Bluebird Bio Inc. (NASDAQ: BLUE) stock rose by 10.35% at last close whereas the BLUE stock price declines by 2.2% in the after-hours trading. Bluebird Bio is a leader in purpose-driven gene therapy. They create gene and cell treatments for severe genetic disorders and cancer from our Cambridge, Massachusetts, headquarters, with the goal of allowing individuals with life threatening conditions and limited therapeutic choices to live complete lives.
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BLUE stock’ Financial Highlights
Bluebird Bio announced its second-quarter financial highlights. The summary is given below:
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- Cash, cash equivalents, and marketable securities totaled $941.6 million and $1.27 billion, accordingly, as of June 30, 2021, and December 31, 2020. The decline in cash, cash equivalents, and marketable securities is largely due to cash spent for routine business operations.
- Net revenues for the second quarter ending June 30, 2021, were $7.5 million, relative to $198.9 million for the same period in 2020. The decline was largely due to a cumulative catch-up adjustment to revenue reported in the second quarter of 2020 in conjunction with the May 2020 BMS contract amendment.
- For the second quarter of 2021, research and development costs were $144.3 million, relative to $156.3 million for the same period in 2020.
- Selling, general, and administrative costs for the second quarter of 2021 were $78.6 million, relative to $68.6 million for the same period in 2020.
- The net loss for the three months ending June 30, 2021, was $241.7 million, compared to $21.5 million for the same period in 2020.
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Nick Leschly, chief bluebird commented,
He is really happy with what bluebird has done this quarter in terms of operations and strategy in order to prepare for the launch of both bluebird bio and 2seventy bio. They have built a solid basis for both businesses seven months after announcing their plan to divide, owing to the tremendously hard work of both staff. The ABECMA launch is setting records, and oncology INDs and serious genetic disease BLA submissions are on schedule for later this year. For each firm, however, they have developed distinct visions and leadership teams. Importantly, they’ve made difficult strategic decisions to alter the entire cost structure in order for both firms to thrive. Importantly, they’ve made difficult strategic decisions to restructure the entire cost structure so that both firms can launch in a good position to hit key value-creating milestones.
