2seventy bio, Inc. (NASDAQ:TSVT) Q3 2024 Earnings Conference Call November 12, 2024 8:00 AM ET

Company Participants

Morgan Shields – Corporate Communications
Chip Baird – Chief Executive Officer
Vicki Eatwell – Chief Financial Officer

Conference Call Participants

Samantha Semenkow – Citi
Daina Graybosch – Leerink Partners

Operator

Good day and thank you for standing by. Welcome to the 2seventy bio Third Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Morgan Shields in Corporate Communications. Please go ahead.

Morgan Shields

Thank you, operator. Good morning, everyone, and thank you for joining us. This morning, we issued a press release on our third quarter 2024 financial results. The press release can be found in the Investors & Media section of the company's website at 2seventybio.com. As a reminder, today's discussion will include forward-looking statements related to 2seventy bio's current plans and expectations, which are subject to certain risks and uncertainties. These forward-looking statements include statements regarding our strategic plans, timelines and expectations with respect to sales, efficacy and perceived therapeutic benefits of Abecma and statements regarding our financial condition, expectations and future financial results, among others.

Actual results may differ materially due to various risks, uncertainties and other factors, including those described in the Risk Factors section of our most recent Form 10-K, quarterly reports and other SEC filings. These forward-looking statements represent our views as of this call and should not be relied upon as representing our views as of any subsequent date. You are cautioned not to place any undue reliance on these forward-looking statements, and except as required by law, we undertake no obligation to update or revise any forward-looking statements. On today's call, we are joined by Chip Baird, Chief Executive Officer; and Vicki Eatwell, Chief Financial Officer.

And now I will turn it over to Chip. Chip?

Chip Baird

Thank you, Morgan, and thank you all for joining today's call. It's hard to believe that we have six weeks left in 2024. Looking back, we've navigated a tremendous amount of change at 2seventy this year. As a reminder, we ended 2023 with 277 employees, a burn rate of $63 million in the fourth quarter of 2023 and uncertainty surrounding Abecma's earlier line approval and return to growth. In 2024, we've accomplished a tremendous amount to improve this picture. We've successfully completed the sale of our oncology and autoimmune R&D pipeline to Regeneron, including about 160 employees in the majority of our real estate footprint for the next several years.