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Bluebird Bio Operating Expenses

|About: bluebird bio, Inc. (BLUE)

Bluebird (BLUE) C14-C16 R&D Spend

R&D spending increase over two years was $142m or 227%.

  • $26m of increase in direct R&D was for manufacturing costs. $15m of increase in preclinical is for milestone payments ($10m CMO, $5m Pregenen).
  • LentiGlobin $46m: conducting 4 Northstar clinical studies (US, Australia and Thailand), Northstar-2 in France and US and planned Northstar-3 for 2017. TDT/SCD
  • Preclinical $26m (increase higher because C14 included bb2121) includes $15m milestone payment in preclinical. $10m for contract manufacturing contingent pay for Lenti-D and LentiGlobin.
  • Employees and SBC $26m
  • Facilities $15m
  • bb2121 $13m (was in preclinical in C14). Lead Celgene product oncology
  • Platform $10m gene therapy
  • Lenti-D increase $6m Starbeam clinical study CALD

G&A almost tripled from $23m to $65m primarily from hiring including SBC and consulting.

C15-C17 R&D Spend

R&D spending increase in C17 was $68m.

  • Direct program expenses made up $50m of increase including $18m for manufacturing.
  • LentiGlobin represented $18m and oncology programs bb2121/21217 increased about $20m
  • Preclinical spending increased $18m (bb21217 was preclinical in 2016).
  • Employee hiring represented the indirect spending increases.

G&A spending increase in C17 was almost $30m (43%). Most of this increase was employee related spending.

Quarterly operating expense summary

C18 quarterly spending notes:

  • Spending for 1Q18 increased $12M or 10% sequentially. Total employees increased from 479 to 518.
  • Spending for 2Q18 increased $24m or 18% sequentially. Headcount increased from 518 to 600. Increase split between R&D and G&A.
  • Hiring ramp does not appear over. Open requisitions per careers section of website indicates 122 jobs were open on Sept 30, 2018.
  • 2018 ramp appears to at least partially be related to preparation for commercialization.