2seventy bio, Inc.: restructuring charge — 2seventy bio cuts workforce 40%, CEO to step down, Abecma revenue guidance lowered

2seventy bio, Inc.

Workforce reduction of ~40% (176 roles); expects $130M+ savings in 2024-2025 and $9M one-time costs; cash runway into at least 2026.
CEO Nick Leschly to resign upon successor identification; plans to become Chairman. CFO Chip Baird promoted to COO.
FY2023 Abecma U.S. revenue expected below prior $470-$570M guidance due to Q3 decline.
bbT369 Phase I continues; SC-DARIC33 on clinical hold; two new programs (MUC-16, MAGE-A4 TCR) approaching IND in 2023.
Expanded JW Therapeutics collaboration to include solid tumor and autoimmune CAR T programs.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Nick Leschly

president and chief executive officer

2seventy bio, Inc.

Filed: September 12, 2023, 7:59 PM ET

Nick Leschly, the Company’s president and chief executive officer, notified the Company’s board of directors of his intent to resign as president and chief executive officer upon the Board’s identification of his successor.

Role change

William D. Baird, III

chief operating officer

2seventy bio, Inc.

Effective: 2023-09-10
Filed: September 12, 2023, 7:59 PM ET

the board of directors of the Company appointed William D. Baird, III as the chief operating officer of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Nick Leschly departed as president and chief executive officer at 2seventy bio, Inc..

Action: resign
Role: president and chief executive officer

Exact text from the filing

Nick Leschly, the Company’s president and chief executive officer, notified the Company’s board of directors of his intent to resign as president and chief executive officer upon the Board’s identification of his successor.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

William D. Baird, III was appointed as chief operating officer at 2seventy bio, Inc..

Action: appointed
Role: chief operating officer

Exact text from the filing

the board of directors of the Company appointed William D. Baird, III as the chief operating officer of the Company.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

2seventy bio, Inc. announced a restructuring with charges of approximately $9 million (approximately 40% of its workforce).

Type: restructuring
Charge: approximately $9 million
Headcount: approximately 40% of its workforce

Exact text from the filing

On September 12, 2023, 2seventy bio, Inc. (the “Company”) announced a strategic restructuring, including plans to reduce its workforce by approximately 40%. The Company expects this workforce reduction and restructuring will preserve its cash runway into 2026 and will be substantially completed by the fourth quarter of 2023. In connection with this workforce reduction and restructuring, the Company expects to incur one-time costs of approximately $9 million, primarily in the third quarter of 2023, relating to severance and retention packages and related benefits.

View on SEC.gov

3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Source: SEC EDGAR

accession 0001860782-23-000101

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