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.