Biotech Values

[DewDiligence]

BLUE—(-13%)—discloses accounting screw-up—issues 2024 patient-start guidance:

https://finance.yahoo.com/news/bluebird-bio-reports-fourth-quarter-110100135.html

On March 26, 2024, bluebird announced that it will restate its consolidated financial statements for 2022, and for the first three quarters of both 2022 and 2023 in its Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"). The restatements relate to the identification of embedded leases and the treatment of non-lease components contained in lease agreements with contract manufacturers. As a result, the Company anticipates recording an increase in lease assets and lease liabilities, as well as an increase in non-cash interest expense in each restated period.

Meanwhile, BLUE issued 2024 guidance for 85-105 combined patient starts for its three approved gene therapies: Lyfgenia, Zynteglo, and Skysona. In 2024 to date, BLUE has performed 9 patient starts for Zynteglo and Skysona, while Lyfgenia has not yet had a patient start. In 2023, BLUE had 26 patient starts on Zynteglo, and Skysona.