By Colin Kellaher
Bluebird bio is shedding about a quarter of its workforce as part of a restructuring plan aimed at reducing its cash operating expenses by around 20% and enabling quarterly cash flow break-even in the second half of 2025.
Bluebird on Tuesday said it will further sharpen its focus on the commercial launches of its Lyfgenia, Zynteglo and Skysona gene therapies as it looks to attract the additional capital needed to extend its cash runway.
The Somerville, Mass., company, which has about 375 employees according to data from FactSet, said it will incur charges of about $3.7 million in cash expenditures for severance and employee termination-related costs.
Bluebird said its cash flow break-even target assumes scaling to about 40 drug product deliveries per quarter. The company said there have been 41 patient starts across its portfolio so far this year, and that it expects about 40 patient starts in the fourth quarter.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 24, 2024 07:26 ET (11:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.