TSVT - Earnings call 3 2023 | 2seventy bio, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the 2seventy bio Third Quarter 2023 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Elizabeth Hickin, Head of Investor Relations. ahead. go Please

Elizabeth Pingpank Hickin

section This on operator. press bio a and issued can Xseventybio.com. website Thank third morning, quarter release Media Investors the our found The the XXXX press company's be at you, in Xseventy of financial release results.

Operating call Philip Chief Gregory, the Officer, also and on Chief Chip the Chief line Officer; Chief on Q&A are Scientific today Speaking Steve session. for Leschly, Bernstein, Nick Kairos Baird, Officer; Officer. the Medical is

include and forward-looking timelines plans statements will financial related forward-looking As to are our current a discussion strategic and reminder, include bio's statements and regarding future statements results, subject financial Xseventy today's among plans, statements and our regarding to uncertainties. conditions, others. which expectations other expectations, expectations certain risks These and

differ SEC due other of as our forward-looking Factors upon as section views any risks uncertainties may not be views those in Form results subsequent as recent filings. call of other most relied representing this various materially XX-K the our and described to and date. These of Risk and including should factors, represent Actual statements our

by You to we to are undue required any on undertake forward-looking cautioned statements. any as except no place these obligation forward-looking revise update And or reliance statements. not law,

I this At time, to Nick? call over Nick turn Leschly. the would like to

Nick Leschly

our quarter and business results Thank you, Liz. as Good morning, everyone, and third us we updates. thank you for discuss joining

biotech business to difficult as ABECMA. markets, the success. In will While detail. this support and we pipeline us allow commercialization discuss future in continue quarter to for position for efforts was our science with September, organization we our challenging but Chip decision broader actions necessary the our our their to to partners and BMS at redouble reshape and more they take Xseventy to best advance the made

in to significant patients. and continue return it to efforts in delivers benefits to their BMS believe ABECMA the support We for growth,

have Meeting. a what's patients the value of In environment, in focus Steve best to we for what and this data from American saw ensure do to forward we will our also become future, abstracts upcoming drive in the how presentations. important Hematology through look for on to KarMMa-Xc employees. presenting sharp our the Society at our We continue walk and available best therapies important shareholders to need, determining KarMMa-X

these We are to evaluating all options achieve objectives.

be I the As would grateful patients. for team. programs always, for we've employees culture thank dedicated of beyond continue our not Xseventy. deliver advance Xseventy our the and and remain proud I our talent to and go to and to more like who above that talented to could I deeply built

our to I will talk results. about now hand it ABECMA more and QX to over Chip

William Baird

Thanks, Nick, joining and thanks morning. this for the call to everyone .

shared BMS ABECMA. impacted dynamics the reported sales ABECMA last quarter, at for for a of partners million BMS $XX the manufacturing third maintenance performance month, plant of and have year-to-date. competitive the U.S. $XXX our million As scheduled in In line total top

U.S. the As which of and a co-co the of arrangement a with revenue, business, for in U.S. ABECMA XX% the business. operating XX-XX we record BMS represents reminder, are collaboration profit

to quarter performance. XXXX, top decline the revenue collaboration XX, collaboration For in recorded September was ABECMA's line due related ABECMA. ending of to $XXX,XXX primarily we revenue The

and efficacy the at differentiate for in the lives ABECMA, the will we and this emerging and the said, continue do BCMA-directed before That challenging to our call. therapies, profile. BMS BCMA-targeted greater sequencing the impact was program competitively meaningfully we patients safety use discuss of CAR and expect treatment continue educated physicians the back include the supporting track, the believe multiple Ts more on on with and to We're efforts patients which focused ABECMA detail this and pressure footprint data mentioned, Nick on for partners expanding of other a long-term As in access quarter. potential quarter, Steve competitive later their get enable to to on supporting fourth BMS site in myeloma. ABECMA's ABECMA to to real-world

Nevertheless, business. the a impact ABECMA has meaningful had on on downstream pressure Xseventy's

we have taken to result, investment In streamlined program. gaining we next-generation XX% organization. pipeline, approximately reduction head our September, count program, a a future investment and in As actions bbTXXX our our in reshape AML a to our approach of and pausing announced including

savings cost XXXX. cost-saving and and restructuring achieve $XXX more million are actions expected than The in to in XXXX

our financial will anticipate manage range $XXX also guided previously $XXX our XXXX, to to within million staying of continue we net preserve runway. spend We cash in and cash carefully to million

We growth our the on focus working some return meantime, manage closely closely and this effort. are on investments sheet, to a we continuing the best and and stakeholders time, to In balance BMS take believe for with company we're will what's our term. the operations for ABECMA long the doing with over

at some present detail additional you, Over With we data that, it provide over will to Steve. that on to I'll ASH. to hand Steve

Steven Bernstein

Chip, X presentations to ASH meeting. ABECMA and I that everyone. abstracts the highlight key live, wanted morning, scheduled Thanks, are Last week, and went good for the meeting for

analysis the KarMMa-X study. is survival from First our progression-free final

comparing primary the refractory KarMMa-X last As year, standard X to lines BCMA-targeted T triple-class multiple endpoint against prior met of myeloma is the with standard exposed our of ABECMA study This survival. patients a study care study that its relapsed controlled reminder, CAR progression-free care. is to a registrational X who first we of announced of comparing in therapy. and received And

The shows arm. additional with of latest deepening data is the there ABECMA that today presented in a to follow-up, be responses

in further survival progression-free the with care risk of or treated standard with of X.X in In arm. with XX% standard addition, the arm. the ABECMA progression follow-up, in ABECMA months, those treated death care compared months reduced the of maintained PFS XX.X by was longer arm with ABECMA to of to was patients Median compared significantly the

will overall Barré during shared or of interim the reported. finally, toxicity at And safety consistent no profile also with study An ASH. remained be Guillain– the syndrome presentation of look with reported this in ABECMA reports, Parkinsonian previous survival

In This inadequate high-risk ABECMA. transplant. to is Xc addition less data, patients II updated response KX as having having clinically stem to PR than be an our to presenting KarMMa-X Phase cell autologous frontline study good very data a in we'll defined of also the from that's transplantation cohort patients

data, is In demonstrate enrolling. open continued a are KarMMa-X supportive ABECMA no lenalidomide the after disease durable study the follow-up. the deep these experienced And and of of Indeed, patients none ABECMA and observed updated data extended highly progression. currently registrational population, which similar to signals maintenance with responses safety patient who in received with importantly, new

safety life therapy outcomes of ABECMA and importance with with the reinforce of refractory as to as insidious and relentless disease. data, manageable the and this myeloma of potential earlier an multiple additional treatment These continue along to on against subanalyses its presented play its for well in patients armamentarium patient-reported important lines or profile well-understood role reinforce quality relapsed in

turn I'll back to that, With it Nick.

Nick Leschly

time. delivering Steve. close for and our We appreciate by patients, will our you, translational Thank shareholders. and employees, remain science committed everyone's we to our saying, we

Clearly, challenging it all a for our been has period stakeholders. our and company

the and options for on As outset all all the mission for focused we call, are of stakeholders. to our deliver I said at

you now open questions. operator, the may that, for With line

Operator

comes TD question from Cowen. [Operator Instructions] first the of Werber Our Yaron line with

Yaron Werber

of Nick I couple it. Chip, take Number wants questions. whoever guess, or to one, Maybe a

KX? include time to will You the to growth return related that to extension mentioning ABECMA. some Does that [indiscernible] you're expecting, for it take

QX ABECMA side in on the profitable, and and manufacturing be And now obviously, for then Are and for to next as the be KX secondly, you're on JV? ABECMA that more profitability the say, let's the is year JV, study. well expecting OpEx ABECMA back growing open, costs you then

Nick Leschly

It's a a to little line choppy bit best but that questions. our get up we'll you're on of there, do to your

time ABECMA referenced might to restore. take that said some you think for have I had it we

hand profitability So you speak Chip then on for then additional, I'll it and comment that, question. the and can to to maybe

the that more of BMS I strongly efforts piece. a ABECMA an the do is safety which think is that take generalized in evolve at community. So support a it right? in in data-driven place those we hold, saying is ABECMA's to piece, other Yaron, education real-world has get as -- that just with as This one the certainly continues do balance to have profile, is evidence in the the believe its think time we those that place as statement we're well with of, to but and ecosystem This profile that's with factors it's data,

so is And BMS at. happen also that's where But things overnight. these don't

to the timing the what is as that will marketplace, we're ahead take that we more to just setting. for that, So in into settle the about in it the clear can of, commercial and we're appropriately as midst trying be

we is sure can sure there certainly in of expansion of the the is there day supply key and the bits One day centers that in, is making and availability out. the deliver and making that

we're time, just all and just those things Yaron, indicating. what So take that's

second Chip, add do the Feel to that? to question. address you want maybe and free then

William Baird

Yes. No, regard of profitability, terms I volumes the regard be growth. continued progress. by focus it return really, With going said to this seen by operating to well to we've on of particularly those is driven dynamics goods you patient good on think there, in to leverage, with the sold. cost And

profile. trial clinical the course, of then, And

previously setting So were be study, -- that the at cost. as will that up studies But beginning know, KarMMa-X we -- time, a the launched tail the same are have off. of you are we number and to a

But years. a that be that growth, contributor we like, think, what and to soon something is the our Net-net, continuing business I how looks a to to sort. we the coming expect shape over return to see ABECMA we're

Operator

question Guggenheim comes Kelsey of next from with Goodwin Our the line Securities.

Kelsey Goodwin

the could guess, then of guess, are sarcoma? KarMMa-X? I are enrolled what the far, maybe coming activity guess, the the us solid you tumors and the mainly China being there separately, on keeping there, you signal study, so remind I that of program, MAGE-AX kind specific remind in us around thoughts on from is I -- just Synovial could first ABECMA status And

Nick Leschly

on to jump one? Just Chip, you the first in want

William Baird

beginning study process Yes, we're the KarMMa-X, that initiated enrolling and of has patients.

that's need that again, underway, an for And label one, more So targeted And population. which We is exciting. and patients but up suboptimal that one's in big newly unmet that that's to frontline come transplant. think a towards diagnosed response that's the milestone. on to for very a important

Unknown Executive

have to [indiscernible]. That's obviously On you as with we JW collaboration track know, on MAGE-AX the a so still. stuff,

excited to we're get So shortly. clinic very bound that

the have particular or we're that of sure -- focus singling place terms positive. primary initially, not initial we very enrolled out this goal obviously, a on is a the target-centric patients sort make to least to studies. And is of at are indication In a MAGE-AX indications, don't in

an initial largely this safety and safety and we're or at of program. from the efficacy efficacy initial looking MAGE-AX establishing So the

proliferation. naked approach one that into not TGF-beta of enhanced potency actually a positive remind so driver our this To signaling you, uses speak. turning a T-cell TCR, It's is to to a

Nick Leschly

Nick. is excited certainly the JW this in can This that. that engaging so about, runner, MAGE one on and is More broadly, we're translationally in understand target. comment ready super manufacturing can what do front I also X demonstrated Just sort of we in to and think getting collaboration is actually China they deploy the

is model about. that one excited proof-of-concept the So we're

the our as our further other aspirations extending into own be relationship will We as on of sort Regeneron on front targets. well

So that's very from is view, the context. of an timing the a view, and point something and execution broader a that just for company of beneficial we're that, a on, to mission point cost

Operator

Goldman Our next question Sachs. the with Richter line Salveen comes from of

Unknown Analyst

This is Salveen. [indiscernible] for on

you I the line earlier won't out what setting? gives confidence on in same ABECMA. play guess, that the headwinds Just

Nick Leschly

little what a can't. not clarify XXX% about on you asking? question. detail maybe more So Can clear I'm bit just you're your Or you

question? think So play that makes the help maybe ABECMA same can the understand What guys won't what's me way? you us

Unknown Analyst

in as Sorry, when -- that you I sorry, gives I off. I third-line got in competitive I'm well just cut what setting, as I Ts. ABECMA's bispecifics just there -- think setting just to of won't used guess, other ABECMA ahead CAR approved come to the play in from confidence BCMA be I headwinds -- was the that

Nick Leschly

bit Then, the I with Well, and Steve can side. clinical I'll start think provide an on little overrun. a jump in

chain the existed. And therapy myeloma winner and all is sequencing and the the that's never It's really supply never of market First support that support doesn't that. also all, really market, a been doesn't huge. of takes

So also has no I this level, able first think not the principles incurable of on one in it. myeloma, how disease, of It's we still that's interest an a playing is out. been to see not and cure sort it

bispecifics base will to be clinical Ts there's us, time, number a well number as a as think that as of going I And of well room over come CAR So others. out. for the as and data the

therapies particularly first in This figure to best We'll of number I been his the what to use out that can predictable given it always done speak that time. this consistent, case, career point quite he's for that's on of that's part as been why a in at we the of to confident think and in safe, on has these his data how are part because in continues patients out way. the in But ABECMA in that Steve way medicines. well myeloma, has there. meaningful, delivers the are as come

So color on a bit over little of -- Steve, thoughts maybe you add ABECMA can on what time?

Steven Bernstein

Yes.

got think if I do got a you fact And BCMA with you all nearly get lot the don't date mentioned, BCMA-targeted been data you therapy. to has of prior I CAR on And think before that lines ADC, of a as is think as CAR I a supporting that going the there's different targeted well therapies, therapy your think is the that, paradigm how BCMA be after you these. a TCE as to to different optimally if no a really move as Nick you therapy. an sequence you that earlier reason to or such like having do emphasis

think clinical initial do TCE BCMA of that's an I a treatment earlier with i.e., as a having deep rapid, BCMA that well in preferable efficacy of again advantage ABECMA therapy as the responses in to therapy the make So as CAR, there single choice. both lines to going is

Nick Leschly

is of from well and So is which as we remain, speaking, evidence very ABECMA, earlier just an comments. earlier, data BMS see point get convergence time in think, is This Steve over lines. sort as just does the that you around efficacy view. we'll profile do and that is it Nick of the And world, happening mentioned into confident the again, of bode real happening broadly believe additional as we I safety

that start into we take setup, to capacity a scale, at, and let's supply I'd years of overlay populations as of get say, chain capabilities certainly anyone also this I time will subsetting in the to thing say, also going and number Last else think space. patient over a to you in use see of full, its are practical you're not us the which also

to well. has are a know it needs and sort we So overall, back as we to track BMS, we ABECMA is place, get And certainly it and think of relates on committed to that, that. as

Operator

Graybosch from comes question next Our Daina Partners. Leerink the line of with

Daina Graybosch

competitive If could profile that talk seeing. you, guys, you're the about more

You're talking about lot T-cell engagers. a

competing not their You're in by mentioning CAR hasn't CAR competing decline the T T other a name. And the sales. other seen

competing insight Ts So I question at where why versus CAR T? versus share T-cell versus you choice for a you do to the us limited T-cell date is, think available help center is could insights the only it's the ABECMA understand engagers. the both away guess the CAR share are And going available share taking the engagers where

Nick Leschly

This jump is then will and Nick. I comment, Chip in. can

just for name, is very that is a myeloma. be making difference important medicine Carvykti a problem clear, saying no by major have to it We because

what have you you do a if you there's is we'll do and settled. was got and and point, that. here the should is with supply engager you you evolve CAR a clinician, believe that's not saying settled on, a necessarily dynamic available, and is no where comment perhaps only we interfaced line And then you're do it's that settle, what patient what has it it in, into practicality that have which we're when a they the if not dynamic door. that, more yet which data-driven. to driven, comes commenting At was the were T-cell being out and has Our That place is also is what

continue ABECMA there me sites sales will, up. ramp-up if in do to also that see It's to ramping but where ABECMA We still is is -- alone, many are will that you aren't a down, quote Carvykti their they're phase. surprising not

they for You have, longer recall, considerably the been marketplace in than cetera. out et we've

BMS' and going real-world we've So That's over as to dynamic today's that's to is believe in of across and what into, think those going to necessarily go data well shared view, dynamic And will earlier to XX the line spoken the view, I now. And utilization months that's we're I marketplace. don't think our we're be data as from that. settled the that and myeloma. support medicines deliver the we a time, X

Any additional comments, Chip?

William Baird

No.

I think it's said. well

we CAR and label. T-cell probable, I community constrained think particularly are from the think and terms Certainly capacity to commercially, in setting about the angles. relative X competition that utilization more when the the Ts of was from of engagers

think, that a CAR engager a as suggest, CAR the patients. from perspective for the T clinical increases, T ensures T-cell using BCMA-directed evidence before Today, outcome capacity optimal we and a

regard of So that's an to the that important competition. message with side

With was a and BMS regard CAR to constrained other time, a long were -- in we more for environment. of Ts,

that's doing I less that think there is talking the profile commercial that Now perspective. efficacy about true, an they're from out things. And

Importantly, in a important a and of of the sort. neurotox, things turnaround terms differences there and perspective how manufacturing terms perspective of then rates and in safety and time, that spec

take it, those field. of out of and things the all the time things with So can But opinions all message into perceptions beliefs those that in to and go those change. there were

Nick Leschly

other is is some myeloma market and on sort full people this utilization not of where think one there's saturated. lost not thing market. that the is, And This is a that a throughout education I market is

BMS' not in getting is point XX% there's advanced and time. that pretty this are estimates at estimates an Our close treatment to

point in settle that will think and additional you part term. you where way. us to the is I that. a then ultimately the access we in here. Carvykti certainly centers make that's were support opportunity the if where very think that from -- that's T-cell hence in that's the And our exceeds plan huge think over can sit drug and compare impressive specific up missing And term. standing to the and development And long actually quite this. data we bigger it at is who benefit there's will I the of So versus charging for sure own you can a other BMS we're and picture And the the engagers and be And ABECMA, that everyone Carvykti mentioning, will.

over and start will to settle It script. some But Chip where we can have actually the at his it earlier let that settle take point time, mentioned the deliver to real But have in in conversations, time that's that's to supply what in. time. actually

Operator

question Samantha of the next Our comes line from with Semenkow Citi.

Samantha Semenkow

Just X for me.

ASH, noticed -- expecting you at So KarMMa-X. survival overall you're to for noted you data the present interim

for slots As FDA can fall next to as the see of BMS providing into for assuming and a we treatment we data head ABECMA, has review? get approval quickly to label? you month begin upcoming OS expanded patients myeloma, share And you part third-line PDUFA the whether requested the their under the can how that

Nick Leschly

I'll that, it to second. be it relates a and as given the to high at to But ASH I sort PDUFA think. closeness and you the the what where here question, engagement certainly see kick FDA, can to Good of we Steve speak on that, with a conversation just at Steve, comment don't we but what speak know, Maybe so we'll to over presenting? ongoing the we can level, you anticipate in

Steven Bernstein

survival, anything isn't preclude we with lot There to the obviously, to are on abstract than to data the except want say the presentation. abstract, a that. that overall going Yes, present don't I more in

see So the there. data you'll

that arm And the go on that important did it's ahead design actually it get of the did was of who patients the confound standard the that there of over progress that design to keep study data. ABECMA, a crossed for XX% patient-centric care ABECMA in allow care so to standard Remember, the to arm. were survival obviously, will and from patients always and mind of

the But on and go data. you'll I see presentation survival more encourage to ASH, you the to detail at

Nick Leschly

always It's awkward. Steve. Thanks,

Operator

of comes John Canaccord with Newman Genuity. question the line from next Our

John Newman

are in today It's we think call interesting some that extent. the all to still help are where a still CAR Ts market on listening the the constrained made by I can't dynamic. to comments you've that supply competitive regarding but

you I how that And you benefiting to of I vector, if curious you what said which talk just see into in make about where I'm suspension or the that increasing exactly is that might could transition believe XXXX. to And early ABECMA. sort still the think play planning will about happen supply you're

Nick Leschly

Nick. question. is Good This

the as I will the this think constraint equation. less Chip of But well. on I is comment the around think vector side

I goods. to as right, perhaps which suspension, have think, the certainly cost us us as is And will vector. it move never also, sure that plan, over in towards that help make we help constraint of relates time, you're will and a we

is a But after. is sites, can can as where in where Maybe has constraint get on deliver sure Ts make to we there And that we Chip and has open that out we patients we more increase drug this been the pretty in for more that gone product. CAR comment significant this to the BMS access setting. that to up is believe the demand on all

have let you relates add to if Chip, it to extra I'll that. as anything

William Baird

No, and capacity. But of that's there, Suspension will manufacturing the future performance sold. drug capacity the governed supply the take us a well we've will rates. factor made as patients, in terms and inspect constraint. by off field as good and We'll really, market help market can in goods the be of how cost on said. ramp well largely in product the turnaround cost both quickly treating table others growth with of continued pretty time we the progress, high-level And as potential

capacity to those of can that the true to All the you deliver ultimately field. contribute

Nick Leschly

the players need more you're lot with that of And dealing make you consistently to you the just the important, doesn't then on and patient provider you're intervene, I supply get because keeps, think time, to certainly let's when a a patient that, help. to that think more that in want game I as and going say, is choice have a

are it already travel. safety travel? this is, the complicated things of to right? What What's like, going the they it's think they the is -- I profile? Can is get can than rapidly what not patient, what's specific more But

it lot There I it, consistently, factors. is the Can predict get do right? I of a actually safety When profile. order I

already to that ABECMA from going around, cases, to Carvykti gone some ABECMA a center-by-center users basis, Carvykti a from sort on the to being users. and users way seeing We're of in users other

going And anticipate as see comfortable used which both we're to experiences to and experience. an own to that either get to maybe due they're populations their institutional personal and people medicines

spread that's entire if just over the eligible until we're go going that, that this population we the country And all to that's seeing going not there's that to and So point beginning, get on centers but will. And medicines. over across up running still a settle, ground, into and that's the settle these we've huge time. I'll we which to to more come is is back earlier, made to out tap way

will getting beat And if to contribution certainly share, category. then you I think cure hopefully the and each of myeloma will, have, into a us a I think,

Operator

time. And currently further this the I'd over closing for call to like turn Nick questions I'm Leschly showing to remarks. at no back

Nick Leschly

feel be get any the And you to clear, very here, our Thank you with then much. much. Thank anything I of more was or everyone not Have to free or happy you. Liz a great then if up appreciate we questions to we'll taking you very have follow day. back said time. detailed sort and folks please

Operator

for you Thank participating. today's conference concludes call. This

disconnect. now may You

2seventy bio (TSVT) 14 Nov 232023 Q3 Earnings call transcript