charges	3,700
Subsequent Event | Maximum | Restricted stock units
Subsequent Event [Line Items]
Stock-based compensation expense, vesting of RSUs	$ 500
Subsequent Event | The Warrants
Subsequent Event [Line Items]
Value of warrants issued in relation to debt		$ 3,750
Value of warrants issued in relation to debt		10 days
Exercise price of warrants (in dollars per share) | $ / shares		$ 1.45
Subsequent Event | Secured Debt | Line of Credit
Subsequent Event [Line Items]
Minimum cash coverage as a percentage of outstanding principal		45%
Subsequent Event | Secured Debt | Line of Credit | The Warrants
Subsequent Event [Line Items]
Number of warrants issued as a percentage of debt		0.05
Subsequent Event | Secured Debt | Term Loan Facility Tranche Two | Line of Credit
Subsequent Event [Line Items]
Line of credit		$ 25,000
Debt covenant, minimum gross cash proceeds		$ 75,000
Period immediately following achievement		30 days
Subsequent Event | Secured Debt | Term Loan Facility Tranche Three | Line of Credit
Subsequent Event [Line Items]
Line of credit		$ 25,000
Period immediately following achievement		30 days
Debt covenant, product delivery period		6 months
Subsequent Event | Secured Debt | Term Loan Facility Tranche Three | Line of Credit | Proceeds Received December 20, 2024
Subsequent Event [Line Items]
Debt covenant, minimum gross cash proceeds		$ 100,000
Subsequent Event | Secured Debt | Term Loan Facility Tranche Three | Line of Credit | Proceeds Received June 30, 2025
Subsequent Event [Line Items]
Debt covenant, minimum gross cash proceeds		$ 125,000