2seventy Bio to reduce workforce by 40% for $130M + in savings in FY24-FY25

“The difficult but necessary changes we are making to our workforce, our programs and our cost structure reflect our commitment to advancing our pipeline and achieving value creating milestones with existing cash,” said Chip Baird, chief operating officer. “Our U.S. Abecma collaboration provides a source of revenue to offset investment in our pipeline programs, and while we continue to be optimistic about Abecma’s future, particularly given the potential third-line label expansion at the end of the year, we are planning conservatively. We expect today’s changes will preserve runway into at least 2026, and we will continue to focus on careful expense management and thoughtful capital allocation while staying true to our mission of driving programs forward for patients in need. I echo Nick’s gratitude to the members of our team who will be departing 2seventy and look forward to continuing to uphold 2seventy’s unwavering focus on patients as we move into a new chapter.” Elimination of 176 roles, representing approximately 40% of our workforce Expected annualized cost savings of at least $65 million, or approximately $130 million in the 2024-2025 period; additional savings possible as we continue rigorous efforts to right-size facilities and related external spend by 2025 to better reflect our current needs. One-time restructuring costs of approximately $9 M, primarily incurred in the third quarter of 2023. Implemented a capital-efficient translational development paradigm blending internal manufacturing (270-MPH), our expanded JW Therapeutics collaboration as well as select academic centers to efficiently explore our innovative cell therapies in the clinic Current balance of cash, cash equivalents, and marketable securities expected to support operations into 2026.