bluebird bio, Inc. (NASDAQ:BLUE) Q3 2024 Earnings Conference Call November 14, 2024 8:00 AM ET

Company Participants

Courtney O'Leary - Director, Investor Relations
Andrew Obenshain - Chief Executive Officer
Tom Klima - Chief Commercial & Operating Officer
James Sterling - Chief Financial Officer

Conference Call Participants

Jack Allen - Baird
Gena Wang - Barclays
Jason Gerberry - Bank of America
CJ Yeh - Leerink Partners
Eric Schmidt - Cantor Fitzgerald
Sami Corwin - William Blair

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to bluebird bio's Third Quarter 2024 Results 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 note that today's conference is being recorded.

I'll now hand the conference over to your host, Courtney O'Leary, Director of Investor Relations. Please go ahead.

Courtney O'Leary

Good morning, everyone, and thank you for joining our third quarter 2024 results call today. My name is Courtney O'Leary, Director of Investor Relations at bluebird bio.

Before we begin, let me review our safe harbor statement. Today's discussion contains statements that are forward-looking under the Private Securities Litigation Reform Act of 1995, including expectations regarding our future financial results and financial position in addition to statements of the company's plans, expectations or intentions regarding regulatory progress, commercialization plans and business operations. Such statements are based on current expectations and assumptions that are subject to risks and uncertainties and involve a number of risk factors that could cause actual results to differ materially from projected results. A description of these risks is contained in our filings with the SEC, which are available on the Investor Relations section of our website, www.bluebirdbio.com.

With that, I will turn it over to bluebird bio's CEO, Andrew Obenshain.

Andrew Obenshain

Thank you, Courtney, and thank you everyone for joining our call this morning.

As a gene therapy pioneer and the only standalone commercial-stage gene therapy company in the market today, we have built what we believe to be an unparalleled foundation over the past two years since our first FDA approval with a robust qualified treatment center network, proven access and reimbursement and demonstrated demand for our therapies from both patients and from providers. Today, we are seeing the results of those efforts.

Since we reported our Q2 earnings in August, we have more than doubled patient starts from 27 to 57 across our portfolio. We initiated steps to reduce our cash operating expenses by 20% in Q3 2025, and we've laid out a roadmap to financial stability and cash flow breakeven in the second half of next year should we accomplish our goal of securing additional cash resources.