Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-40791 | |
Entity Registrant Name | 2seventy bio, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-3658454 | |
Entity Address, Address Line One | 60 Binney Street | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 339 | |
Local Phone Number | 499-9300 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | TSVT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,464,578 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001860782 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 95,991 | $ 71,032 |
Marketable securities | 186,846 | 195,238 |
Prepaid expenses | 6,729 | 13,652 |
Receivables and other current assets | 44,099 | 20,960 |
Total current assets | 333,665 | 300,882 |
Property, plant and equipment, net | 61,023 | 55,735 |
Marketable securities | 23,709 | 1,414 |
Intangible assets, net | 6,948 | 7,302 |
Goodwill | 12,056 | 12,056 |
Operating lease right-of-use assets | 230,712 | 240,885 |
Restricted investments and other non-current assets | 37,600 | 38,391 |
Total assets | 705,713 | 656,665 |
Current liabilities: | ||
Accounts payable | 6,274 | 7,208 |
Accrued expenses and other current liabilities | 36,107 | 54,678 |
Operating lease liability, current portion | 11,872 | 11,164 |
Deferred revenue, current portion | 12,642 | 3,000 |
Collaboration research advancement | 0 | 3,744 |
Total current liabilities | 66,895 | 79,794 |
Deferred revenue, net of current portion | 17,213 | 5,000 |
Operating lease liability, net of current portion | 251,706 | 259,008 |
Other non-current liabilities | 2,404 | 2,397 |
Total liabilities | 338,218 | 346,199 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 10,000 shares authorized, 0 shares issued and outstanding at June 30, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.0001 par value; 200,000 shares authorized, 50,238 and 37,928 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 5 | 4 |
Additional paid-in capital | 751,677 | 606,986 |
Accumulated other comprehensive loss | (1,430) | (2,877) |
Accumulated deficit | (382,757) | (293,647) |
Total stockholders’ equity | 367,495 | 310,466 |
Total liabilities and stockholders’ equity | $ 705,713 | $ 656,665 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 50,238,000 | 37,928,000 |
Common stock, shares outstanding (in shares) | 50,238,000 | 37,928,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue: | ||||
Collaborative arrangement revenue | $ 29,034 | $ 7,035 | $ 58,406 | $ 10,522 |
Total revenues | 36,048 | 13,482 | 77,669 | 21,911 |
Operating expenses: | ||||
Research and development | 59,980 | 64,557 | 128,226 | 130,436 |
Cost of manufacturing for commercial collaboration | 3,610 | 3,882 | 7,264 | 7,248 |
Selling, general and administrative | 19,489 | 17,278 | 40,209 | 41,139 |
Share of collaboration loss | 0 | 4,290 | 0 | 9,642 |
Cost of royalty and other revenue | 907 | 364 | 1,548 | 875 |
Change in fair value of contingent consideration | 53 | 83 | 126 | 131 |
Total operating expenses | 84,039 | 90,454 | 177,373 | 189,471 |
Loss from operations | (47,991) | (76,972) | (99,704) | (167,560) |
Interest income, net | 3,090 | 213 | 5,139 | 328 |
Other income (expense), net | 2,812 | (661) | 5,455 | 4,101 |
Loss before income taxes | (42,089) | (77,420) | (89,110) | (163,131) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net loss | $ (42,089) | $ (77,420) | $ (89,110) | $ (163,131) |
Net loss per share - basic (in dollars per share) | $ (0.83) | $ (2.02) | $ (1.89) | $ (5) |
Net loss per share - diluted (in dollars per share) | $ (0.83) | $ (2.02) | $ (1.89) | $ (5) |
Weighted-average number of common shares used in computing net loss per share - basic (in shares) | 50,966,000 | 38,381,000 | 47,238,000 | 32,598,000 |
Weighted-average number of common shares used in computing net loss per share - diluted (in shares) | 50,966,000 | 38,381,000 | 47,238,000 | 32,598,000 |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss), net of tax benefit (expense) of $0.0 million and $0.0 million for the three and six months ended June 30, 2023 and 2022, respectively. | $ 520 | $ (578) | $ 1,447 | $ (2,670) |
Comprehensive loss | (41,569) | (77,998) | (87,663) | (165,801) |
Service revenue | ||||
Revenue: | ||||
Revenue | 5,022 | 5,666 | 15,848 | 9,721 |
Royalty and other revenue | ||||
Revenue: | ||||
Revenue | $ 1,992 | $ 781 | $ 3,415 | $ 1,668 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Tax benefit (expense) | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 23,585,000 | ||||
Beginning balance at Dec. 31, 2021 | $ 359,822 | $ 2 | $ 400,026 | $ (712) | $ (39,494) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units (in shares) | 97,000 | ||||
Exercise of stock options | 1 | 1 | |||
Issuance of common stock in private placement, net of issuance costs (in shares) | 13,934,000 | ||||
Issuance of common stock in public offering, net of issuance costs | 165,657 | $ 2 | 165,655 | ||
Stock-based compensation | 9,739 | 9,739 | |||
Other comprehensive income | (2,092) | (2,092) | |||
Net loss | (85,711) | (85,711) | |||
Ending balance (in shares) at Mar. 31, 2022 | 37,616,000 | ||||
Ending balance at Mar. 31, 2022 | 447,416 | $ 4 | 575,421 | (2,804) | (125,205) |
Beginning balance (in shares) at Dec. 31, 2021 | 23,585,000 | ||||
Beginning balance at Dec. 31, 2021 | 359,822 | $ 2 | 400,026 | (712) | (39,494) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (163,131) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 37,634,000 | ||||
Ending balance at Jun. 30, 2022 | 378,984 | $ 4 | 584,987 | (3,382) | (202,625) |
Beginning balance (in shares) at Mar. 31, 2022 | 37,616,000 | ||||
Beginning balance at Mar. 31, 2022 | 447,416 | $ 4 | 575,421 | (2,804) | (125,205) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units (in shares) | 18,000 | ||||
Exercise of stock options | 1 | 1 | |||
Issuance of common stock in public offering, net of issuance costs | (124) | (124) | |||
Stock-based compensation | 9,689 | 9,689 | |||
Other comprehensive income | (578) | (578) | |||
Net loss | (77,420) | (77,420) | |||
Ending balance (in shares) at Jun. 30, 2022 | 37,634,000 | ||||
Ending balance at Jun. 30, 2022 | $ 378,984 | $ 4 | 584,987 | (3,382) | (202,625) |
Beginning balance (in shares) at Dec. 31, 2022 | 37,928,000 | 37,928,000 | |||
Beginning balance at Dec. 31, 2022 | $ 310,466 | $ 4 | 606,986 | (2,877) | (293,647) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units (in shares) | 237,000 | ||||
Exercise of stock options (in shares) | 1,000 | ||||
Exercise of stock options | $ 7 | 7 | |||
Issuance of common stock in private placement, net of issuance costs (in shares) | 10,870,000 | ||||
Issuance of common stock in public offering, net of issuance costs | 116,969 | $ 1 | 116,968 | ||
Issuance of common stock to Regeneron (in shares) | 1,115,000 | ||||
Issuance of common stock to Regeneron | 9,859 | 9,859 | |||
Stock-based compensation | 9,666 | 9,666 | |||
Purchase of common stock under ESPP (in shares) | 39,000 | ||||
Purchases of shares under ESPP | 451 | 451 | |||
Other comprehensive income | 927 | 927 | |||
Net loss | (47,021) | (47,021) | |||
Ending balance (in shares) at Mar. 31, 2023 | 50,190,000 | ||||
Ending balance at Mar. 31, 2023 | $ 401,324 | $ 5 | 743,937 | (1,950) | (340,668) |
Beginning balance (in shares) at Dec. 31, 2022 | 37,928,000 | 37,928,000 | |||
Beginning balance at Dec. 31, 2022 | $ 310,466 | $ 4 | 606,986 | (2,877) | (293,647) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ (89,110) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 50,238,000 | 50,238,000 | |||
Ending balance at Jun. 30, 2023 | $ 367,495 | $ 5 | 751,677 | (1,430) | (382,757) |
Beginning balance (in shares) at Mar. 31, 2023 | 50,190,000 | ||||
Beginning balance at Mar. 31, 2023 | 401,324 | $ 5 | 743,937 | (1,950) | (340,668) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Vesting of restricted stock units (in shares) | 48,000 | ||||
Stock-based compensation | 7,740 | 7,740 | |||
Other comprehensive income | 520 | 520 | |||
Net loss | $ (42,089) | (42,089) | |||
Ending balance (in shares) at Jun. 30, 2023 | 50,238,000 | 50,238,000 | |||
Ending balance at Jun. 30, 2023 | $ 367,495 | $ 5 | $ 751,677 | $ (1,430) | $ (382,757) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (89,110) | $ (163,131) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of contingent consideration | 126 | 131 |
Depreciation and amortization | 4,493 | 6,831 |
Stock-based compensation expense | 17,406 | 19,428 |
Other non-cash items | (2,581) | 1,307 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (14,847) | 427 |
Operating lease right-of-use assets | 10,172 | 10,594 |
Accounts payable | (496) | 1,113 |
Accrued expenses and other liabilities | (18,431) | 9,461 |
Operating lease liabilities | (6,594) | (5,573) |
Deferred revenue | 21,855 | 10,000 |
Collaboration research advancement | (3,744) | (10,522) |
Net cash used in operating activities | (81,751) | (119,934) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (10,050) | (6,258) |
Purchases of marketable securities | (155,524) | (22,450) |
Proceeds from maturities of marketable securities | 145,476 | 123,227 |
Purchases of restricted investments | (4,485) | (971) |
Proceeds from maturities of restricted investments | 4,500 | 1,000 |
Net cash used in investing activities | (20,083) | 94,548 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock in public offering, net of issuance costs | 117,004 | 0 |
Proceeds from issuance of common stock to Regeneron, net of issuance costs | 9,859 | 0 |
Proceeds from the issuance of common stock in private placement | 0 | 165,554 |
Proceeds from exercise of stock options and ESPP contributions | 349 | 268 |
Net cash provided by financing activities | 127,212 | 165,822 |
Increase in cash, cash equivalents and restricted cash and cash equivalents | 25,378 | 140,436 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 72,290 | 130,448 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 97,668 | 270,884 |
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents | ||
Cash and cash equivalents | 95,991 | 269,868 |
Restricted cash and cash equivalents included in restricted investments and other non-current assets | 1,677 | 1,016 |
Total cash, cash equivalents, and restricted cash and cash equivalents | 97,668 | 270,884 |
Supplemental cash flow disclosures: | ||
Purchases of property, plant and equipment included in accounts payable and accrued expenses | 2,302 | 6,594 |
Private placement issuance costs included in accounts payable and accrued expenses | 0 | 22 |
Financing issuance costs included in accounts payable or accrued expenses | $ 35 | $ 0 |
Description of the business
Description of the business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the business | Description of the business 2seventy bio, Inc. (the “Company” or “2seventy bio”) was incorporated in Delaware on April 26, 2021 and is a cell and gene therapy company focused on the research, development, and commercialization of transformative treatments for cancer. The Company’s approach combines its expertise in T cell engineering technology and lentiviral vector gene delivery approaches, experience in research, development, and manufacturing of cell therapies and a suite of technologies that can be selectively deployed to develop highly innovative, targeted cellular therapies for patients with cancer. The Company is advancing multiple preclinical and clinical programs in oncology and, together with Bristol-Myers Squibb (“BMS”), delivering the first U.S. Food and Drug Administration (“FDA”)-approved CAR T therapy in multiple myeloma, Abecma (idecabtagene vicleucel, or ide-cel), to patients in the United States. Please refer to Note 10, Collaborative arrangements and strategic partnerships for further discussion of the collaboration with BMS . 2seventy bio Securities Corporation is a wholly-owned subsidiary of the Company which was incorporated in Massachusetts on December 13, 2021 and was granted securities corporation status in Massachusetts beginning in 2021. 2seventy bio Securities Corporation has no employees. The separation from bluebird bio, Inc. In January 2021, bluebird bio, Inc. (“bluebird bio”) announced its plans to separate its oncology portfolio and programs from its severe genetic disease portfolio and programs, and spin off its oncology portfolio and programs into a separate, publicly traded company. In furtherance of this plan, on September 30, 2021, bluebird bio’s board of directors approved the distribution of all of the issued and outstanding shares of 2seventy bio common stock on the basis of one share of 2seventy bio common stock for every three shares of bluebird bio common stock issued and outstanding on October 19, 2021, the record date for the distribution. As a result of the distribution, which occurred on November 4, 2021, 2seventy bio became an independent, publicly traded company. On November 3, 2021, the Company also entered into a separation agreement with bluebird bio, which is referred to in this quarterly report as the “Separation Agreement”, as well as various other agreements with bluebird bio, including a tax matters agreement, an employee matters agreement, an intellectual property license agreement, a transition services agreement under which 2seventy bio temporarily receives certain services from bluebird bio, and a second transition services agreement under which 2seventy bio temporarily provides certain services to bluebird bio. These agreements also govern certain of 2seventy bio’s relationships with bluebird bio after the separation. For additional information regarding the Separation Agreement and the other related agreements, refer to Note 13, Related-party transactions and the section captioned “Part III. Item 13. Certain Relationships and Related Transactions, and Director Independence,” included in our annual report on Form 10-K, which was filed with the SEC on March 16, 2023. Going concern In accordance with Accounting Standards Codification 205-40, Going Concern , the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. The Company has incurred losses and has experienced negative operating cash flows for all historical periods presented. During the six months ended June 30, 2023, the Company incurred a net loss of $89.1 million and used $81.8 million of cash in operations. The Company expects to continue to generate operating losses and negative operating cash flows for the next few years. The Company's continued operations are dependent on its ability to raise additional funding and generate operating cash flows from the commercialization of its product candidates, if approved. |
Summary of significant accounti
Summary of significant accounting policies and basis of presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies and basis of presentation | Summary of significant accounting policies and basis of presentation Significant accounting policies The significant accounting policies used in preparation of these condensed consolidated financial statements are consistent with those discussed in Note 2 to the consolidated financial statements for the year ended December 31, 2022 included in the Company’s 2022 annual report on Form 10-K. Basis of presentation The accompanying condensed consolidated financial statements reflect the historical results of the operations, financial position and cash flows of the Company 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 GAAP as included in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position and the results of its operations for the interim periods presented. Correction of immaterial error During the first quarter of 2023, the Company identified two immaterial errors in its previously issued 2022 quarterly reports on Form 10-Q and 2022 and 2021 annual reports on Form 10-K related to: 1) restricted investments previously presented as restricted cash on its consolidated balance sheets and consolidated statements of cash flows; and 2) cash outflows related to the purchase of property, plant and equipment previously presented within operating cash outflows instead of investing cash outflows in its 2022 annual consolidated statements of cash flows. Based on the analysis of quantitative and qualitative factors in accordance with SEC Staff Accounting Bulletin (SAB) Topic 1.M “Assessing Materiality” and SAB Topic 1.N “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, the Company concluded that these errors were immaterial, individually and in the aggregate, to its consolidated balance sheets and consolidated statements of cash flows as presented in its previously filed quarterly and annual financial statements. There was no impact to any other statements for any period presented. To correct for the immaterial error related to restricted investments, the Company: • changed the caption “Restricted cash and other non-current assets” to “Restricted investments and other non-current assets” on the balance sheet; • included additional disclosures around the restricted investments within Note 3, Marketable securities and Note 4, Fair value measurements ; and • adjusted its previously filed consolidated statement of cash flows as follows: For the six months ended June 30, 2022 in thousands As previously reported Adjustment As revised Cash flows from operating activities: Changes in operating assets and liabilities: Prepaid expenses and other assets $ (364) $ 791 $ 427 Net cash used in operating activities $ (120,725) $ 791 $ (119,934) Cash flows from investing activities: Purchases of restricted investments $ — $ (971) $ (971) Maturities of restricted investments $ — $ 1,000 $ 1,000 Net cash provided by investing activities $ 94,519 $ 29 $ 94,548 Increase in cash, cash equivalents and restricted cash and cash equivalents $ 139,616 $ 820 $ 140,436 Cash, cash equivalents and restricted cash and cash equivalents at beginning of period $ 163,266 $ (32,818) $ 130,448 Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 302,882 $ (31,998) $ 270,884 Reconciliation of cash, cash equivalents and restricted cash and cash equivalents Restricted cash and cash equivalents included in restricted investments and other non-current assets $ 33,014 $ (31,998) $ 1,016 Total cash, cash equivalents and restricted cash and cash equivalents $ 302,882 $ (31,998) $ 270,884 The Company will correct its prior period presentation for this error in the 2023 quarterly financial statements on Form 10-Q and 2023 annual report on Form 10-K. To correct for the immaterial misclassification of cash outflows noted above, the Company will adjust its 2022 statement of cash flows within its 2023 annual report on Form 10-K by reclassifying $8.0 million of cash outflows from net cash used in operating activities to net cash provided by investing activities. 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: future undiscounted cash flows and subsequent fair value estimates used to assess potential and measure any impairment of long-lived assets, including |
Marketable securities
Marketable securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable securities | Marketable securities The following table summarizes the marketable securities held at June 30, 2023 and December 31, 2022 (in thousands): Amortized Unrealized gains Unrealized losses Fair Value June 30, 2023 U.S. government agency securities and $ 167,370 $ 18 $ (611) $ 166,777 Corporate bonds 500 — (3) 497 Commercial paper 43,340 — (59) 43,281 Total $ 211,210 $ 18 $ (673) $ 210,555 December 31, 2022 U.S. government agency securities and $ 120,739 $ 3 $ (1,963) $ 118,779 Corporate bonds 2,524 — (26) 2,498 Commercial paper 75,491 3 (119) 75,375 Total $ 198,754 $ 6 $ (2,108) $ 196,652 No available-for-sale debt securities held as of June 30, 2023 or December 31, 2022 had remaining maturities greater than five years. The following table summarizes available-for-sale debt securities in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at June 30, 2023 and December 31, 2022 (in thousands): Less than 12 months 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses June 30, 2023 U.S. government agency securities and $ 75,411 $ (226) $ 41,110 $ (385) $ 116,521 $ (611) Corporate bonds — — 497 (3) 497 (3) Commercial paper 39,846 (59) — — 39,846 (59) Total $ 115,257 $ (285) $ 41,607 $ (388) $ 156,864 $ (673) December 31, 2022 U.S. government agency securities and $ 28,749 $ (159) $ 86,176 $ (1,804) $ 114,925 $ (1,963) Corporate bonds — — 2,498 (26) 2,498 (26) Commercial paper 62,636 (119) — — 62,636 (119) Total $ 91,385 $ (278) $ 88,674 $ (1,830) $ 180,059 $ (2,108) As discussed further in Note 7, Leases , to the consolidated financial statements included in the Company's 2022 annual report on Form 10-K, the Company maintains letters of credit related to its leases in Cambridge and Seattle. A portion of this collateral is classified as restricted investments and included within restricted investments and other non-current assets on the condensed consolidated balance sheets. The following table summarizes restricted investments held at June 30, 2023 and December 31, 2022 (in thousands): Amortized Unrealized gains Unrealized losses Fair Value June 30, 2023 U.S. government agency securities and $ 32,708 $ — $ (783) $ 31,925 Total $ 32,708 $ — $ (783) $ 31,925 December 31, 2022 U.S. government agency securities and $ 32,880 $ — $ (1,112) $ 31,768 Total $ 32,880 $ — $ (1,112) $ 31,768 The following table summarizes restricted investments in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at June 30, 2023 and December 31, 2022 (in thousands): Less than 12 months 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses June 30, 2023 U.S. government agency securities and $ 5,457 $ (25) $ 26,468 $ (758) $ 31,925 $ (783) Total $ 5,457 $ (25) $ 26,468 $ (758) $ 31,925 $ (783) December 31, 2022 U.S. government agency securities and $ 1,942 $ (27) $ 29,826 $ (1,085) $ 31,768 $ (1,112) Total $ 1,942 $ (27) $ 29,826 $ (1,085) $ 31,768 $ (1,112) Accrued interest receivables on the Company's available-for-sale debt securities and restricted investments, included within receivables and other current assets in the Company’s condensed consolidated balance sheet, totaled $0.5 million and $0.3 million as of June 30, 2023 and December 31, 2022, respectively. No accrued interest receivable was written off during the three and six months ended June 30, 2023 or 2022. The amortized cost of available-for-sale debt securities and restricted investments is adjusted for amortization of premiums and accretion of discounts to the earliest call date for premiums or to maturity for discounts. At June 30, 2023 and December 31, 2022, the balance in the Company’s accumulated other comprehensive loss was composed primarily of activity related to the Company’s available-for-sale debt securities and restricted investments. There were no material realized gains or losses recognized on the sale or maturity of available-for-sale securities or restricted investments during the three and six months ended June 30, 2023 and 2022. The Company determined that there was no material change in the credit risk of the above investments during the six months ended June 30, 2023. As such, an allowance for credit losses was not recognized. As of June 30, 2023, the Company does not intend to sell such securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases. |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022 (in thousands): Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) June 30, 2023 Assets: Cash and cash equivalents $ 95,991 $ 66,797 $ 29,194 $ — Marketable securities: U.S. government agency securities and treasuries 166,777 — 166,777 — Corporate bonds 497 — 497 — Commercial paper 43,281 — 43,281 — Restricted cash and cash equivalents 1,677 1,677 — — Restricted investments 31,925 — 31,925 — Total assets $ 340,148 $ 68,474 $ 271,674 $ — Liabilities: Contingent consideration $ 2,306 $ — $ — $ 2,306 Total liabilities $ 2,306 $ — $ — $ 2,306 December 31, 2022 Assets: Cash and cash equivalents $ 71,032 $ 71,032 $ — $ — Marketable securities: U.S. government agency securities and treasuries 118,779 — 118,779 — Corporate bonds 2,498 — 2,498 — Commercial paper 75,375 — 75,375 — Restricted cash and cash equivalents 1,257 1,257 — — Restricted investments 31,768 — 31,768 — Total assets $ 300,709 $ 72,289 $ 228,420 $ — Liabilities: Contingent consideration $ 2,180 $ — $ — $ 2,180 Total liabilities $ 2,180 $ — $ — $ 2,180 Contingent consideration In connection with bluebird bio's prior acquisition of Precision Genome Engineering, Inc. (“Pregenen”) in 2014, the Company may be required to pay future consideration that is contingent upon the achievement of certain commercial milestone events. Contingent consideration is measured at fair value and is based on significant unobservable inputs, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes would be made by a market participant. The Company assesses these estimates on an on-going basis as additional data impacting the assumptions is obtained. Future changes in the fair value of contingent consideration related to updated assumptions and estimates are recognized within the condensed consolidated statements of operations and comprehensive loss. In the absence of new information related to the probability of milestone achievement, changes in fair value will reflect changing discount rates and the passage of time. Contingent consideration is included in other non-current liabilities on the condensed consolidated balance sheets. The table below provides a roll-forward of fair value of the Company’s contingent consideration obligations that include Level 3 inputs (in thousands): For the six months ended June 30, 2023 Beginning balance $ 2,180 Additions — Changes in fair value 126 Payments — Ending balance $ 2,306 Please refer to Note 8, Commitments and contingencies , for further information. |
Property, plant and equipment,
Property, plant and equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment, net, consists of the following (in thousands): As of June 30, 2023 As of December 31, 2022 Computer equipment and software $ 5,986 $ 5,670 Office equipment 6,159 6,159 Laboratory equipment 37,483 36,216 Leasehold improvements 27,862 27,416 Construction-in-progress 35,510 28,112 Total property, plant and equipment 113,000 103,573 Less accumulated depreciation and amortization (51,977) (47,838) Property, plant and equipment, net $ 61,023 $ 55,735 Cambridge, Massachusetts drug product manufacturing facility In February 2022, the Company began construction of a drug product manufacturing facility within its Cambridge, Massachusetts headquarters. The facility will enable rapid translational research in clinical trials and the manufacture of drug product for use in Phase 1 clinical development activities. Construction-in-progress as of June 30, 2023 includes $34.5 million related to the ongoing build-out of the facility. As of December 31, 2022, construction-in-progress included $27.0 million related to the build-out of the facility. The build out of the facility was substantially completed in February 2023 and is anticipated to be operational in the second half 2023. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 As of December 31, 2022 Royalties $ 13,753 $ 13,094 Employee compensation 10,308 14,845 Manufacturing costs 4,748 17,962 Property, plant, and equipment 1,407 1,498 Clinical and contract research organization costs 1,555 1,619 Professional fees 336 239 Collaboration research costs 568 2,005 Other 3,432 3,416 Total accrued expenses and other current liabilities $ 36,107 $ 54,678 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain office and laboratory space, primarily located in Cambridge, Massachusetts and Seattle, Washington, that was assigned to it in connection with the separation. There have been no material changes to the lease obligations from those disclosed in Note 7, Leases , to the consolidated financial statements included in the Company's 2022 annual report on Form 10-K. |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Contingent consideration related to business combinations On June 30, 2014, bluebird bio acquired Pregenen. All assets, liabilities and future obligations related to the Pregenen acquisition, including the resulting goodwill and contingent consideration, were assumed by the Company in connection with the separation from bluebird bio. As of June 30, 2023, the Company may be required to make up to $99.9 million in contingent cash payments to the former equity holders of Pregenen upon the achievement of certain commercial milestones related to the Pregenen technology. In accordance with accounting guidance for business combinations, contingent consideration liabilities are required to be recognized on the condensed consolidated balance sheets at fair value. Estimating the fair value of contingent consideration requires the use of significant assumptions primarily relating to probabilities of successful achievement of certain clinical and commercial milestones, the expected timing in which these milestones will be achieved and discount rates. The use of different assumptions could result in materially different estimates of fair value. Please refer to Note 4, Fair value measurements, for further information. Other funding commitments Certain agreements that were assigned by bluebird bio to the Company in connection with the separation relate principally to licensed technology and may require future payments relating to milestones that may be met in subsequent periods or royalties on future sales of specified products. Additionally, to the extent an agreement relating to licensed technology was not assigned to the Company, bluebird bio entered into a sublicense with the Company, which may require the Company to make future milestone and/or royalty payments. Please refer to Note 10, Collaborative arrangements and strategic partnerships , for further information on the BMS, Regeneron Pharmaceuticals, Inc. (“Regeneron”), and Novo Nordisk A/S (“Novo”) agreements and to Note 11, Royalty and other revenue , for further information on license agreements. Based on the Company's development plans as of June 30, 2023, the Company may be obligated to make future development, regulatory and commercial milestone payments and royalty payments on future sales of specified products. Payments under these agreements generally become due and payable upon achievement of such milestones or sales. When the achievement of these milestones or sales has not occurred, such contingencies are not recorded in the Company’s financial statements. As further discussed in Note 10, Collaborative arrangements and strategic partnerships , BMS assumed responsibility for amounts due to licensors as a result of any future ex-U.S. sales of Abecma . In July 2021, bluebird bio and National Resilience, Inc. (“Resilience”) announced a strategic manufacturing collaboration aimed to accelerate the early research, development, and delivery of cell therapies. Agreements related to the collaboration were executed in September 2021. As part of the agreement, Resilience acquired bluebird bio's North Carolina manufacturing facility and retained all staff employed at the site. Concurrent with the sale of the manufacturing facility in Durham, North Carolina, bluebird bio entered into certain ancillary agreements, including two manufacturing agreements and a license agreement (the “Resilience License Agreement”), among others (together referred to as the “Ancillary Agreements”). One of the manufacturing agreements supports ongoing manufacturing for lentiviral vector for development candidates (the “Development Manufacturing Supply Agreement”). The other manufacturing agreement for the future manufacturing of lentiviral vector for the commercial product marketed in collaboration with BMS, Abecma (the “Commercial Supply Agreement”) was assigned by the Company to BMS on June 23, 2023. Certain rights and obligations under the Ancillary Agreements were assigned by bluebird bio to 2seventy bio on November 4, 2021 upon the separation of 2seventy bio from bluebird bio. The assignments under the asset purchase agreement and the Development Manufacturing Supply Agreement committed the Company to reimburse Resilience for an amount equal to 50% of the net operating losses of and relating to the manufacturing facility’s business incurred during the twelve-month period ending on the first anniversary of the closing of the transaction, as calculated in accordance with the asset purchase agreement, subject to a cap of $15.0 million. During the second quarter of 2023, the Company paid a total of $14.2 million to Resilience for its share of net operating losses. The disposition of the net assets of the manufacturing facility previously assigned to 2seventy bio was reflected as a transfer to bluebird bio via net parent investment as a result of bluebird bio’s sale of such facility in the Company’s 2021 annual report on Form 10-K. As a result of the separation, the Company’s net parent investment balance was reclassified to additional paid-in capital. 2seventy bio is not a party to the sale of the manufacturing facility and, therefore, did not recognize any gain or loss arising from the transaction. Additionally, 2seventy bio is party to various contracts with contract research organizations and contract manufacturers that generally provide for termination on notice, with the exact amounts in the event of termination to be based on the timing of the termination and the terms of the agreement. As noted above, the Company assigned its Commercial Supply Agreement with Resilience to BMS in June 2023. As a result of the assignment, the Company’s future minimum commitments related to the Commercial Supply Agreement have materially decreased from amounts disclosed as of December 31, 2022 in Note 8, Commitments and Contingencies , to the consolidated financial statements included in the Company's 2022 annual report on Form 10-K. The following table summarizes the Company’s non-cancelable contractual obligations as of June 30, 2023 (in thousands): Years ended December 31, Purchase commitment 2023 $ 4,330 2024 2,240 2025 — 2026 and thereafter — Total purchase commitments $ 6,570 Litigation From time to time, the Company expects to be party to various claims and complaints arising in the ordinary course of business. However, the Company is not currently a party to any litigation or legal proceedings that, in the opinion of its management, are probable of having a material adverse effect on its business. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these 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. In addition, pursuant to the Separation Agreement, the Company indemnifies, holds harmless, and agrees to reimburse bluebird bio for its indemnification obligations with respect to the Company’s business partners, relating to the Company’s business or arising out of the Company’s activities, in the past or to be conducted in the future. 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 unlimited. Management does not believe that any ultimate liability resulting from any of these claims will have a material adverse effect on its results of operations, financial position, or liquidity. However, management cannot give any assurance regarding the ultimate outcome of any claims, and their resolution could be material to operating results for any particular period. The Company indemnifies each of its directors and officers 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 and indemnification agreements entered into with each of its directors and officers. The term of the indemnification period will last as long as a director or officer may be subject to any proceeding arising out of acts or omissions of such director or officer in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company holds director and officer liability insurance. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | Equity In March 2022, the Company entered into stock purchase agreements with certain investors, pursuant to which the Company agreed to sell and issue, in a private placement, an aggregate of 13,934,427 shares of the Company’s common stock at a purchase price per share of $12.20. This resulted in aggregate net proceeds to the Company of approximately $165.5 million, after deducting placement agent fees and other offering expenses payable by the Company. In November 2022, the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”), relating to shares of the Company’s common stock through an “at the market” equity offering program under which Cowen will act as the Company’s sales agent (the “ATM Facility”). Pursuant to the terms of the sales agreement, the Company may offer and sell shares of common stock, having an aggregate price of up to $150.0 million, from time to time. As of June 30, 2023, the Company had not made any sales under the ATM Facility. In January 2023, the Company entered into a Share Purchase Agreement with Regeneron, pursuant to which it sold 1,114,827 shares of its common stock to Regeneron, subject to certain restrictions, for an aggregate cash price of approximately $20.0 million. The purchase price represents $9.9 million worth of common stock plus a $10.1 million premium, which represents collaboration deferred revenue. Details regarding the recognition of this deferred revenue as revenue are included below in Note 10, Collaborative arrangements and strategic partnerships. In March 2023, the Company sold 10,869,566 shares of common stock through an underwritten public offering at a price per share of $11.50. This resulted in aggregate net proceeds to the Company of approximately $117.0 million, after deducting underwriting fees and offering expenses. The underwriters did not exercise their option to purchase up to 1,630,434 additional shares of common stock and therefore no additional proceeds were received. |
Collaborative arrangements and
Collaborative arrangements and strategic partnerships | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative arrangements and strategic partnerships | Collaborative arrangements and strategic partnerships To date, the Company’s service and collaborative arrangement revenue has been primarily generated from collaboration arrangements with BMS, Regeneron, and Novo, each as further described below. These agreements were assumed by the Company in connection with the separation. Bristol-Myers Squibb BMS Collaboration Agreement In March 2013, bluebird bio entered into a collaboration agreement with BMS. The details of the collaboration agreements and the payments the Company has received, and is entitled to receive, are further described in Note 10, Collaborative arrangements and strategic partnerships , to the consolidated financial statements included in the Company's 2022 annual report on Form 10-K. During the second quarter of 2023, the Company entered into an amendment to the collaboration agreement with BMS to assign future manufacturing of lentiviral vector to BMS, as further described in Note 8, Other funding commitments . Abecma Under the collaboration agreement with BMS, the Company shares equally in the profit and loss related to the development and commercialization of ide-cel in the United States (marketed as Abecma ). The Company has no remaining financial rights with respect to the development or commercialization of ide-cel outside of the United States. The Company accounts for its collaborative arrangement efforts with BMS in the United States within the scope of ASC 808 given that both parties are active participants in the activities and both parties are exposed to significant risks and rewards dependent on the commercial success of the activities. The calculation of collaborative activity to be recognized for joint Abecma efforts in the United States is performed on a quarterly basis and is independent of previous quarterly activity. This may result in fluctuations between revenue and expense recognition period over period, depending on the varying extent of effort performed by each party during the period. The Company recognizes revenue related to the combined unit of accounting for the ex-U.S. license and lentiviral vector manufacturing services under Topic 606. Ide-cel U.S. Share of Collaboration Profit or Loss The U.S. commercial and development activities under the First Amendment to the Amended and Restated Co-Development, Co-Promote and Profit Share Agreement (the “Amended Ide-Cel CCPS”) are within the scope of ASC 808. On a quarterly basis, the Company determines its share of collaboration profit or loss for commercial activities. The Company’s share of any collaboration profit for commercial activities is recognized as collaborative arrangement revenue and its share of any collaboration loss for commercial activity is recognized as an operating expense and classified as share of collaboration loss on the Company's condensed consolidated statement of operations and comprehensive loss. The Company is also responsible for equally sharing in the ongoing ide-cel research and development activities being conducted by BMS in the United States as BMS continues conducting ongoing clinical studies to support the use of Abecma in earlier lines of therapy and both companies continue to develop suspension lentiviral vector to be used in the manufacture of Abecma . The net amount owed to BMS for research and development activities determined on a quarterly basis is classified as research and development expense on the statements of operations and comprehensive loss. If BMS is obligated to reimburse the Company because the Company’s research and development costs exceeds BMS’ research and development costs in a particular quarterly period, the net amount is recorded as collaborative arrangement revenue. The following tables summarize the components utilized in the Company’s quarterly calculation of collaborative arrangement revenue or share of collaboration loss under the BMS collaboration arrangement for the three and six months ended June 30, 2023 and 2022 (in thousands). The amounts reported for these periods represent the Company’s share of BMS’ Abecma product revenue, cost of goods sold, and selling costs, along with reimbursement by BMS of commercial costs incurred by the Company, and exclude expenses related to ongoing development, which are separately reflected in the consolidated statements of operations and comprehensive loss as described below. For the three months ended For the six months ended Abecma U.S. Collaboration Profit/Loss Share March 31, 2023 June 30, 2023 June 30, 2023 2seventy's share of profits (losses), net of 2seventy's share of BMS costs for commercial activities $ 21,581 $ 23,272 $ 44,853 Reimbursement from BMS for 2seventy costs of commercial manufacturing and commercial activities 1,380 1,271 2,651 Collaborative arrangement revenue (1) $ 22,961 $ 24,543 $ 47,504 For the three months ended For the six months ended Abecma U.S. Collaboration Profit/Loss Share March 31, 2022 June 30, 2022 June 30, 2022 2seventy's share of profits (losses), net of 2seventy's share of BMS costs for commercial activities $ (6,709) $ (5,931) $ (12,640) Reimbursement from BMS for 2seventy costs of commercial manufacturing and commercial activities 1,357 1,641 2,998 Collaborative arrangement revenue (1) $ — $ — $ — Share of collaboration loss (1) $ (5,352) $ (4,290) $ (9,642) (1) As noted above, the calculation is performed on a quarterly basis and consists of 2seventy's share of profits, net of 2seventy's share of BMS costs for commercial activities, offset by reimbursement from BMS for 2seventy commercial activities. The calculation is independent of previous activity, which may result in fluctuations between revenue and expense recognition period over period. The following tables summarize the amounts associated with the research activities under the collaboration included in research and development expense or recognized as collaborative arrangement revenue for the three and six months ended June 30, 2023 and 2022 (in thousands): For the three months ended For the six months ended Abecma U.S. Collaboration Net R&D Expenses March 31, 2023 June 30, 2023 June 30, 2023 2seventy's obligation for its share of BMS research and development expenses $ (9,461) $ (7,195) $ (16,656) Reimbursement from BMS for 2seventy research and development expenses 4,590 1,543 6,133 Net R&D expense (1) $ (4,871) $ (5,652) $ (10,523) For the three months ended For the six months ended Abecma U.S. Collaboration Net R&D Expenses March 31, 2022 June 30, 2022 June 30, 2022 2seventy's obligation for its share of BMS research and development expenses $ (8,118) $ (7,418) $ (15,536) Reimbursement from BMS for 2seventy research and development expenses 1,225 1,955 3,180 Net R&D expense (1) $ (6,893) $ (5,463) $ (12,356) (1) As noted above, the calculation is performed on a quarterly basis and consists of 2seventy bio's obligation for its share of BMS research and development expenses, offset by reimbursement from BMS for 2seventy bio’s research and development expenses. Ide-cel ex-U.S. Service Revenue The Company accounts for any ex-U.S. activities under the Amended Ide-cel CCPS pursuant to ASC 606. The following table summarizes the revenue recognized related to ide-cel ex-U.S. activities for the three and six months ended June 30, 2023 and 2022 (in thousands). These amounts are reflected in service revenue in the consolidated statements of operations and comprehensive loss: For the three months ended For the six months ended 2023 2022 2023 2022 ASC 606 ide-cel license and manufacturing revenue – ex-U.S. (included as a component of service revenue) (1) $ 2,988 $ 3,525 $ 9,111 $ 6,315 (1) These amounts include reimbursements from BMS to the Company for the Company’s ex-U.S. quality and other manufacturing costs associated with the manufacture of Abecma inventory. bb21217 In addition to the activities related to ide-cel, BMS previously exercised its option to obtain an exclusive worldwide license to develop and commercialize bb21217, the second product candidate under the collaboration arrangement with BMS which is further described in Note 10, Collaborative arrangements and strategic partnerships , to the consolidated financial statements included in the Company's 2022 annual report on Form 10-K. Under the collaboration arrangement with BMS, the Company had an option to co-develop and co-promote bb21217 within the United States. However, following completion of the CRB-402 clinical trial, in January 2022 the Company, along with BMS, evaluated its plans with respect to bb21217. Based in part on the strength of Abecma clinical data and commercial sales to date, the Company and BMS elected to discontinue development of bb21217 and, as such, the Company did not exercise its option to co-develop and co-promote bb21217 within the United States. The Company is still eligible to receive U.S. milestones and royalties for U.S. sales of bb21217, if further developed by BMS. Additionally, pursuant to the terms of the collaboration agreement, because it did not exercise its option to co-develop and co-promote bb21217, the Company received an additional fee in the amount of $10.0 million from BMS during the second quarter of 2022. Pursuant to the variable consideration allocation exception, the $10.0 million of consideration received was allocated to the combined performance obligation for the bb21217 license and vector manufacturing services through development, described further below. The transaction price associated with the collaboration arrangement consisted of $31.0 million of upfront payments and option payments received from BMS, the $10.0 million bb21217 opt-out payment discussed above, and $1.8 million in variable consideration which represented reimbursement to be received from BMS for manufacturing vector and associated payloads through development (which will never be received by the Company given the decision to discontinue development of bb21217 in 2022). The Company identified two performance obligations with respect to the arrangement with BMS. The initial performance obligation was for research and development services that were substantially completed in September 2019, associated with the initial phase 1 clinical trial of bb21217. The Company allocated $5.4 million of consideration to the research and development services performance obligation and fully recognized the consideration through September 2019. The other performance obligation relates to a combined performance obligation for the bb21217 license and vector manufacturing services through development, and the remaining $37.4 million in consideration was allocated to this combined performance obligation. All of the remaining development, regulatory, and commercial milestones related to U.S. development, regulatory and commercialization activities are fully constrained and are therefore excluded from the transaction price. In December 2022, BMS formally notified the Company that its license and vector manufacturing services for bb21217 will no longer be required, thus releasing it from the combined performance obligation for the bb21217 license and vector manufacturing services through development. As a result, the Company recognized the remaining deferred revenue of $35.8 million associated with bb21217 performance obligations as a component of service revenue during the fourth quarter of 2022. Contract assets and liabilities – ide-cel The Company receives payments from its collaborative partners based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due until such time as the Company satisfies its performance obligations under these arrangements. A contract asset is a conditional right to consideration in exchange for goods or services that the Company has transferred to a customer. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The following table presents changes in the balances of the Company’s BMS receivables and contract liabilities during the six months ended June 30, 2023 (in thousands): Balance at December 31, 2022 Additions Deductions Balance at Receivables $ 4,537 $ 46,091 $ (28,750) $ 21,878 Contract liabilities: Deferred revenue $ — $ — $ — $ — The increase in the receivables balance for the six months ended June 30, 2023 is driven by amounts owed less amounts paid to the Company by BMS in the period under the settlement terms of the collaboration agreement. Regeneron Regeneron Collaboration Agreement In August 2018, bluebird bio entered into a Collaboration Agreement (the “Regeneron Collaboration Agreement”) with Regeneron pursuant to which the parties will apply their respective technology platforms to the discovery, development, and commercialization of novel immune cell therapies for cancer. In August 2018, following the completion of required regulatory reviews, the Regeneron Collaboration Agreement became effective. As noted above, the agreement was assumed by the Company in connection with the separation. Under the terms of the agreement, the parties will leverage Regeneron’s proprietary platform technologies for the discovery and characterization of fully human antibodies, as well as T cell receptors directed against tumor-specific proteins and peptides and the Company will contribute its field-leading expertise in gene therapy. In accordance with the Regeneron Collaboration Agreement, the parties jointly selected six initial targets and intend to equally share the costs of research up to the point of submitting an Investigational New Drug (“IND”) application for a potential gene therapy product directed to a particular target. Additional targets may be selected to add to or replace any of the initial targets during the five-year research collaboration term as agreed to by the parties. Regeneron will accrue a certain number of option rights exercisable against targets as the parties reach certain milestones under the terms of the agreement. Upon the acceptance of an IND for the first product candidate directed to a target, Regeneron will have the right to exercise an option for co-development/co-commercialization of product candidates directed to such target on a worldwide or applicable opt-in territory basis, with certain exceptions. Where Regeneron chooses to opt-in, the parties will share equally in the costs of development and commercialization and will share equally in any profits or losses therefrom in applicable opt-in territories. Outside of the applicable opt-in territories, the target becomes a licensed target and Regeneron would be eligible to receive, with respect to any resulting product, milestone payments of up to $130.0 million per product and royalties on net sales outside of the applicable opt-in territories at a rate ranging from the mid-single digits to low-double digits. A target would also become a licensed target in the event Regeneron does not have an option to such target, or Regeneron does not exercise its option with respect to such target. Either party may terminate a given research program directed to a particular target for convenience, and the other party may elect to continue such research program at its expense, receiving applicable cross-licenses. The terminating party will receive licensed product royalties and milestone payments on the potential applicable gene therapy products. Where the Company terminates a given research program for convenience, and Regeneron elects to continue such research program, the parties will enter into a transitional services agreement. Under certain conditions, following its opt-in, Regeneron may terminate a given collaboration program and the Company may elect to continue the development and commercialization of the applicable potential gene therapy products as licensed products. First Amendment to the Regeneron Collaboration Agreement In January 2023, 2seventy bio and Regeneron announced an amendment to the Regeneron Collaboration Agreement (the “Amendment”), to amend and extend their current agreement, applying their respective technology platforms to the discovery, development and commercialization of novel immune cell therapies for cancer. Under the Amendment, the parties have identified four research targets to advance the next stage of research therapies. The parties will continue sharing costs for these activities in a manner largely consistent with the existing agreement, with Regeneron now covering 75% of eligible late-stage research costs to study combinations and 100% of the costs for the arms of clinical studies that include Regeneron agents through regulatory approval of two of the four targets. For other programs, cost-sharing will follow the existing 50/50 cost sharing agreement. Additionally, Regeneron will make one-time milestone payments for each of the first Clinical Candidate directed to MUC-16 and the first Clinical Candidate directed to a selected early stage research target to achieve the applicable milestones. Clinical Candidate milestone events and payments include: • $2.0 million payment from Regeneron for Development Candidate Nomination; • $3.0 million payment from Regeneron for IND Acceptance; and • $5.0 million payment from Regeneron for the Earlier of (i) last patient dosed with a Monotherapy Regimen and (ii) dosing of the 10th patient in a Clinical Trial included in an Approved Research/ Development Plan. The Development Candidate Nomination for MUC-16 has already occurred and will not be due until the Clinical Candidate milestone event (IND Acceptance) is achieved for MUC-16 at which time the first milestone will be reduced to $1.0 million for a total amount due for the two milestones related to MUC-16 of $4.0 million. Regeneron Share Purchase Agreements A Share Purchase Agreement (“SPA”) was entered into by bluebird bio and Regeneron in August 2018. In August 2018, on the closing date of the transaction, bluebird bio issued to Regeneron 0.4 million shares of bluebird bio’s common stock, subject to certain restrictions, for $238.10 per share, or $100.0 million in the aggregate. Following the spin-off, Regeneron held approximately 0.1 million shares of 2seventy bio’s common stock, subject to certain restrictions. The purchase price represents $63.0 million worth of common stock plus a $37.0 million premium, which represents a collaboration research advancement, or credit to be applied to Regeneron’s initial 50 percent funding obligation for collaboration research, after which the collaborators will continue to fund ongoing research equally. The collaboration research advancement only applies to pre-IND research activities and is not refundable or creditable against post-IND research activities for any programs where Regeneron exercises its opt-in rights. In connection with the Amendment, the Company entered into a Share Purchase Agreement with Regeneron pursuant to which the Company sold 1.1 million shares of its common stock, subject to certain restrictions, for $17.94 per share, to Regeneron for an aggregate cash price of approximately $20.0 million. The purchase price represents $9.9 million worth of common stock plus a $10.1 million premium, which represents deferred revenue. Accounting analysis – 2018 Regeneron Collaboration Agreement At the commencement of the original Regeneron Collaboration Agreement, two units of accounting were identified, which are the issuance of 0.4 million shares of bluebird bio’s common stock and joint research activities during the five-year research collaboration term. The Company determined the total transaction price to be $100.0 million, which comprises $54.5 million attributed to the bluebird bio equity sold to Regeneron and $45.5 million attributed to the joint research activities. In determining the fair value of the bluebird bio common stock at closing, the Company considered the closing price of the bluebird bio common stock on the closing date of the transaction and included a lack of marketability discount because Regeneron received shares subject to certain restrictions. The Company analyzed the joint research activities to assess whether they fall within the scope of ASC 808, and will reassess this throughout the life of the arrangement based on changes in the roles and responsibilities of the parties. Based on the terms of the arrangement as outlined above, for the collaboration research performed prior to submission of an IND application for a potential gene therapy product, both parties are deemed to be active participants in the collaboration. Both parties are performing research and development activities and will share equally in these costs through IND submission. Additionally, Regeneron and the Company are exposed to significant risks and rewards dependent on the commercial success of any product candidates that may result from the collaboration. As such, the collaboration arrangement is deemed to be within the scope of ASC 808. The $45.5 million attributed to the joint research activities includes the $37.0 million creditable against amounts owed to the Company by Regeneron. The collaboration research advancement will be reduced over time for amounts due to the Company by Regeneron as a result of the parties agreeing to share in the costs of collaboration research equally. The remainder of $8.5 million will be attributed to the joint research activities and recognized over the five-year research collaboration term. As of December 31, 2022, $1.1 million of the premium remained to be recognized. Consistent with its collaboration accounting policy, the Company will recognize collaboration revenue or research and development expense related to the joint research activities in future periods depending on the amounts incurred by each party in a given reporting period. That is, if the Company’s research costs incurred exceed those research costs incurred by Regeneron in a given quarter, the Company will record collaboration revenue and reduce the original $37.0 million advance by the amount due from Regeneron until such advancement is fully utilized, after which the Company would record an amount due from Regeneron. If Regeneron’s research costs incurred exceed those research costs incurred by the Company in a given quarter, the Company will record research and development expense and record a liability for the amount due to Regeneron. As of December 31, 2022, the Company had $3.7 million of collaboration research advancement credit attributed to the joint research activities still to be recognized. The research credit was fully utilized in the first quarter of 2023. Accounting analysis - Regeneron Amendment At the commencement of the Amendment, the Company identified two units of accounting, including the issuance of 1.1 million shares of 2seventy bio common stock and joint research activities under the amended agreement. The Company determined the total transaction price to be $20.0 million, which comprises $9.9 million of 2seventy bio equity sold to Regeneron and $10.1 million attributed to joint research activities. In determining the fair value of 2seventy bio common stock at closing, the Company considered the closing price of 2seventy bio common stock on the closing date of the transaction and included a lack of marketability discount because Regeneron received shares subject to certain restrictions. Consistent with the original Regeneron Collaboration Agreement, the Company assessed whether the joint research activities under the Amendment fell within the scope of ASC 808 and will reassess this throughout the life of the arrangement based on changes in the roles and responsibilities of the parties. Based on the terms of the amended arrangement as outlined above, for the collaboration research performed prior to submission of an IND application for a potential gene therapy product, both parties continue to be active participants in the collaboration. Both parties continue to perform research and development activities and will share in these costs through IND submission. Additionally, Regeneron and the Company continue to be exposed to significant risks and rewards dependent on the commercial success of any product candidates that may result from the collaboration. As such, the collaboration arrangement is deemed to be within the scope of ASC 808. The Company continues to apply ASC 606 by analogy to determine the measurement and recognition of the consideration received from Regeneron. The Company analogized to the contract modification guidance in ASC 606 to account for the scope and pricing changes contained in the Amendment. The Company concluded the four targets outlined in the joint research activities within the Amendment are now four distinct performance obligations. Based on this, the Company treated the modification as a termination of the existing contract and a creation of a new contract. The remaining premium of $1.1 million that had not been recognized as of December 31, 2022 was allocated with the $10.1 million premium attributed to joint research activities from the Amendment, for a total of $11.2 million. This amount is recognized through the filing of IND for each individual target, allocated among the four distinct performance obligations based on the stand-alone selling price of each target performance obligation. Future milestones continue to be fully constrained until such time as the achievement of such milestones are considered probable. The Company concluded that it continues to satisfy its obligations over-time as Regeneron receives the benefit of the research activities as the activities are performed. The Company determined the most appropriate method to track progress towards completion of the four performance obligations is an input method that is based on costs incurred. There are significant judgments and estimates inherent in the determination of the costs to be incurred for the research and development activities related to the collaboration with Regeneron. These estimates and assumptions include a number of objective and subjective factors, including the likelihood that a target will be successfully developed through its IND filing and the estimated costs associated with such development, including the potential third-party costs related to each target’s IND-enabling study. Any changes to these estimates will be recognized in the period in which they change as a cumulative catch-up. As discussed, the four targets represent four distinct performance obligations and as such, the Company has allocated the total transaction price of $11.2 million among the four performance obligations based on the stand-alone selling price of each target. The following table summarizes the allocation of the transaction price to each performance obligation and the amount of the allocated transaction price that is unsatisfied or partially unsatisfied as of June 30, 2023, which the Company expects to recognized as revenue as the targets progress through each of the target’s respective IND filing (in thousands): Performance Obligation Allocation of Transaction Price Unsatisfied Portion of Transaction Price MUC-16 Mono/Combo & Next Gen Therapies $ 1,905 $ 1,010 MAGE-A4 178 15 Early Research Target (1) 8,701 8,380 Early Research Target (2) 475 450 Total $ 11,259 $ 9,855 As of June 30, 2023, approximately $9.8 million remains in collaboration deferred revenue, of which $3.6 million is included in deferred revenue, current portion and $6.2 million is included in deferred revenue, net of current portion on the condensed consolidated balance sheets. The Company recognized $4.5 million and $10.9 million of collaborative arrangement revenue for the three and six months ended June 30, 2023, respectively. The Company recognized $7.0 million and $10.5 million of collaborative arrangement revenue from the Regeneron Collaboration Agreement for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, amounts due from Regeneron total $6.9 million. JW Therapeutics In October 2022, the Company entered into a strategic alliance with JW (Cayman) Therapeutics Co., Ltd. (“JW”) to establish a translational and clinical cell therapy development platform designed to more rapidly explore T cell-based immunotherapy therapy products in the Chinese mainland, Hong Kong (China), and Macao (China). The initial focus of the collaboration is the Company’s MAGE-A4 TCR program in solid tumors which is being developed as part of its collaboration with Regeneron. Under the terms of the agreement, the Company will grant JW a license for the MAGE-A4 cell therapy in the Chinese mainland, Hong Kong (China), and Macao (China). JW will be responsible for development, manufacturing, and commercialization of the Initial Product within China. The Company is eligible to receive milestones and royalties on product revenues in China. The Company and Regeneron will equally share all payments received from JW, including but not limited to all upfront, milestone and royalty payments made by JW to the Company. The Company and Regeneron will also equally share all costs for any eligible expenses incurred in accordance with the terms of the Regeneron Collaboration Agreement. Additionally, the Company may leverage the early clinical data generated under the collaboration to support development in other geographies. Accounting Analysis - JW The Company concluded JW is a customer, and as such, the arrangement falls within the scope of Topic 606. Two performance obligations were identified within the contract consisting of (i) a license for the MAGE-A4 cell therapy, including a transfer of technology as agreed upon by both parties and (ii) vector supply necessary to conduct a Phase 1 clinical trial. The Company has concluded the manufacturing and supply of vector is a distinct performance obligation from the license for MAGE-A4 cell therapy because there are other vendors that could provide the necessary supply. At contract inception, the Company determined the unconstrained transaction price was $7.3 million, consisting of the $3.0 million up-front consideration and $4.3 million variable consideration for the reimbursement of vector supply. JW provided the Company with a $3.0 million upfront payment related to the granting of a license for MAGE-A4 cell therapy and the transfer of technology for the development of the Initial Product in which the Company shared equally with Regeneron. During the first quarter of 2023, the Company completed the full transfer of the license of IP related to MAGEA4 cell therapy along with the technology transfer, and as such, the upfront payment received from JW was recognized as service revenue during the first quarter of 2023. The transaction price of $4.3 million related to the supply of vector consists of variable consideration based upon the estimated amount of vector needed for the initial Phase 1 clinical trial which the Company will also share equally with Regeneron. In the second quarter of 2023, the Company completed its first transfer of vector to supply to JW of approximately $0.1 million. Novo Nordisk Novo Collaboration and License Agreement In December 2021, the Company entered into a Collaboration and License Agreement (the “Novo Collaboration Agreement”) with Novo for the discovery, development, and commercialization of a potential new gene therapy in hemophilia A. The Company and Novo have agreed to develop an initial research program with the goal of researching and developing a lead candidate directed to hemophilia A. The Company will provide Novo with research licenses to support the companies’ activities during the initial research program and an option to enable Novo to obtain an exclusive license to commercialize the product derived from or containing compounds developed during the initial research program. Under the terms of the Novo Collaboration Agreement, Novo agreed to pay the Company: • a non-refundable, non-creditable upfront payment of $5.0 million; • $15.0 million upon achievement of certain scientific milestones during the initial research program, or $9.0 million should Novo decide to continue the initial research program without achieving the scientific milestones; • up to $26.0 million of exclusive license fees for the development, manufacture, and commercialization of the product should Novo exercise its option; and, • up to $72.0 million in development and commercialization milestones. Novo also agreed to reimburse the Company for research costs incurred in connection with the research program up to a mutually agreed upon amount. If Novo exercises its option to obtain a license to |
Royalty and other revenue
Royalty and other revenue | 6 Months Ended |
Jun. 30, 2023 | |
License And Royalty Revenue [Abstract] | |
Royalty and other revenue | Royalty and other revenue bluebird bio has out-licensed intellectual property to various third parties. Under the terms of these agreements, some of which were assumed by the Company in connection with the separation, bluebird bio and the Company may be entitled to royalties and milestone payments. The Company recognized $2.0 million and $3.4 million of royalty and other revenue for the three and six months ended June 30, 2023, respectively. The Company recognized $0.8 million and $1.7 million of royalty and other revenue in the three and six months ended June 30, 2022, respectively. Juno Therapeutics In May 2020, bluebird bio entered into a non-exclusive license agreement with Juno Therapeutics, Inc. (“Juno”), a wholly-owned subsidiary of BMS, related to lentiviral vector technology to develop and commercialize CD-19-directed CAR T cell therapies. The agreement was assumed by the Company in connection with the separation. Royalty revenue recognized from sales of lisocabtagene maraleucel is included within royalty and other revenue in the condensed consolidated statement of operations and comprehensive loss. |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation In connection with 2seventy bio’s separation from bluebird bio on November 4, 2021, under the provisions of the existing plans, the outstanding bluebird bio equity awards were adjusted in accordance with the terms of the employee matters agreement (equitable adjustment) to preserve the intrinsic value of the awards immediately before and after distribution. Refer to Note 13, Stock-based compensation , to the consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2022 for details on the conversion methodology of the equity awards. In October 2021, the Company’s board of directors adopted the 2021 Stock Option and Incentive Plan (“2021 Plan”) which allows for the granting of incentive stock options, non-qualified stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), and restricted stock awards to 2seventy bio’s employees, members of the board of directors, and consultants of 2seventy bio, including those who became employees of the Company in connection with the separation. Shares of the Company’s common stock underlie all awards granted under the 2021 Plan. Stock-based compensation expense Stock-based compensation expense includes compensation cost related to 2seventy bio equity awards held by its employees as well as bluebird bio equity awards issued upon separation to its employees. Stock-based compensation expense recognized by award type was as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Stock options $ 2,717 $ 4,654 $ 6,582 $ 9,058 Restricted stock units 4,924 4,972 10,651 10,286 Employee Stock Purchase Plan 99 63 173 84 $ 7,740 $ 9,689 $ 17,406 $ 19,428 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, 2023 2022 2023 2022 Research and development $ 3,372 $ 4,731 $ 6,990 $ 8,949 Selling, general and administrative 4,368 4,958 10,416 10,479 $ 7,740 $ 9,689 $ 17,406 $ 19,428 Employee Stock Purchase Plan During the six months ended June 30, 2023, less than 0.1 million shares of common stock were issued under the Company’s 2021 Employee Stock Purchase Plan (“ESPP”). |
Related-party transactions
Related-party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related-party transactions | Related-party transactions Relationship with bluebird bio In connection with the separation from bluebird bio, Inc, the Company entered into certain agreements pursuant to which the separation of its business from bluebird bio was effected and that govern its relationship with bluebird bio going forward. The separation agreement, tax matters agreement, employee matters agreement, intellectual property license agreement (“License Agreement”) and two transition services agreements are described in Note 14, Related-party transactions, to the consolidated financial statements included in the Company’s 2022 annual report on Form 10-K. Aside from a Partial Assignment and Assumption Agreement entered in February 2023, as described below, there have been no material changes to the existing agreements from those previously disclosed. Prior to the separation, all of Company’s outstanding shares of common stock were owned by bluebird bio and therefore the transactions under those agreements were considered and disclosed as related party transactions. Following the completion of the separation and distribution, the Company and bluebird bio have operated separately, each as an independent public company and bluebird bio no longer owns any shares of the Company’s common stock. Therefore, transactions under those agreements are no longer accounted for as related party transactions. On February 23, 2023, the Company entered into a Partial Assignment and Assumption Agreement (the “Assignment and Assumption Agreement”) with Institut Pasteur (“Institut Pasteur”) and bluebird bio. Pursuant to the Assignment and Assumption Agreement, bluebird bio assigned to the Company bluebird bio’s rights, obligations and interests under a license agreement with Institut Pasteur that were previously licensed to the Company by bluebird bio under the License Agreement. The Company will pay Institut Pasteur an annual maintenance payment, a percentage of income received in the event of sublicensing arrangements and, upon commercialization of certain products, a percentage of net sales as a royalty, which varies depending on the indication of the product. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxesDeferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. 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. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 2022 Outstanding stock options (1) 3,627 2,716 Restricted stock units (1) 2,626 1,608 ESPP shares — 35 6,253 4,359 (1) Outstanding stock options and restricted stock units include awards outstanding to employees of bluebird bio. As described further in Note 9, Stockholders’ equity |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (42,089) | $ (47,021) | $ (77,420) | $ (85,711) | $ (89,110) | $ (163,131) |
Summary of significant accoun_2
Summary of significant accounting policies and basis of presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying condensed consolidated financial statements reflect the historical results of the operations, financial position and cash flows of the Company 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 GAAP as included in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position and the results of its operations for the interim periods presented. |
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: future undiscounted cash flows and subsequent fair value estimates used to assess potential and measure any impairment of long-lived assets, including |
Summary of significant accoun_3
Summary of significant accounting policies and basis of presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | adjusted its previously filed consolidated statement of cash flows as follows: For the six months ended June 30, 2022 in thousands As previously reported Adjustment As revised Cash flows from operating activities: Changes in operating assets and liabilities: Prepaid expenses and other assets $ (364) $ 791 $ 427 Net cash used in operating activities $ (120,725) $ 791 $ (119,934) Cash flows from investing activities: Purchases of restricted investments $ — $ (971) $ (971) Maturities of restricted investments $ — $ 1,000 $ 1,000 Net cash provided by investing activities $ 94,519 $ 29 $ 94,548 Increase in cash, cash equivalents and restricted cash and cash equivalents $ 139,616 $ 820 $ 140,436 Cash, cash equivalents and restricted cash and cash equivalents at beginning of period $ 163,266 $ (32,818) $ 130,448 Cash, cash equivalents and restricted cash and cash equivalents at end of period $ 302,882 $ (31,998) $ 270,884 Reconciliation of cash, cash equivalents and restricted cash and cash equivalents Restricted cash and cash equivalents included in restricted investments and other non-current assets $ 33,014 $ (31,998) $ 1,016 Total cash, cash equivalents and restricted cash and cash equivalents $ 302,882 $ (31,998) $ 270,884 |
Marketable securities (Tables)
Marketable securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Marketable Securities | The following table summarizes the marketable securities held at June 30, 2023 and December 31, 2022 (in thousands): Amortized Unrealized gains Unrealized losses Fair Value June 30, 2023 U.S. government agency securities and $ 167,370 $ 18 $ (611) $ 166,777 Corporate bonds 500 — (3) 497 Commercial paper 43,340 — (59) 43,281 Total $ 211,210 $ 18 $ (673) $ 210,555 December 31, 2022 U.S. government agency securities and $ 120,739 $ 3 $ (1,963) $ 118,779 Corporate bonds 2,524 — (26) 2,498 Commercial paper 75,491 3 (119) 75,375 Total $ 198,754 $ 6 $ (2,108) $ 196,652 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table summarizes available-for-sale debt securities in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at June 30, 2023 and December 31, 2022 (in thousands): Less than 12 months 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses June 30, 2023 U.S. government agency securities and $ 75,411 $ (226) $ 41,110 $ (385) $ 116,521 $ (611) Corporate bonds — — 497 (3) 497 (3) Commercial paper 39,846 (59) — — 39,846 (59) Total $ 115,257 $ (285) $ 41,607 $ (388) $ 156,864 $ (673) December 31, 2022 U.S. government agency securities and $ 28,749 $ (159) $ 86,176 $ (1,804) $ 114,925 $ (1,963) Corporate bonds — — 2,498 (26) 2,498 (26) Commercial paper 62,636 (119) — — 62,636 (119) Total $ 91,385 $ (278) $ 88,674 $ (1,830) $ 180,059 $ (2,108) The table below provides a roll-forward of fair value of the Company’s contingent consideration obligations that include Level 3 inputs (in thousands): For the six months ended June 30, 2023 Beginning balance $ 2,180 Additions — Changes in fair value 126 Payments — Ending balance $ 2,306 |
Summary or Restricted Investments | The following table summarizes restricted investments held at June 30, 2023 and December 31, 2022 (in thousands): Amortized Unrealized gains Unrealized losses Fair Value June 30, 2023 U.S. government agency securities and $ 32,708 $ — $ (783) $ 31,925 Total $ 32,708 $ — $ (783) $ 31,925 December 31, 2022 U.S. government agency securities and $ 32,880 $ — $ (1,112) $ 31,768 Total $ 32,880 $ — $ (1,112) $ 31,768 |
Restricted Investments, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes restricted investments in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at June 30, 2023 and December 31, 2022 (in thousands): Less than 12 months 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses June 30, 2023 U.S. government agency securities and $ 5,457 $ (25) $ 26,468 $ (758) $ 31,925 $ (783) Total $ 5,457 $ (25) $ 26,468 $ (758) $ 31,925 $ (783) December 31, 2022 U.S. government agency securities and $ 1,942 $ (27) $ 29,826 $ (1,085) $ 31,768 $ (1,112) Total $ 1,942 $ (27) $ 29,826 $ (1,085) $ 31,768 $ (1,112) |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and December 31, 2022 (in thousands): Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) June 30, 2023 Assets: Cash and cash equivalents $ 95,991 $ 66,797 $ 29,194 $ — Marketable securities: U.S. government agency securities and treasuries 166,777 — 166,777 — Corporate bonds 497 — 497 — Commercial paper 43,281 — 43,281 — Restricted cash and cash equivalents 1,677 1,677 — — Restricted investments 31,925 — 31,925 — Total assets $ 340,148 $ 68,474 $ 271,674 $ — Liabilities: Contingent consideration $ 2,306 $ — $ — $ 2,306 Total liabilities $ 2,306 $ — $ — $ 2,306 December 31, 2022 Assets: Cash and cash equivalents $ 71,032 $ 71,032 $ — $ — Marketable securities: U.S. government agency securities and treasuries 118,779 — 118,779 — Corporate bonds 2,498 — 2,498 — Commercial paper 75,375 — 75,375 — Restricted cash and cash equivalents 1,257 1,257 — — Restricted investments 31,768 — 31,768 — Total assets $ 300,709 $ 72,289 $ 228,420 $ — Liabilities: Contingent consideration $ 2,180 $ — $ — $ 2,180 Total liabilities $ 2,180 $ — $ — $ 2,180 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table summarizes available-for-sale debt securities in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at June 30, 2023 and December 31, 2022 (in thousands): Less than 12 months 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses June 30, 2023 U.S. government agency securities and $ 75,411 $ (226) $ 41,110 $ (385) $ 116,521 $ (611) Corporate bonds — — 497 (3) 497 (3) Commercial paper 39,846 (59) — — 39,846 (59) Total $ 115,257 $ (285) $ 41,607 $ (388) $ 156,864 $ (673) December 31, 2022 U.S. government agency securities and $ 28,749 $ (159) $ 86,176 $ (1,804) $ 114,925 $ (1,963) Corporate bonds — — 2,498 (26) 2,498 (26) Commercial paper 62,636 (119) — — 62,636 (119) Total $ 91,385 $ (278) $ 88,674 $ (1,830) $ 180,059 $ (2,108) The table below provides a roll-forward of fair value of the Company’s contingent consideration obligations that include Level 3 inputs (in thousands): For the six months ended June 30, 2023 Beginning balance $ 2,180 Additions — Changes in fair value 126 Payments — Ending balance $ 2,306 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net, consists of the following (in thousands): As of June 30, 2023 As of December 31, 2022 Computer equipment and software $ 5,986 $ 5,670 Office equipment 6,159 6,159 Laboratory equipment 37,483 36,216 Leasehold improvements 27,862 27,416 Construction-in-progress 35,510 28,112 Total property, plant and equipment 113,000 103,573 Less accumulated depreciation and amortization (51,977) (47,838) Property, plant and equipment, net $ 61,023 $ 55,735 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 As of December 31, 2022 Royalties $ 13,753 $ 13,094 Employee compensation 10,308 14,845 Manufacturing costs 4,748 17,962 Property, plant, and equipment 1,407 1,498 Clinical and contract research organization costs 1,555 1,619 Professional fees 336 239 Collaboration research costs 568 2,005 Other 3,432 3,416 Total accrued expenses and other current liabilities $ 36,107 $ 54,678 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Non-cancelable Contractual Obligations | The following table summarizes the Company’s non-cancelable contractual obligations as of June 30, 2023 (in thousands): Years ended December 31, Purchase commitment 2023 $ 4,330 2024 2,240 2025 — 2026 and thereafter — Total purchase commitments $ 6,570 |
Collaborative arrangements an_2
Collaborative arrangements and strategic partnerships (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Total Transaction Price, Allocation of Total Transaction Price to Identified Performance Obligations Under Arrangement and Amount of Transaction Price Unsatisfied | The amounts reported for these periods represent the Company’s share of BMS’ Abecma product revenue, cost of goods sold, and selling costs, along with reimbursement by BMS of commercial costs incurred by the Company, and exclude expenses related to ongoing development, which are separately reflected in the consolidated statements of operations and comprehensive loss as described below. For the three months ended For the six months ended Abecma U.S. Collaboration Profit/Loss Share March 31, 2023 June 30, 2023 June 30, 2023 2seventy's share of profits (losses), net of 2seventy's share of BMS costs for commercial activities $ 21,581 $ 23,272 $ 44,853 Reimbursement from BMS for 2seventy costs of commercial manufacturing and commercial activities 1,380 1,271 2,651 Collaborative arrangement revenue (1) $ 22,961 $ 24,543 $ 47,504 For the three months ended For the six months ended Abecma U.S. Collaboration Profit/Loss Share March 31, 2022 June 30, 2022 June 30, 2022 2seventy's share of profits (losses), net of 2seventy's share of BMS costs for commercial activities $ (6,709) $ (5,931) $ (12,640) Reimbursement from BMS for 2seventy costs of commercial manufacturing and commercial activities 1,357 1,641 2,998 Collaborative arrangement revenue (1) $ — $ — $ — Share of collaboration loss (1) $ (5,352) $ (4,290) $ (9,642) (1) As noted above, the calculation is performed on a quarterly basis and consists of 2seventy's share of profits, net of 2seventy's share of BMS costs for commercial activities, offset by reimbursement from BMS for 2seventy commercial activities. The calculation is independent of previous activity, which may result in fluctuations between revenue and expense recognition period over period. The following tables summarize the amounts associated with the research activities under the collaboration included in research and development expense or recognized as collaborative arrangement revenue for the three and six months ended June 30, 2023 and 2022 (in thousands): For the three months ended For the six months ended Abecma U.S. Collaboration Net R&D Expenses March 31, 2023 June 30, 2023 June 30, 2023 2seventy's obligation for its share of BMS research and development expenses $ (9,461) $ (7,195) $ (16,656) Reimbursement from BMS for 2seventy research and development expenses 4,590 1,543 6,133 Net R&D expense (1) $ (4,871) $ (5,652) $ (10,523) For the three months ended For the six months ended Abecma U.S. Collaboration Net R&D Expenses March 31, 2022 June 30, 2022 June 30, 2022 2seventy's obligation for its share of BMS research and development expenses $ (8,118) $ (7,418) $ (15,536) Reimbursement from BMS for 2seventy research and development expenses 1,225 1,955 3,180 Net R&D expense (1) $ (6,893) $ (5,463) $ (12,356) (1) As noted above, the calculation is performed on a quarterly basis and consists of 2seventy bio's obligation for its share of BMS research and development expenses, offset by reimbursement from BMS for 2seventy bio’s research and development expenses. The Company accounts for any ex-U.S. activities under the Amended Ide-cel CCPS pursuant to ASC 606. The following table summarizes the revenue recognized related to ide-cel ex-U.S. activities for the three and six months ended June 30, 2023 and 2022 (in thousands). These amounts are reflected in service revenue in the consolidated statements of operations and comprehensive loss: For the three months ended For the six months ended 2023 2022 2023 2022 ASC 606 ide-cel license and manufacturing revenue – ex-U.S. (included as a component of service revenue) (1) $ 2,988 $ 3,525 $ 9,111 $ 6,315 (1) These amounts include reimbursements from BMS to the Company for the Company’s ex-U.S. quality and other manufacturing costs associated with the manufacture of Abecma inventory. |
Summary of contract liabilities | The following table presents changes in the balances of the Company’s BMS receivables and contract liabilities during the six months ended June 30, 2023 (in thousands): Balance at December 31, 2022 Additions Deductions Balance at Receivables $ 4,537 $ 46,091 $ (28,750) $ 21,878 Contract liabilities: Deferred revenue $ — $ — $ — $ — The following table summarizes the allocation of the transaction price to each performance obligation and the amount of the allocated transaction price that is unsatisfied or partially unsatisfied as of June 30, 2023, which the Company expects to recognized as revenue as the targets progress through each of the target’s respective IND filing (in thousands): Performance Obligation Allocation of Transaction Price Unsatisfied Portion of Transaction Price MUC-16 Mono/Combo & Next Gen Therapies $ 1,905 $ 1,010 MAGE-A4 178 15 Early Research Target (1) 8,701 8,380 Early Research Target (2) 475 450 Total $ 11,259 $ 9,855 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense by Award Type | Stock-based compensation expense recognized by award type was as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Stock options $ 2,717 $ 4,654 $ 6,582 $ 9,058 Restricted stock units 4,924 4,972 10,651 10,286 Employee Stock Purchase Plan 99 63 173 84 $ 7,740 $ 9,689 $ 17,406 $ 19,428 |
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, 2023 2022 2023 2022 Research and development $ 3,372 $ 4,731 $ 6,990 $ 8,949 Selling, general and administrative 4,368 4,958 10,416 10,479 $ 7,740 $ 9,689 $ 17,406 $ 19,428 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 2022 Outstanding stock options (1) 3,627 2,716 Restricted stock units (1) 2,626 1,608 ESPP shares — 35 6,253 4,359 |
Description of the business - N
Description of the business - Narrative (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Nov. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) employee | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) employee | Jun. 30, 2022 USD ($) | Sep. 30, 2021 | |
Subsequent Event [Line Items] | ||||||||
Conversion ratio | 0.3333 | |||||||
Net loss | $ 42,089 | $ 47,021 | $ 77,420 | $ 85,711 | $ 89,110 | $ 163,131 | ||
Net cash used in operating activities | 81,751 | $ 119,934 | ||||||
Cash, cash equivalents, and marketable securities | $ 306,500 | $ 306,500 | ||||||
At The Market Facility | Cowen And Company LLC | ||||||||
Subsequent Event [Line Items] | ||||||||
Aggregate gross proceeds (up to) | $ 150,000 | |||||||
2seventy bio Securities Corporation | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of employees | employee | 0 | 0 |
Summary of significant accoun_4
Summary of significant accounting policies and basis of presentation - Correction of Immaterial Error (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | $ (14,847) | $ 427 |
Net cash used in operating activities | (81,751) | (119,934) |
Payments for (Proceeds from) Investments [Abstract] | ||
Purchases of restricted investments | (4,485) | (971) |
Proceeds from maturities of restricted investments | 4,500 | 1,000 |
Net cash used in investing activities | (20,083) | 94,548 |
Increase in cash, cash equivalents and restricted cash and cash equivalents | 25,378 | 140,436 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 72,290 | 130,448 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 97,668 | 270,884 |
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents | ||
Restricted cash and cash equivalents included in restricted investments and other non-current assets | 1,677 | 1,016 |
Total cash, cash equivalents, and restricted cash and cash equivalents | 97,668 | 270,884 |
As previously reported | ||
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (364) | |
Net cash used in operating activities | (120,725) | |
Payments for (Proceeds from) Investments [Abstract] | ||
Purchases of restricted investments | 0 | |
Proceeds from maturities of restricted investments | 0 | |
Net cash used in investing activities | 94,519 | |
Increase in cash, cash equivalents and restricted cash and cash equivalents | 139,616 | |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 163,266 | |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 302,882 | |
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents | ||
Restricted cash and cash equivalents included in restricted investments and other non-current assets | 33,014 | |
Total cash, cash equivalents, and restricted cash and cash equivalents | 302,882 | |
Adjustment | ||
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 791 | |
Net cash used in operating activities | 8,000 | 791 |
Payments for (Proceeds from) Investments [Abstract] | ||
Purchases of restricted investments | (971) | |
Proceeds from maturities of restricted investments | 1,000 | |
Net cash used in investing activities | $ 8,000 | 29 |
Increase in cash, cash equivalents and restricted cash and cash equivalents | 820 | |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | (32,818) | |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | (31,998) | |
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents | ||
Restricted cash and cash equivalents included in restricted investments and other non-current assets | (31,998) | |
Total cash, cash equivalents, and restricted cash and cash equivalents | $ (31,998) |
Summary of significant accoun_5
Summary of significant accounting policies and basis of presentation - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net cash used in operating activities | $ (81,751) | $ (119,934) |
Net cash provided by investing activities | (20,083) | 94,548 |
Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net cash used in operating activities | 8,000 | 791 |
Net cash provided by investing activities | $ 8,000 | $ 29 |
Marketable securities - Summary
Marketable securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Amortized cost/ cost | $ 211,210 | $ 198,754 |
Unrealized gains | 18 | 6 |
Unrealized losses | (673) | (2,108) |
Fair Value | 210,555 | 196,652 |
U.S. government agency securities and treasuries | ||
Marketable Securities [Line Items] | ||
Amortized cost/ cost | 167,370 | 120,739 |
Unrealized gains | 18 | 3 |
Unrealized losses | (611) | (1,963) |
Fair Value | 166,777 | 118,779 |
Corporate bonds | ||
Marketable Securities [Line Items] | ||
Amortized cost/ cost | 500 | 2,524 |
Unrealized gains | 0 | 0 |
Unrealized losses | (3) | (26) |
Fair Value | 497 | 2,498 |
Commercial paper | ||
Marketable Securities [Line Items] | ||
Amortized cost/ cost | 43,340 | 75,491 |
Unrealized gains | 0 | 3 |
Unrealized losses | (59) | (119) |
Fair Value | $ 43,281 | $ 75,375 |
Marketable securities - Schedul
Marketable securities - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value | ||
Less than 12 months | $ 115,257 | $ 91,385 |
12 months or greater | 41,607 | 88,674 |
Total | 156,864 | 180,059 |
Unrealized losses | ||
Less than 12 months | (285) | (278) |
12 months or greater | (388) | (1,830) |
Total | (673) | (2,108) |
U.S. government agency securities and treasuries | ||
Fair value | ||
Less than 12 months | 75,411 | 28,749 |
12 months or greater | 41,110 | 86,176 |
Total | 116,521 | 114,925 |
Unrealized losses | ||
Less than 12 months | (226) | (159) |
12 months or greater | (385) | (1,804) |
Total | (611) | (1,963) |
Corporate bonds | ||
Fair value | ||
Less than 12 months | 0 | 0 |
12 months or greater | 497 | 2,498 |
Total | 497 | 2,498 |
Unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or greater | (3) | (26) |
Total | (3) | (26) |
Commercial paper | ||
Fair value | ||
Less than 12 months | 39,846 | 62,636 |
12 months or greater | 0 | 0 |
Total | 39,846 | 62,636 |
Unrealized losses | ||
Less than 12 months | (59) | (119) |
12 months or greater | 0 | 0 |
Total | $ (59) | $ (119) |
Marketable securities - Summa_2
Marketable securities - Summary of Restricted Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost/ cost | $ 32,708 | $ 32,880 |
Unrealized gains | 0 | 0 |
Unrealized losses | (783) | (1,112) |
Fair Value | 31,925 | 31,768 |
U.S. government agency securities and treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost/ cost | 32,708 | 32,880 |
Unrealized gains | 0 | 0 |
Unrealized losses | (783) | (1,112) |
Fair Value | $ 31,925 | $ 31,768 |
Marketable securities - Sched_2
Marketable securities - Schedule of Unrealized Loss on Restricted Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value | ||
Less than 12 months | $ 5,457 | $ 1,942 |
12 months or greater | 26,468 | 29,826 |
Total | 31,925 | 31,768 |
Unrealized losses | ||
Less than 12 months | (25) | (27) |
12 months or greater | (758) | (1,085) |
Total | (783) | (1,112) |
U.S. government agency securities and treasuries | ||
Fair value | ||
Less than 12 months | 5,457 | 1,942 |
12 months or greater | 26,468 | 29,826 |
Total | 31,925 | 31,768 |
Unrealized losses | ||
Less than 12 months | (25) | (27) |
12 months or greater | (758) | (1,085) |
Total | $ (783) | $ (1,112) |
Marketable securities - Narrati
Marketable securities - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Interest receivable | $ 500 | $ 500 | $ 300 | ||
Interest receivable, write-off | $ 0 | $ 0 | $ 0 | $ 0 |
Fair value measurements - Recor
Fair value measurements - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||||
Marketable securities: | $ 210,555 | $ 196,652 | ||
Restricted cash and cash equivalents | 97,668 | 72,290 | $ 270,884 | $ 130,448 |
U.S. government agency securities and treasuries | ||||
Assets: | ||||
Marketable securities: | 166,777 | 118,779 | ||
Corporate bonds | ||||
Assets: | ||||
Marketable securities: | 497 | 2,498 | ||
Commercial paper | ||||
Assets: | ||||
Marketable securities: | 43,281 | 75,375 | ||
Fair value, measurements, recurring | ||||
Assets: | ||||
Cash and cash equivalents | 95,991 | 71,032 | ||
Restricted cash and cash equivalents | 1,677 | 1,257 | ||
Restricted investments | 31,925 | 31,768 | ||
Total assets | 340,148 | 300,709 | ||
Liabilities: | ||||
Contingent consideration | 2,306 | |||
Total liabilities | 2,306 | 2,180 | ||
Fair value, measurements, recurring | U.S. government agency securities and treasuries | ||||
Assets: | ||||
Marketable securities: | 166,777 | 118,779 | ||
Fair value, measurements, recurring | Corporate bonds | ||||
Assets: | ||||
Marketable securities: | 497 | 2,498 | ||
Fair value, measurements, recurring | Commercial paper | ||||
Assets: | ||||
Marketable securities: | 43,281 | 75,375 | ||
Fair value, measurements, recurring | Quoted prices in active markets (Level 1) | ||||
Assets: | ||||
Cash and cash equivalents | 66,797 | 71,032 | ||
Restricted cash and cash equivalents | 1,677 | 1,257 | ||
Restricted investments | 0 | 0 | ||
Total assets | 68,474 | 72,289 | ||
Liabilities: | ||||
Contingent consideration | 0 | |||
Total liabilities | 0 | 0 | ||
Fair value, measurements, recurring | Quoted prices in active markets (Level 1) | U.S. government agency securities and treasuries | ||||
Assets: | ||||
Marketable securities: | 0 | 0 | ||
Fair value, measurements, recurring | Quoted prices in active markets (Level 1) | Corporate bonds | ||||
Assets: | ||||
Marketable securities: | 0 | 0 | ||
Fair value, measurements, recurring | Quoted prices in active markets (Level 1) | Commercial paper | ||||
Assets: | ||||
Marketable securities: | 0 | 0 | ||
Fair value, measurements, recurring | Significant other observable inputs (Level 2) | ||||
Assets: | ||||
Cash and cash equivalents | 29,194 | 0 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
Restricted investments | 31,925 | 31,768 | ||
Total assets | 271,674 | 228,420 | ||
Liabilities: | ||||
Contingent consideration | 0 | |||
Total liabilities | 0 | 0 | ||
Fair value, measurements, recurring | Significant other observable inputs (Level 2) | U.S. government agency securities and treasuries | ||||
Assets: | ||||
Marketable securities: | 166,777 | 118,779 | ||
Fair value, measurements, recurring | Significant other observable inputs (Level 2) | Corporate bonds | ||||
Assets: | ||||
Marketable securities: | 497 | 2,498 | ||
Fair value, measurements, recurring | Significant other observable inputs (Level 2) | Commercial paper | ||||
Assets: | ||||
Marketable securities: | 43,281 | 75,375 | ||
Fair value, measurements, recurring | Significant unobservable inputs (Level 3) | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
Restricted investments | 0 | 0 | ||
Total assets | 0 | 0 | ||
Liabilities: | ||||
Contingent consideration | 2,306 | |||
Total liabilities | 2,306 | 2,180 | ||
Fair value, measurements, recurring | Significant unobservable inputs (Level 3) | U.S. government agency securities and treasuries | ||||
Assets: | ||||
Marketable securities: | 0 | 0 | ||
Fair value, measurements, recurring | Significant unobservable inputs (Level 3) | Corporate bonds | ||||
Assets: | ||||
Marketable securities: | 0 | 0 | ||
Fair value, measurements, recurring | Significant unobservable inputs (Level 3) | Commercial paper | ||||
Assets: | ||||
Marketable securities: | $ 0 | $ 0 |
Fair value measurements - Roll-
Fair value measurements - Roll-Forward of Fair Value of the Company's Contingent Consideration Obligations (Detail) - Significant unobservable inputs (Level 3) - Contingent consideration obligations $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 2,180 |
Additions | 0 |
Changes in fair value | 126 |
Payments | 0 |
Ending balance | $ 2,306 |
Property, plant and equipment_3
Property, plant and equipment, net - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 113,000 | $ 103,573 |
Less accumulated depreciation and amortization | (51,977) | (47,838) |
Property, plant and equipment, net | 61,023 | 55,735 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 5,986 | 5,670 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 6,159 | 6,159 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 37,483 | 36,216 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 27,862 | 27,416 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 35,510 | $ 28,112 |
Property, plant and equipment_4
Property, plant and equipment, net - Narrative (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 113,000 | $ 103,573 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 35,510 | 28,112 |
Cambridge, Massachusetts | Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 34,500 | $ 27,000 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Royalties | $ 13,753 | $ 13,094 |
Employee compensation | 10,308 | 14,845 |
Manufacturing costs | 4,748 | 17,962 |
Property, plant, and equipment | 1,407 | 1,498 |
Clinical and contract research organization costs | 1,555 | 1,619 |
Professional fees | 336 | 239 |
Collaboration research costs | 568 | 2,005 |
Other | 3,432 | 3,416 |
Total accrued expenses and other current liabilities | $ 36,107 | $ 54,678 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jul. 31, 2021 | Jun. 30, 2023 | |
Resilience | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Net operating losses, percentage of reimbursement | 50% | |
Reimbursement cap | $ 15 | |
Portion of net operating losses paid | $ 14.2 | |
Pregenen | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Contingent future cash payments | $ 99.9 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of Non-cancelable Contractual Obligations (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 4,330 |
2024 | 2,240 |
2025 | 0 |
2026 and thereafter | 0 |
Total purchase commitments | $ 6,570 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||||
Dec. 13, 2021 | Mar. 31, 2023 | Jan. 31, 2023 | Nov. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Common stock, shares issued (in shares) | 50,238,000 | 37,928,000 | ||||||
Proceeds from issuance of common stock to Regeneron, net of issuance costs | $ 9,859 | $ 0 | ||||||
Common stock | 5 | $ 4 | ||||||
Regeneron | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Contract with customer liability | $ 6,900 | |||||||
Regeneron | Share purchase agreement | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Common stock price per share (in dollars per share) | $ 17.94 | |||||||
Proceeds from issuance of common stock to Regeneron, net of issuance costs | $ 20,000 | |||||||
Common stock shares issued (in shares) | 100,000 | 1,114,827 | ||||||
Common stock | $ 9,900 | |||||||
Contract with customer liability | $ 10,100 | |||||||
Underwritten Public Offering | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Common stock price per share (in dollars per share) | $ 11.50 | |||||||
Number of shares issued in transaction (in shares) | 10,869,566 | |||||||
Aggregate net proceeds | $ 117,000 | |||||||
Additional shares available for purchase (in shares) | 1,630,434 | |||||||
At The Market Facility | Cowen And Company LLC | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Aggregate gross proceeds (up to) | $ 150,000 | |||||||
Private Placement | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Common stock, shares issued (in shares) | 13,934,427 | |||||||
Common stock price per share (in dollars per share) | $ 12.20 | |||||||
Proceeds from issuance of common stock to Regeneron, net of issuance costs | $ 165,500 |
Collaborative arrangements an_3
Collaborative arrangements and strategic partnerships - Collaborative Arrangement Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Collaborative arrangement revenue | $ 29,034 | $ 7,035 | $ 58,406 | $ 10,522 | ||
Share of collaboration loss | 0 | (4,290) | 0 | (9,642) | ||
Ide Cel Commercial Activities | Bristol-Myers Squibb | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Collaborative arrangement revenue | 23,272 | $ 21,581 | (5,931) | $ (6,709) | 44,853 | (12,640) |
Share of collaboration loss | 1,271 | 1,380 | 1,641 | 1,357 | 2,651 | 2,998 |
ABECMA Commercial Activities | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Collaborative arrangement revenue | $ 24,543 | $ 22,961 | 0 | 0 | $ 47,504 | 0 |
Share of collaboration loss | $ (4,290) | $ (5,352) | $ (9,642) |
Collaborative arrangements an_4
Collaborative arrangements and strategic partnerships - Narrative (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 13, 2021 shares | Jan. 31, 2023 USD ($) $ / shares shares | Aug. 31, 2018 USD ($) target accounting_unit $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) performance_obligation | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) performance_obligation | Dec. 31, 2022 USD ($) | Apr. 30, 2023 USD ($) | Oct. 27, 2022 USD ($) | Dec. 31, 2021 USD ($) performance_obligation | Sep. 30, 2019 USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Income (loss) from collaborative arrangements | $ 0 | $ (4,290) | $ 0 | $ (9,642) | ||||||||
Number of performance obligations | performance_obligation | 2 | 2 | ||||||||||
Investment in common stock | 9,859 | $ 0 | ||||||||||
Number of accounting units | accounting_unit | 2 | |||||||||||
Deferred revenue, current portion | 12,642 | 12,642 | $ 3,000 | |||||||||
Deferred revenue, net of current portion | 17,213 | 17,213 | 5,000 | |||||||||
Revenues | 36,048 | $ 13,482 | 77,669 | 21,911 | ||||||||
Common stock | 5 | 5 | 4 | |||||||||
Bristol-Myers Squibb | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration agreement, transaction price | 31,000 | 31,000 | ||||||||||
Estimated variable consideration | 1,800 | 1,800 | ||||||||||
Contract with customer liability | 0 | 0 | 0 | |||||||||
Bristol-Myers Squibb | Phase I, Additional Obligation | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Estimated variable consideration | $ 37,400 | |||||||||||
Bristol-Myers Squibb | Research and development services | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Estimated variable consideration | $ 5,400 | |||||||||||
Bristol-Myers Squibb | bb21217 license agreement | U.S. | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Additional fee receivable if option to co-develop and co-promote is not exercised | 10,000 | 10,000 | ||||||||||
Bristol-Myers Squibb | Bb Two One Two One Seven License And Manufacturing Services | License and manufacturing services | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Contract with customer liability | 35,800 | |||||||||||
Regeneron | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Joint research activities remaining to be recognized | 3,700 | |||||||||||
Contract with customer liability | 6,900 | 6,900 | ||||||||||
Regeneron | Collaboration | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Deferred revenue balance recognized as gross revenues | 4,500 | 7,000 | 10,900 | 10,500 | ||||||||
Regeneron | Research and development services | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaboration agreement, transaction price | $ 100,000 | |||||||||||
Purchase price premium | $ 37,000 | $ 1,100 | ||||||||||
Collaborative arrangement amortization period | 5 years | |||||||||||
Collaborative arrangement amount attributed to joint research activities | $ 45,500 | |||||||||||
Collaborative Arrangement Amount Attributed To Joint Research Activities, Net Funding Advancement | 8,500 | |||||||||||
Regeneron | Research and development services | Bluebird Bio | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaborative arrangement amount attributed to equity sold | $ 54,500 | |||||||||||
Regeneron | Share purchase agreement | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Issuance of common stock to Regeneron (in shares) | shares | 100,000 | 1,114,827 | ||||||||||
Common stock price per share (in dollars per share) | $ / shares | $ 17.94 | |||||||||||
Investment in common stock | $ 20,000 | |||||||||||
Contract with customer liability | 10,100 | |||||||||||
Common stock | $ 9,900 | |||||||||||
Regeneron | Share purchase agreement | Bluebird Bio | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Common stock price per share (in dollars per share) | $ / shares | $ 238.10 | |||||||||||
Investment in common stock | $ 100,000 | |||||||||||
Purchase price premium | $ 37,000 | |||||||||||
Collaborative arrangement research initial funding obligation, percentage | 50% | |||||||||||
Regeneron | Share purchase agreement | Common stock | Bluebird Bio | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Issuance of common stock to Regeneron (in shares) | shares | 400,000 | |||||||||||
Investment in common stock | $ 63,000 | |||||||||||
Regeneron | Regeneron Collaboration Agreement | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Number of initial collaboration targets | target | 6 | |||||||||||
Research collaboration term | 5 years | |||||||||||
Regeneron | Regeneron Collaboration Agreement | Maximum | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | $ 130,000 | |||||||||||
Regeneron | Regeneron Collaboration Agreement, Amendment One | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaborative arrangement research initial funding obligation, percentage | 50% | |||||||||||
Deferred revenue, current portion | 3,600 | 3,600 | ||||||||||
Deferred revenue, net of current portion | 6,200 | 6,200 | ||||||||||
Contract with customer liability | 9,800 | 9,800 | ||||||||||
Regeneron | Regeneron Collaboration Agreement, Amendment One | Pre-Clinical Costs To Study Combinations | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaborative arrangement research initial funding obligation, percentage | 75% | |||||||||||
Regeneron | Regeneron Collaboration Agreement, Amendment One | Clinical Study Costs Involving Regeneron Agents | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Collaborative arrangement research initial funding obligation, percentage | 100% | |||||||||||
Regeneron | Regeneron Collaboration Agreement, Amendment One | MUC-16 Development Candidate Nomination | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | $ 2,000 | |||||||||||
Regeneron | Regeneron Collaboration Agreement, Amendment One | MUC-16 IND Acceptance | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | 3,000 | |||||||||||
Regeneron | Regeneron Collaboration Agreement, Amendment One | Last Patient Dosed Or Dosing Of The 10th Patient | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | 5,000 | |||||||||||
Regeneron | Regeneron Collaboration Agreement, Amendment One | MUC-16 | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | 4,000 | |||||||||||
Regeneron | Regeneron Collaboration Agreement, Amendment One | MUC-16 Development Candidate Nomination After Achievement Of IND Acceptance | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | $ 1,000 | |||||||||||
Regeneron | Regeneron Collaboration Agreement, Original And Amendment Combined | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Contract with customer liability | 11,200 | 11,200 | ||||||||||
Novo Nordisk A/S | Novo Collaboration and License Agreement | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Estimated variable consideration | $ 11,700 | |||||||||||
Number of performance obligations | performance_obligation | 2 | |||||||||||
Contract with customer liability | $ 5,000 | |||||||||||
Estimated variable consideration, research reimbursement | 6,700 | |||||||||||
Estimated variable consideration, upfront payment | 5,000 | |||||||||||
Revenue | 1,900 | $ 2,100 | 3,600 | $ 3,400 | ||||||||
Novo Nordisk A/S | Novo Collaboration and License Agreement | License and manufacturing services | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | 26,000 | |||||||||||
Novo Nordisk A/S | Novo Collaboration and License Agreement | Development and Commercialization Milestones | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | 72,000 | |||||||||||
Novo Nordisk A/S | Novo Collaboration and License Agreement | Scientific Milestones | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | $ 15,000 | 15,000 | ||||||||||
Novo Nordisk A/S | Novo Collaboration and License Agreement | Extension of Research Plan without Achieving Scientific Milestones | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | $ 9,000 | |||||||||||
Novo Nordisk A/S | Novo Collaboration and License Agreement | Milestone Achievement, Option To In-License Technology From Third Party | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payments receivable | 9,000 | |||||||||||
Contract with customer liability | $ 6,000 | |||||||||||
Novo Nordisk A/S | Novo Collaboration and License Agreement | Milestone Achievement, Option To In-License Technology From Third Party And Upfront Payment | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Contract with customer liability | 11,000 | 11,000 | ||||||||||
JW Therapeutics | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Estimated variable consideration | $ 7,300 | |||||||||||
Contract with customer liability | $ 100 | $ 100 | 3,000 | |||||||||
Estimated variable consideration reimbursement | $ 4,300 |
Collaborative arrangements an_5
Collaborative arrangements and strategic partnerships - Summary of Revenue Recognized or Expense Incurred for Joint Ide-cel Development Efforts Related to Combined Unit of Accounting for its License and Vector Manufacturing of Ide-cel (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development expense | $ (59,980) | $ (64,557) | $ (128,226) | $ (130,436) | ||
Ide-cel Research And Development Services | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research and development expense | (5,652) | $ (4,871) | (5,463) | $ (6,893) | (10,523) | (12,356) |
Bristol-Myers Squibb | Ide-cel Research And Development Services | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Research And Development Expense Obligation Under Collaborative Arrangement | (7,195) | (9,461) | (7,418) | (8,118) | (16,656) | (15,536) |
Reimbursements For Research And Development Expenses Under Collaborative Arrangement | 1,543 | $ 4,590 | 1,955 | $ 1,225 | 6,133 | 3,180 |
Bristol-Myers Squibb | Outside of U.S. | Ide-cel license and manufacturing services | License and manufacturing services | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||
Revenue | $ 2,988 | $ 3,525 | $ 9,111 | $ 6,315 |
Collaborative arrangements an_6
Collaborative arrangements and strategic partnerships - Changes in Balances of Company's Receivables and Contract Liabilities (Detail) - Bristol-Myers Squibb $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Receivables | |
Balance at December 31, 2022 | $ 4,537 |
Additions | 46,091 |
Deductions | (28,750) |
Balance at June 30, 2023 | 21,878 |
Contract liabilities: | |
Balance at December 31, 2022 | 0 |
Additions | 0 |
Deductions | 0 |
Balance at June 30, 2023 | $ 0 |
Collaborative arrangements an_7
Collaborative arrangements and strategic partnerships - Summary of Transaction Price Allocation (Details) - Regeneron - Regeneron Collaboration Agreement, Original And Amendment Combined $ in Thousands | Jun. 30, 2023 USD ($) |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Allocation of Transaction Price | $ 11,259 |
Unsatisfied Portion of Transaction Price | 9,855 |
MUC-16 Mono/Combo & Next Gen Therapies | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Allocation of Transaction Price | 1,905 |
Unsatisfied Portion of Transaction Price | 1,010 |
MAGE-A4 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Allocation of Transaction Price | 178 |
Unsatisfied Portion of Transaction Price | 15 |
Early Research Target (1) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Allocation of Transaction Price | 8,701 |
Unsatisfied Portion of Transaction Price | 8,380 |
Early Research Target (2) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Allocation of Transaction Price | 475 |
Unsatisfied Portion of Transaction Price | $ 450 |
Royalty and other revenue - Add
Royalty and other revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Royalty and other revenue | ||||
License And Royalty Revenue [Line Items] | ||||
Revenue | $ 1,992 | $ 781 | $ 3,415 | $ 1,668 |
Stock-based compensation - Summ
Stock-based compensation - Summary of Stock-Based Compensation Expense by Award Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 7,740 | $ 9,689 | $ 17,406 | $ 19,428 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 3,372 | 4,731 | 6,990 | 8,949 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 4,368 | 4,958 | 10,416 | 10,479 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 2,717 | 4,654 | 6,582 | 9,058 |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 4,924 | 4,972 | 10,651 | 10,286 |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 99 | $ 63 | $ 173 | $ 84 |
Stock-based compensation - Sche
Stock-based compensation - Schedule of Stock-Based Compensation Expense by Classification (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 7,740 | $ 9,689 | $ 17,406 | $ 19,428 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 3,372 | 4,731 | 6,990 | 8,949 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4,368 | $ 4,958 | $ 10,416 | $ 10,479 |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Detail) | 6 Months Ended |
Jun. 30, 2023 shares | |
2021 Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, shares issued in period (less than) (in shares) | 100,000 |
Net Loss Per Share - Common Sto
Net Loss Per Share - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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) | 6,253,000 | 4,359,000 | 6,253,000 | 4,359,000 |
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) | 3,627,000 | 2,716,000 | 3,627,000 | 2,716,000 |
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) | 2,626,000 | 1,608,000 | 2,626,000 | 1,608,000 |
ESPP shares | ||||
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) | 0 | 35,000 | 0 | 35,000 |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) - Pre-funded Warrants - Private Placement | Nov. 30, 2021 $ / shares shares |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Pre-funded warrants issued (in shares) | shares | 757,575 |
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.0001 |