bluebird bio Inc (NASDAQ: BLUE) Announces Q2 2022 Financial Results And Updates on beti-cel and Eli-cel Therapies

bluebird bio Inc (NASDAQ: BLUE) has announced its Q2 2022 financial results and offered business highlights for the quarter ending June 30, 2022.

bluebird bio reported revenue of $1.5 million 

The company had revenue of $1.5 million in the second quarter compared to 0.1 a year ago. Net loss during the quarter was $100.1 million, or the quarter ending June 30, 2022, relative to $155.8 million a year ago. Cash and Cash equivalents at the end of the quarter were around $2218 million plus restricted cash of around $45 million. The company expects a cash burn of less than $340 million for the full year.

So far, bluebird bio has raised around $24.7 million in gross proceeds from the At-the-market equity facility. Out of the gross proceeds, the company realized $8 million in net proceeds in Q2, which are reflected in cash and cash equivalents, marketable securities, and restricted cash as of June 30, 2022. bluebird bio is considering additional financing opportunities that include private or public equity financing and monetizing priority review vouchers that can be used following eli-cel or beti-cel.

FDA’s advisory committee unanimously supports eli-cel and beti-cel therapies 

CEO Andrew Obenshain said, “The second quarter marked significant progress for bluebird bio and a precedent-setting moment for the field of gene therapy. With the FDA advisory committee’s unanimous support for beti-cel and eli-cel for their target indications, we are now laser-focused on commercial readiness, and if approved, we anticipate launching both therapies in the fourth quarter of this year. Additionally, this quarter we advanced the remaining CMC steps ahead of our lovo-cel BLA submission, and we remain on track to submit the BLA in the first quarter of next year.”

On June 10, the US F’s Cellular, Tissue and Gene Therapies Advisory Committee (CTGTAC) unanimously voted that betibeglogene autotecel (beti-cel) gene therapy outweighed risks for patients with beta-thalassemia that require transfusion. Also, FDAT CTGTAC voted that elivaldogen autotemcel (eli-cel) gene therapy outweighs the treatment risk for any sub-population of children with early cerebral adrenoleukodystrophy.