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TheStreet Open House

Bluebird Bio Reports Fiscal Second Quarter 2013 Financial Results

Stocks in this article: BLUE

bluebird bio, Inc. (Nasdaq: BLUE), a clinical-stage company committed to developing potentially transformative gene therapies for severe genetic and orphan diseases, today reported financial results and operational highlights for the quarter ended June 30, 2013.

Financial Results

Revenues were $6.3 million during the quarter ended June 30, 2013 compared to $0.1 million for the quarter ended June 30, 2012 and include amounts allocated to research and development services from the Celgene collaboration.

Net cash provided by operating activities during the six months ended June 30, 2013 was $57.8 million. bluebird bio held $228.8 million in cash and cash equivalents as of June 30, 2013.

Total operating expenses for the quarter ended June 30, 2013 were $10.5 million as compared to $4.7 million for the same period in 2012.

bluebird bio reported a net loss of $4.6 million, or $2.13 per share, for the quarter ended June 30, 2013, as compared to a net loss of $4.6 million, or $23.21 per share, for the quarter ended June 30, 2012.

Recent Operational Highlights:

  • Completed an initial public offering raising approximately $104.9 million, net of underwriting discounts and commissions and estimated offering expenses
  • Initiated the HGB-205 study with LentiGlobin for the treatment of beta thalassemia major and severe sickle cell disease patients
  • Strengthened our Board of Directors with two additions, Wendy Dixon, Ph.D. and David Schenkein, M.D.
  • Signed a multi-year collaboration with Celgene Corporation focused on the development of modified chimeric antigen receptor (CAR) T cells for the treatment of cancer

"bluebird has made substantial progress during the first half of 2013 both operationally and in the clinic," stated Nick Leschly, Chief bluebird. "In June, we completed our initial public offering, strengthening our balance sheet and attracting a number of new shareholders. We are now focused on initiating two additional clinical trials in the second half of 2013, including our phase 2/3 CCALD study with Lenti-D."

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