TSVT - Earnings call 4 2023 | 2seventy bio, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and thank you for standing by. Welcome to the 2seventy bio Fourth 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. Please go ahead.

Elizabeth Pingpank Hickin

Thank you, operator, and good morning, everyone. us. joining for you Thank This morning, quarter on fourth press issued full year a and release XXXX our we financial results. can the Xseventybio.com. The Media release be the in press Investors section of company's at website found &

timing to As a will and subject current timelines discussion our and reminder, expectations uncertainties. statements benefits the with are expectations respect These and which of certain regulatory include and Xseventy among and statements strategic statements and expectations, sales, regarding regarding financials, others. conditions, include and of plans therapeutic perceived review to bio's applications forward-looking today's related to risks efficacy forward-looking financial and statements plans, Abecma studies future additional Abecma, for our

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

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

for Executive are Chip joined line On Financial today's call, we Vicki Baird, Officer; incoming Eatwell, Anna Head Q&A. by also of the is on Chief Truppel-Hartman, and Officer. Chief incoming Clinical Development,

turn over it to I'll now, Chip? And Chip.

William Baird

of This Officer, and into joining like our year Liz, I'd business Financial on we will you, through operational XXXX recent Thank updates and then incoming us. the our detail walk morning, results and fourth to business Eatwell, thank for all financials. go and Chief some financial you disclosed Vicki quarter full and the updates.

will January, in wholly a have be an announced focused that organization new strategic we on Abecma. on path forward as as embarked First, we

track we've purchase pipeline. of an made Regeneron As pleased to forward, our entered first agreement that development and this to share I'm on and believe close the asset the part new agreement path are within research into we continue to acquire on the good year. progress with of to we half

looking sBLA in the discussing Turning the to week. upcoming to third at meeting ODAC next Abecma, we're line our forward

has as data see the on other in Japan this here in are shared, KarMMa-X these presented respond focused for study was said triple in from a the when class-exposed they to EU, the and at patient a approve a in importantly plus overall crossover. positive Abecma which CHMP in survival positively Abecma believe opinion approvals pleased FDA and We're well Switzerland adjusted geographies regulators which approval the across to case we've We us As benefit in data third potential as line population. support with U.S. arm confidence showed gives the ASH the

and at Our ODAC, clinical the forward have BMS for at preparation thorough week. been to Xseventy teams and look meeting and next diligent our the and regulatory in we

footprint and a other demand BMS Abecma to with and real-world to addition safety and efforts in to patients other continue are on Abecma for in expand These to need. profile efficacy Abecma importantly, and time to inspect efforts site ongoing competitively deliver data. and perspective, differentiate the the catalyst return to we To that returning the approval lines line growth. to a are key is anticipated commercial setting plus From for in end, third in prepared meet

myeloma. We Abecma excited remain and on for these look together potential lives about of patients we with living data to BMS with educating transform the the communities forward to the

for cash and our patients runway, we positioned see believe strongly efforts extended in and growth Xseventy to need. year this is these Abecma to deliver With return

Vicki some to you. over to the call like of to our turn to I'd Vicki, walk close, financials. through I Before

Vicki Eatwell

Chip. Thanks,

will quarter were to commercial sales Squibb As anticipate BCMA for as will first the increase potential patient in dynamics fourth ongoing by population. the We impacted to reported from revenues competition addressable be expansion until which of $XX of line competitive The XXXX that U.S. continue was fourth quarter the Bristol-Myers due by to part setting, third Abecma performance targeted decline plus mentioned, other the the million. therapies. label

marketable fourth the bio and of XX, arrangement meaningfully and commercial of ended collaborative collaborative cash, months reported for arrangement We to Abecma with ended related of its as In XX, see revenue $XX Xseventy BMS arrangement its collaboration X $XXX.X ended equivalents We months the grow growth. we XXXX. to BMS for return December million cash revenue related XX $X December the collaboration revenue to with million quarter, XXXX, securities. million anticipate the to collaborative with year

cash measures With cost in XXXX, our foreseeable XXXX agreement restructuring go need inclusive markets to and restructuring breakeven asset approximately million and We expect beyond the structure XXXX, following million. annual purchase capital XXXX of the million approximately million path $XX future. to the a approximately see of funding the onetime Regeneron, $XXX runway costs by obviating of the $X the and from with in to savings now resulting potential the $XXX in to we expect cash close changes from of to

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

William Baird

Thanks, Vicki.

milestones in we myeloma to soon to clear position. navigate I'd term, first to in to close a partners waters mission for with Regeneron, the stronger Abecma at in With ODAC not BMS task need. and with much positioned to of support challenging forward they at the emerge feel at look losing quarter and PDUFA are our as We close, continuing we to well key patients we near thereafter, hand. the for the thank Before coming these the like APA sight Xseventy team and continuing bring

Operator, we're you. your that, to over happy With to questions. take

Operator

the line Daina Our of comes Leerink with Instructions] from first [Operator question Partners. Graybosch

Daina Graybosch

question I'd like ask a to about profile. toxicity

in forms expect how But are severe, often wonder delayed of a that And severe necessarily you've think less not whether toxicity discussion seeing at the conversations be neurotoxicity, you're I are with of your the ODAC? more past to field point potential lack the spoken the a in major the you revenue I And that the of the that advantage. still whether doctors numbers. in going?

William Baird

question and Daina. move that's a and it label available options increasingly I when kind It's as at for line earlier projective profile different. risk broadly the are we benefit just a the some Thanks, important that's been that time. when profile, becomes on known treatment is commercial other the would one comment towards good tox settings there and inherently of

important an think as that third be plus this we I setting. So will line into move factor

perspective. Anna But we'll to to comment turn a it MD and clinical Anna? perspective from

Anna Truppel-Hartman

] growing as Thank which Daina. is had well important Chip. you. also you, [ the an field, to in is you, It Thank River on also to note impact that experience

So these there in evidence with data, that products, influence delayed I has a see as other the or month Abecma. all last product. think see profile as will the been neurotoxicity such can also some published for we for that [ much of of is how wealth so, was last treaters not lots Parkinsonism, And there River kind ] data as the of the toxicity for

Operator

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

Unknown Analyst

is for This Salveen. [indiscernible]

supports piece what ODAC you Just of best think on do the overall data? the data key survival meeting, upcoming

William Baird

want to comment you on do Anna, one? Yes. that

Anna Truppel-Hartman

the question. for you Thank very Yes. much

a the crossover. survival is key So overall factor, has data which a confounding

when Chip study a survival. by adjusting Abecma of really We And and very for care But crossover, haven't patient-centric we have of difference it a the seen favor as to before, therefore, between overall Abecma. standard mentioned seems design. used then the

So point an looking this overall important at of data. is kind when survival

the due some ide-cel for In to the ITT you've adjusting the survival as therapies addition early impact that, [indiscernible] importance of and overall, therapies, in the seen favoring discussions for when imbalance seems well crossover. have to population. part the of had the we really but be And of therapies around bridging bridging overall to bridging

William Baird

in -- the and And said authorities. Europe the only overall thing survival as focus a there was Japan of, is in and Swiss regulate Yes. discussions I'd regulatory before, regulatory add we and

is a this the topic we've for regulators the about had So team meeting. diligent the experience talking been to prep and has that

we discussions look Friday. so next to forward And

Operator

the Yaron with Our next from Cowen. question comes TD of line Werber

Unknown Analyst

] Jana [ is Yaron. on for This

CXXX be from competition bispecifics, but always to and Carvykti think going lead looking to -- Abecma's to competitive You're further lot that market sufficient CAR-Ts is enough do several out, a demand CAR-Ts facing as is [indiscernible] you co-exists? increasing of to [ for upstream and do be move with be Or CAR-T you development going like think even or Novartis' newer ]?

William Baird

question. the for Thanks Yes.

one And demand. again, opportunity market the significant. third of It's and of the market. history progress for the different expand current scenario. all never It be I difficult has meet line a plus complex the always manufacturer huge myriad myeloma of label a will lines ways. from to take as expanded think Patients therapy winner a is a been we to through setting, is that any market. This different

about we more to of more outside alluded actually study at we therapies, and a as in setting their Anna but that's think long in as And controlled real-world very before, these as the strict the look best not our going clinical play real use understand evidence time. confines and what's best and we for emerge and the to world, over understanding And product application of population out differences patient a evolves. the the and

of efficacy risk the of mindset, profile profile. an somewhat We in setting like think of of think all convenient third nuance products. it's the but take it's these we I it's -- we -- forward plus and competitive, line safety said, benefit has as kind different that's the look a We on balance we a of to year. world oversimplification the the outside and winner simple and like a and Abecma. that that's the -- think between -- educating the taken we And that's throughout

Operator

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

Kelsey Goodwin

of CAR-T that's the what a I arising look? major are being data? And us guess on follow-up the And already you differentiation real-world that the these then are the guess, remind you on I for evidence bit a sites Could footprint. with maybe could will Abecma key just that have out there? generated, build just areas existing real-world expand quickly increasing how infrastructure? maybe are site that

William Baird

points Kelsey. site are and the the real-world emerging about first, footprint evidence and question then in Sure. differentiation Maybe that world take Thanks, talk setting. real I'll can we the of

From for for later the U.S. large available where we difficult. Abecma market we've we've like a important whom for described in the -- patients continue a is site travel footprint line before, patients is really increase as of particularly patients, extended that's number perspective, to sites

So over again, made and make academic more we available larger continue we've as a sense. larger for have just was started that's footprint of patients. the centers expand But we and that footprint increase to lot And and time. catchment where to to in the going plans more larger that cities Abecma

competitive But and profile in efficacy profile our ability the be driver. to is commercial important describe setting. and think an the that's safety of I the plus to efficacy line going both main Abecma one third of So -- the the articulate

In closing I of and the evidence, again, the safety it's what efficacy in think real-world the seeing differentiators of terms gap a perspective. from of we're some those and competitive both

Anna, it But, be I to think best comment on would that.

Anna Truppel-Hartman

Chip. is set that study. increasing you, that commercially. [ it's we looked is The wonderful at that and the to with Thank what a reproducible the now Abecma ] the data see Yes. are data we And pivotal for KarMMa -- evidence while see of is really available River data bulk can from data, being whatever

So better efficacy. for of been real many the in efficacy are the even note, pivotal either study. patients those any shown have of data that eligible set wouldn't or treated world has same And

] to see Abecma evidence beneficial regards encouraging that to the also is very data efficacy with River but seems regards very for to [ safety. to this with be So

there think to compared to et delayed looks do mortality approved the was cetera. new Abecma agents the myeloma or I data or lot very infections profile with neurotoxicities, other safety profiles of around regards in also and good a also there, of non-relapsed

body So very real showing of see results. we positive are to in the I pleased world is the do how think evidence

Operator

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

Samantha Semenkow

decision on receiving types to if use? I'm utilize are are -- would insight centers Abecma? Abecma to any seeing able Abecma to you're several making be months physicians of of versus What share wondering How provide you [indiscernible] continuing quarters? are utilization trends last insights Abecma's you're the able helpful. receive to Any patients or over the

William Baird

it's niched Abecma think really patients. a terms Sam, used. yes, thanks of to being of say in for how it's we tend I the would Again, site-specific given for of don't type being question.

Abecma setting, looking about impact how given deployed. line patients. line think as think we and to I in terms the only the side all site it a subset certainly, or plus and multiple third on fifth being CAR-Ts. we see that it's side, Abecma really, the of don't Those different it's Abecma's whether forward engager niche are So But factors have they think to but of depends T-cell both I whether Abecma

a Anna, add? clinical anything from But, to perspective

Anna Truppel-Hartman

you. Thank No.

Operator

the Thank you. over to further back I'm for time. like at this showing hand remarks. I'd questions Baird call to no closing Chip

William Baird

Thank be great talking call today. you, everyone, the time day. for forward again we'll side I'm making to We this sure wish of more Thank ODAC that, meeting updates week. a for With sharing the everyone look and you. I on

Operator

you This concludes patience. Thank call. your for conference today's

disconnect. may You now

2seventy bio (TSVT) 5 Mar 242023 Q4 Earnings call transcript