2seventy Bio, Inc.

关注并星标CPHI制药在线 在细胞与基因疗法（CGT）这个被誉为医疗革命前沿的领域，正上演着一出冰火两重天的剧目。一方面，科技突破与治疗前景让无数创业者和投资者为之狂热，初创公司如雨后春笋般涌现，以创新的治疗方式引领下一代医疗科技的发展，每年吸引着大量的资本涌入。投资者相信，这些技术有潜力为罕见病患者带来前所未有的治愈希望，因而推动了大量的早期融资与并购潮流。 然而，另一方面，这些企业的命运却往往如流星般短暂而灿烂。尽管初期前景光明，但现实却异常残酷：临床试验的高昂成本、监管障碍和技术瓶颈接踵而至，导致大量企业在黎明前夭折。2024年，CGT领域的大规模裁员浪潮再次席卷而来，许多企业在资金链断裂和失败的临床研究中艰难挣扎，一些备受瞩目的公司甚至在融资高峰后迅速陷入困境，行业不稳定性显露无遗。 这种生死循环的动态，使得CGT行业如同一场资本与科技的豪赌：巨额投资与大规模裁员、创新突破与企业倒闭，交织出一幅独特且矛盾的景象。在这背后，既是行业发展的潜力无限，也是现实挑战的冰冷无情。 1. CGT企业2024大规模裁员不断 最近加入大规模裁员行列的CGT企业是SalioGen Therapeutics，他们筹集了1.35 亿美元开发新型基因编辑技术，但短暂的喜悦之后就是残酷的现实，兴尽而悲的SalioGen已开始大规模裁员，并正在缩减其发展目标。 SalioGen 成立于 2021 年，是全长基因插入技术的创始者之一，突破了基因编辑技术CRISPR的技术瓶颈。然而投资者对基因编辑的热情很快显露出兴致阑珊的迹象，尤其是开发基因插入的生物科技公司最受影响。这种譬如朝露般的热情变化的背后可能是一系列因素的协同作用，比如基因插入技术涉及复杂的科学和技术挑战；当前的宏观经济环境可能促使投资者更加谨慎，倾向于投资风险较低、市场路径更明确的技术；基因插入技术面临严格的监管要求，获得批准的过程可能漫长且昂贵；投资者可能对基因插入技术的长期投资回报持怀疑态度，尤其是在短期内难以看到显著的商业化成果的情况下。这些因素共同作用，可能导致投资者对基因插入技术的兴趣减弱。投资者可能更倾向于支持那些已经展示出明确临床差异化和市场潜力的项目。从事基因插入技术开发的Tome Biosciences 在 8 月就已宣布将大规模裁员，而不到一年前，他们还宣布筹集了 2.13 亿美元。基因编辑的低迷既受到对基础技术的质疑，也受到对其商业模式的担忧，这些模式通常专注于开发罕见疾病的治疗方法。 总部位于马萨诸塞州Lexington的 SalioGen 是几家专注于跳跃基因（jumping gene）的生物技术公司之一。跳跃基因也称为转座子（transposon），是一种可以在基因组中从一个位置移动到另一个位置的DNA片段。它们通过一种叫做转座（transposition）的过程实现这种移动。 跳跃基因分为两大类：DNA转座子直接从一个基因组位置跳到另一个位置；逆转录转座子通过转录成RNA，再逆转录成DNA插入到新位置。 这些跳跃基因可能通过插入新的基因组位置，打断或改变基因的功能，影响遗传特征，甚至导致突变。在进化过程中，跳跃基因对基因组的多样性和复杂性起到了重要作用，但它们的不规则跳跃有时也会引发基因组不稳定或疾病。 跳跃基因在科学研究和生物技术中有着重要的应用价值。在基因治疗中，跳跃基因可以作为一种载体，将外源基因插入患者的细胞中，以修复或替换有缺陷的基因。跳跃基因技术可能对囊性纤维化等疾病有用，这种疾病的患者受到 2000 多种不同突变的影响。修复一种突变的治疗方法可以帮助一些患者。而囊性纤维化正是SalioGen重点研究的适应症，除此之外，罕见病Stargardt 病也是Salio Gene的研究对象。SalioGen 一直在研究在跳跃基因中起到关键作用的转座酶（transposase），它可以帮助将转座子从一个位置剪切下来并插入到另一个位置。 然而同Tome一样，Salio Gene命运在获得了融资之后急转而下。今年5月，他们还公布了Stargardt病项目在小鼠和猴子身上的数据，并计划在2025年上半年开始临床试验。然而10月份，Salio就公布了即将大规模裁员的消息，并有可能缩减临床研究计划。 Salio Gene并不是CGT领域今年实施大规模裁员的孤例，相反，CGT在裁员指数上似乎制造出了哀鸿遍野的景象。手握数款上市基因疗法的龙头企业Bluebird今年9月宣布将裁减25%的员工，而之前的2022年他们已经裁减了当时三分之一的员工。另一家基因疗法先驱BioMarin也于今年8月裁撤了225名工作岗位，这是继今年5月裁减170名员工后短时间内的又一次大规模裁员。由Bluebird拆分创立的2seventy bio也在今年进行了多次重组。今年2月份2seventy bio将临床前和临床细胞疗法项目转移给 Regeneron并裁员55人。2023年底刚刚成立的基因编辑初创公司 Tome Biosciences 今年8月也宣布将于 11 月裁员 131 人，之前不久他们刚获得了2.13亿美元的A轮和B轮融资。另一家专注于基因疗法的初创公司Intergalactic Therapeutics则在8月宣告破产。Intergalactic宣布破产的前一周，基因编辑生物技术公司 Homology Medicines 表示将裁员 87%，停止研究并寻找买家。根据最新的消息，开发肿瘤浸润淋巴细胞（TIL）的疗法的Turnstone Biologics公司宣布战略重组，将裁员约60%，约影响48名员工，并进行领导层调整。公司将把资源集中于其I期TIDAL-01项目的肿瘤浸润淋巴细胞（TIL）疗法。预计现金流可持续到2026年第二季度。TIDAL-01正在针对结直肠癌、头颈癌和葡萄膜黑色素瘤等进行多项I期试验。包括首席医疗官、技术官和财务官在内的三位高管将离职，其他高管职位也有调整。 2. CGT融资显著复苏，制药巨头纷纷加入 与CGT公司大规模裁员形成鲜明对比的是，同是这一阵营中的弄潮儿，很多CGT公司却在融资方面取得了快速的成果，为CGT领域制造了令人关注的悖论现象。 根据 GlobalData 的数据，与去年同期相比，2024 年第二季度制药行业细胞和基因治疗相关交易的数量下降了 38%，制药公司提交的细胞和基因治疗相关专利申请也减少了，但大型制药公司对于CGT的兴趣却并没有衰退。今年上半年相关投资达到了109亿美元，超过了2019年全年的98亿美元。 虽然CGT行业自2020和2021年的高水平以来面临投资逆风，但复苏的迹象可能正在显现。CGT行业经历了非常艰难的两三年。对处于临床前阶段的小型组织来说，这种挑战尤其明显。然而今年上半年近110亿美元的融资几乎赶超了2023年的总额（117亿美元），而且融资主要流向了拥有后期临床试验的公司。而美联储9月份的降息似乎也对CGT领域的融资的复苏产生了推动作用。2024年截至目前（10月14日），已经有22家生物技术公司实现了IPO融资，其中包括Kyverna Therapeutics于2月份进行的3.19亿美元的IPO，支持其抗CD19 CAR-T候选药物的研发。除此之外， Capstan Therapeutics 3月份进行的超额认购1.75亿美元的B轮融资和ArsenalBio 9月份的3.25亿美元的C轮融资也都与CAR-T疗法开发有关。这种不急不徐的状态比每年50笔以上的IPO要来得更加健康。 除了IPO和其它融资之外，大型制药公司的直接收购或是投资也是CGT复苏的重要动力。最近在美国Mesa召开的2024 年细胞与基因会议上，大型制药公司对于扩展其CGT影响的意图表现得非常明显。不同于CGT初期生物科技公司把持朝纲的状态，如今大型制药公司通过收购和内部开发的手段已经成为了CGT领域的主力。人们逐渐达成共识，资源丰富的大型制药公司在将CGT商业化方面具有不可比拟的优势，而这对于面临无数障碍的小型生物技术公司来说是可望而不可即的。大型制药公司正在塑造CGT行业的未来。 CGT开发商面临的最大挑战之一是融资环境，尤其是对于早期创业公司而言，资金稀缺。大型制药公司可以解决他们的燃眉之急。3 月，Capstan Therapeutics 完成了 1.75 亿美元的 B 轮融资，投资者包括强生、拜耳、BMS、礼来、诺华和辉瑞，所有这些制药巨头都在努力推动 Capstan 的体内 CAR-T（in-vivo CAR-T） 候选药物进入自免疫疾病的早期临床概念验证研究。9月份，ArsenalBio 在 C 轮融资中筹集了 3.25 亿美元，投资方包括再生元和BMS，通过ArsenalBio专有 T 细胞工程技术平台开发实体瘤候选药物。 有数据显示，市值排名前15位的制药巨头中有13家正在积极参与CGT开发。由于很多制药巨头的支柱型产品专利即将到期，面临失去独占权的风险，各大制药公司正在寻求细胞和基因疗法来填补迫在眉睫的空白。例如拜耳和强生的重磅血液稀释剂 Xarelto 的美国专利将于 2025 年到期。拜耳高级副总裁兼全球生物制剂开发负责人 Nuno Fontes 在会议上表示，拜耳目前的临床产品线在生物制剂和小分子之间平均分配，但在生物制剂中，细胞和基因疗法约占其产品线的三分之二。 安斯泰来也在寻求CGT的早期临床产品线。其首席战略官 Yoshitsugu Shitaka 透露他们已与总部位于伦敦的 AviadoBio 达成独家授权协议，使用后者 I/II 期的基因疗法治疗前颗粒蛋白基因突变的额颞叶痴呆症患者。安斯泰来将对AviadoBio进行2000万美元的股权投资。此外，AviadoBio还可能获得高达21.8亿美元的许可费、里程碑付款和版税，为此安斯泰来将预付3000万美元。 3.“CGT悖论”的背后力量 CGT开发领域今年营造出的东边日出西边雨的独特景象，背后有着多股力量协同作用，使得CGT领域一边不断地大规模裁员，另一边却有资金不断地注入，即给人一种乘雷上天般的鱼化为龙之感，却造成了譬如朝露一样的兴尽而悲之叹。 行业技术发展与市场适应性 CGT行业正处于快速变化之中，技术的成熟度和市场的适应性决定了企业的生存与发展。许多公司在追求技术突破的过程中，面临着临床试验的失败和市场接受度的挑战。 CGT行业的技术创新虽然日新月异，但不同公司在技术研发上的进展差异显著。一些企业，尤其是拥有强大研发团队和丰富临床试验经验的公司，能够较快地将其技术推向市场，获得市场认可和融资支持。相对而言，初创企业往往在资金、技术和资源方面处于劣势，缺乏成熟的产品线和足够的临床数据来支撑其融资需求。这导致那些未能实现技术突破或进展缓慢的公司，面临着被市场淘汰的风险。更有甚者，一些公司在获得初轮融资后，发现其技术未能如预期般成功，最终不得不通过裁员来降低成本并寻求生存。 临床试验是CGT行业中至关重要的环节，但也是最 具挑战性的部分。企业需要投入大量资源来设计和实施临床试验，确保其产品的安全性和有效性。然而，临床试验的复杂性以及高失败率常常导致投资者的信心动摇。许多CGT项目在进入临床阶段后，因未能达到预期结果而停滞不前。对于那些未能成功推动关键疗法的企业，裁员成为降低成本、维持运营的必要手段。这种情况在公司财务状况持续恶化时尤为明显，管理层可能面临巨大的压力，选择通过裁员来减轻负担，从而确保企业的生存。 融资环境的变化 2024年，CGT相关企业成功上市的案例逐渐增多，这为行业注入了新鲜血液。投资者对这一领域的热情恢复，这种现象不仅体现在融资金额的增加上，更重要的是，它反映了市场对CGT行业未来增长潜力的再评估。 资本市场的回暖促使投资者重新审视CGT的潜在回报，推动了更多风险投资流入这一领域。尤其是投资者更青睐于那些处于后期开发阶段的项目，认为这些项目在临床试验和市场准入方面的风险较低，回报预期更为明确。 在CGT行业，战略合作与收购成为企业拓展业务的重要手段。大型制药公司通过收购和合作的方式，增强了对CGT的投资，促进了资源的有效配置。这种合作不仅限于资金的投入，还包括技术的共享和市场渠道的互通。大型制药公司通过收购CGT企业获得前沿技术，进一步扩展其产品线，不仅实现了资源的整合与共享，还加速了创新的落地和商业化。 随着市场环境的变化，投资者变得更加谨慎，尤其是在经历了2021年的投资高峰和随后的市场调整之后。投资者开始重新评估其投资组合，倾向于减少高风险项目的比例，转而支持那些已经展示出明确临床差异化和市场潜力的项目。这种策略调整反映了投资者对风险管理的重视。投资者越来越青睐于后期项目，因为这些项目通常经过了初步的临床试验验证，成功概率较高，市场前景更为明确。一些企业拥有更先进的技术平台和丰富的临床试验经验，使得它们在吸引投资者和合作伙伴时具备更强的竞争力。反之，早期项目常常面临较高的失败风险，吸引投资者的难度加大，这种现象在CGT领域表现得尤为明显。这种趋势使得企业在规划研发路线时，需更加关注项目的进度和市场需求，确保在融资和投资者关系中保持竞争力。投资者开始采用更长远的视角，关注那些具有长期增长潜力的公司，而不仅仅是短期的市场表现。 市场竞争的加剧 在CGT行业，资本的集中化趋势愈加明显。随着技术的不断进步，资本逐渐向那些表现优异的项目倾斜。这种资源的集中化导致一些小型企业面临更大的生存压力，特别是那些在技术研发和市场推广上未能取得实质性突破的公司。为了在竞争中脱颖而出，这些企业不得不削减开支、裁员或甚至寻求并购，以寻求在行业中的立足之地。与此同时，大型企业则在市场中占据越来越重要的地位，能够通过收购和整合迅速增强自身的市场份额。 近年来，全球对罕见病和遗传性疾病的关注度显著增加，使得相关项目受到重视。这些领域的需求相对较高，但同时也是技术挑战较大的领域。那些能够提供有效解决方案的企业将更容易吸引投资。这些成功的项目往往能够获得快速的市场反馈和融资支持，推动其快速成长。而对于处于技术边缘的公司，则可能面临融资困难和市场压力，导致企业不得不采取裁员等措施来生存。 4.前景展望 在经历了2024年的融资复苏和行业挑战后，CGT行业展现出其独特的韧性与潜在的增长动力。尽管面临裁员与经济不确定性双重压力，资本市场的回暖和投资者对后期项目的青睐为行业注入了新的资金流动与创新机会。 资本市场的复苏，不仅体现在成功上市案例的增加，还反映了投资者对CGT领域潜在回报的重新评估。后期项目由于其更高的成功率和明确的市场需求，成为投资者关注的重点。这种趋势促使企业在融资策略上更加务实，选择那些在临床试验中已获得初步成果或接近市场的项目，从而降低风险并提高投资效率。 此外，大型制药公司的战略合作与收购活动，为行业发展带来了重要的推动力。这些企业通过整合资源，不仅增强了对CGT领域的投资力度，还促进了技术共享与市场渠道的互通。小型生物技术企业借助大型公司的成熟研发体系和市场网络，能够更快速地推进产品的临床试验和上市进程。这种良性循环进一步提升了行业整体的创新能力和市场竞争力。 然而，值得注意的是，不同CGT开发者之间的命运差异也日益显著。成功的企业往往具备强大的研发能力、明确的市场定位以及高效的运营策略，而面临困境的企业则可能缺乏这些关键要素。因此，了解这一行业内部的复杂性与动态，能够更深入地把握其未来发展趋势。 总的来看，CGT行业正处于一个关键的发展阶段，投资者的关注与支持将为其未来的创新与市场扩展提供强有力的保障。随着技术的不断进步和政策环境的优化，CGT行业在全球生物医药领域中的战略地位将愈加凸显，成为推动医疗变革的重要力量。 参考文献 1.Mast, J. SalioGen Therapeutics hit by layoffs, as gene-editing biotechs continue to struggle. STAT. 13. 10. 2024. 2.Gabriel, A. Turnstone Biologics to Lay Off 60% of Workforce, Overhaul C-Suite. Biospace. 11. 10. 2024. 3.Slabodkin, G. Big Pharma’s Interest Grows in Evolving Cell and Gene Therapy Sector. Biospace. 09. 10. 2024. 4.Slabodkin, G. Cell and Gene Therapy Investment Ticks Up After Hard Few Years. Biospace. 08. 10. 2024. 5.Jackson, M. Finance Watch: 2024 Has Now Beaten 2023’s Total Of 21 IPOs. Scrip. 11. 10. 2024. END 来源：CPHI制药在线 声明：本文仅代表作者观点，并不代表制药在线立场。本网站内容仅出于传递更多信息之目的。如需转载，请务必注明文章来源和作者。 投稿邮箱：Kelly.Xiao@imsinoexpo.com ▼更多制药资讯，请关注CPHI制药在线▼ 点击阅读原文，进入智药研习社~

Phoenix, Arizona/ iStock, Sean Pavone Stephen Majors from the Alliance for Regenerative Medicine, which hosts the conference, spoke with BioSpace about what the more than 2,000 attendees can expect to learn next week in Phoenix about the pressing issues confronting the industry. The 2024 Cell & Gene Meeting on the Mesa has a new location this year—held Oct. 7–9 in Phoenix, having moved from Carlsbad, Calif. Despite the change in venue, the industry continues to face the same regulatory, manufacturing and commercialization challenges as the sector hits an inflection point. BioSpace will provide on-site coverage of the three-day event, where more than 2,000 attendees will get an update from key stakeholders on the industry’s progress and the stumbling blocks that are impeding the advancement of cell and gene therapies (CGTs). One of the biggest business challenges for the sector is the investment headwinds that have continued this year, according to the Alliance for Regenerative Medicine (ARM), the Washington, DC–based advocacy organization that represents the industry and hosts the annual Meeting on the Mesa. Stephen Majors, global head of communications at ARM, told BioSpace that capital markets “have been really tough” the past few years for CGT. “There’s a lot of companies in the space pursuing a smaller amount of money,” he observed. “Inflation projections were, of course, a driver of this because the gene therapy companies tend to be the furthest away from commercialization and therefore inflation concerns hit them hardest,” Majors said. “We’re hopeful that with the reduction of interest rates and a better inflation outlook going forward, we’ll start to see more money flow into the sector.” Manufacturing, Commercialization Hurdles Majors said that manufacturing is also a major challenge for the industry due to a lack of standardization and the fact that scale-up has often been an obstacle to regulatory approval and commercialization. “There are still some manufacturing challenges and the ability to produce these therapies at scale at the demand that they’re needed. That’s something that the sector’s still working through,” according to Majors. A Government Accountability Office report last year found that while regenerative medicine technologies—including gene therapies, cell therapies and tissue-engineered products—are highly promising, they are being held back by the lack of widely accepted standards and guidelines to govern their use, development and manufacture. Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research (CBER), provided a sobering assessment in May at the 2024 American Society of Gene & Cell Therapy conference about the opportunities and challenges facing the CGT industry. He said that while it’s “an exciting time” for gene therapies in particular—including the approval of competing therapies for sickle cell disease —there are “some real challenges” including manufacturing, clinical development timelines and different global regulatory requirements . After their groundbreaking approvals in late 2023, infusions of Vertex-CRISPR Therapeutics’ and bluebird bio’s sickle cell gene therapies have recently begun, offering hope to patients and the companies, which are looking to jumpstart revenues. “Those of us who have been watching this for a while were always expecting these launches to be kind of slow with steady uptick over time, because of the length of time involved in the identification of eligible patients and in the consultation process they have with their doctors about whether this is the right therapy for them,” Majors said. A panel session at Meeting on the Mesa on commercializing cell and gene therapies in today’s “dynamic market” environment will be a “hot” session given other recent product launches, according to Majors. He expects “some lessons learned from that, maybe some wisdom and advice for launches yet to come.” For the second year at the conference, ARM CEO Tim Hunt will lead a session on the importance of ethics in cell and gene therapies. Majors said it is meant to be a broad-based look at several issues, including “the pricing and value” of CGT, global access such as “how long it will be” before therapies reach patients in developing and low- and middle-income countries, and ultra-rare diseases in which the sizes of patient populations “fall outside what usually works from a commercialization perspective.” According to market research and consulting firm Nova One Advisor, the global CGT market was valued at more than $18.1 billion in 2023 and is expected to reach approximately $97.3 billion by 2033. While CGT developers face challenges along several key stages of the product life cycle, the firm notes that “key success factors such as enabling patient access, managing supply chain and manufacturing operations, evidencing compliance with increasingly complex regulatory requirements and alternate business models impose a greater burden” for CGTs than for chemical-based pharmaceuticals. Regulatory Environment Takes Center Stage On the regulatory front at Meeting on the Mesa, the conference will hear from Nicole Verdun, director of the FDA’s Office of Therapeutic Products within CBER. According to Majors, Verdun will “give us an update on where the FDA is in terms of how they’re looking at cell and gene therapies, their staffing levels to ramp up with the submissions,” as well as accelerated approvals and “other details about the regulatory frameworks they’re looking at” for CGT. Scott Gottlieb, former FDA commissioner, will participate in a fireside chat at the conference. In 2019, as the head of the agency, Gottlieb predicted that the regulator would be approving 10 to 20 cell and gene therapy products annually by 2025. Early next year, his book The Miracle Century: Making Sense of the Cell Therapy Revolution is slated to be published. In it, he “tackles the issues that must be addressed to enable wide adoption of these treatments,” according to the publisher’s description . Majors said that Gottlieb will provide Meeting on the Mesa with an overview of “where we are in the field right now” and “what we can expect over the next few years.” “Historically, we haven’t seen much of a difference between the U.S. and Europe in approvals,” according to Majors. “There were a handful of gene therapies that got approved in Europe first before they got approved here. But what we’re seeing more recently is the U.S. starting to have more approvals.” ARM in its annual Cell & Gene State of the Industry Briefing in January predicted that the sector could see up to 17 regulatory approvals in the U.S. and European Union this year. However, Majors in an update to BioSpace said the organization has cut its forecast a bit and is now predicting up to 14 approvals, with eight in the U.S.—including the FDA’s first approval in March for an autologous gene therapy from Orchard Therapeutics to treat the rare metabolic disease metachromatic leukodystrophy in children, and the FDA nod in April for Pfizer’s hemophilia B gene therapy Beqvez. “If we looked at last year as kind of the breakthrough year of gene therapy, which it certainly was, this year we’re seeing a lot of advances in cell therapy,” Majors said. “There’s been a number of really impressive fundraises from cell therapy companies. There’s been a lot of excitement and progress in autoimmune diseases. And there’s been expansion of CAR T therapies into earlier lines of treatment.” In February, the FDA granted approval to Iovance Biotherapeutics’ li as the first one-time cell therapy for a solid tumor and the first tumor-infiltrating lymphocytes therapy. In April, the regulator greenlit two CAR T cell therapies for the earlier treatment of multiple myeloma —BMS and 2seventy Bio’s Abecma, and J&J and Legend Biotech’s Carvykti. And in August, Adaptimmune Therapeutics’ Tecelra became the first FDA-approved engineered cell therapy for solid tumors and the first new synovial sarcoma therapy in more than a decade. Majors sees Autolus Therapeutics’ FDA application for its next-generation CAR T therapy obe-cel in relapsed/refractory adult acute lymphoblastic leukemia as an important milestone, with a PDUFA target action date of Nov. 16. According to Autolus, obe-cel is a CD19 CAR T cell investigational therapy designed to overcome the limitations in clinical activity and safety compared to current CD19 CAR T cell therapies. The FDA in January pushed for a class-wide boxed warning on all commercial BCMA- and CD19-directed CAR T cell immunotherapies due to the “risk of T cell malignancies, with serious outcomes, including hospitalization and death.” “There was correlation but there wasn’t necessarily causation,” Majors said about the regulator’s findings on CAR T therapies and secondary cancers, noting that “the benefits of these therapies continue to outweigh the risks” providing an “important tool at the disposal of physicians for patients with serious, aggressive forms of cancer.”

wildpixel/Getty Images/iStockphoto To say that 2seventy bio’s short two years of existence have been dramatic is an understatement. CEO Chip Baird told BioSpace transparency and a committed staff have kept the biotech going through thick and thin. The short, tumultuous life of 2seventy bio has been marked by events that could bring a biotech down in the best of times, let alone the turbulent markets of the past few years. Layoffs, pipeline reorganizations, a fierce competitor , FDA safety warnings, discontinued clinical trials. You name it, it’s happened to 2seventy. So why is this biotech still here? 2seventy’s CEO Chip Baird paused for a few long seconds, before answering: “That’s a great question.” But there is an answer, he explained to BioSpace , and after a rough start, 2seventy is finally, painfully, on the path to profitability. He predicted the company will hit that point next year. Investors have peppered him with questions about whether the company will execute an acquisition, do share buybacks, a licensing deal or any other type of business development to bolster growth. All those could be on the table, the CEO said, but first, they have to reach breakeven. A Recap 2seventy split from bluebird bio in November 2021 after the latter company secured FDA approval for CAR T therapy Abecma, developed in partnership with Bristol Myers Squibb, as a fourth line option for multiple myeloma that March. 2seventy was intended to oversee the commercialization of Abecma as well as the continued development of a clutch of oncology assets. Just months in, however, trouble began, and in March 2022 the company let go 6% of staff in an effort to reduce costs. 2seventy also had to contend with the market entry of Johnson & Johnson and Legend Biotech’s CAR T therapy Carvykti after its February 2022 approval in the same indication as Abecma. Luckily for 2seventy, good news came in the form of positive data for Abecma in the Phase III KarMMa-3 trial, which showed a 51% reduction in the risk of disease progression or death in patients with multiple myeloma. This would eventually underpin an FDA approval as a second-line treatment for this indication, but it would be a long road to get there. In summer 2023, 2seventy paused a Phase I trial for another CAR T cell therapy after a patient death, and that program would eventually be put on an FDA clinical hold . Then, in September of that year, the company laid off 40% of its employees and CEO Nick Leschly departed as the pipeline was reorganized. A month later, BMS CEO Chris Boerner admitted that the companies were facing competitive pressure from Carvykti as well as bispecifics, which had been streaming onto the market. All were hampering Abecma’s growth. The therapy would ultimately bring in $358 million in revenue for 2023, far below expectations of at least $470 million and below 2022’s $388 million. Then, last November, the company suffered yet another setback—perhaps the most ominous: the FDA struck up an inquiry into the risk of secondary cancers that have been detected in some patients following CAR T therapy. The agency delayed the decision date for an application to move Abecma up into earlier rounds of treatment. So entering 2024, 2seventy had its work cut out—and that’s just when Baird officially took the CEO role in January, stepping up from his role as COO. Any way you slice it, he was up for a tough first year as chief executive, but his directive was clear: make Abeca profitable. BioSpace 2seventy bio’s New Direction At the same time as Baird’s appointment, 2seventy announced that its pipeline would be sold to Regeneron for just $5 million upfront plus $10 million in milestones. A group of R&D-focused staffers headed over to Regeneron as well. Then in June, a gene editing candidate for hemophilia A was offloaded to Novo Nordisk for $40 million upfront. What remained of 2seventy coalesced solely around Abecma. Meanwhile, the FDA quickly resolved its secondary cancer probe, in January announcing that it will require a label update for approved CAR T therapies to warn of the risk. Two months later, the companies behind Abecma and Carvykti were called before an advisory committee to talk about the risk-benefit and overall survival data related to the treatments’ use as second-line options for multiple myeloma. The executives were ultimately convincing, and in April, the FDA approved both therapies’ label expansions. Abecma is not totally out of the woods yet, however. 2seventy and BMS announced in late September that the KarMMa-9 Phase III trial in patients with newly diagnosed multiple myeloma who have suboptimal response to autologous stem cell transplant would be discontinued as newer treatment options had affected the pace of enrollment. ‘No Oz Behind the Curtain’ After his initial hesitation to BioSpace ’s question about how 2seventy bio has survived this tumultous short history, Baird gave his answer: “I’m going to say a lot of it comes down to the culture and the people who work here, and just the resilience that the people have. There’s a tremendous affinity people have for the company, but [also] for each other.” Baird said that he hears from former 2seventy bio employees—many of whom have moved on to roles at Novo Nordisk or Regeneron or still work in the same Cambridge building—that they miss the culture. The remaining 2seventy team is small, with a current headcount of about 65. One of the reasons for this positive culture, Baird contends, is consistent transparency from the company’s leadership. Throughout the many ups and downs, Baird said, 2seventy executives have communicated the knowns and unknowns in a way that has kept the team unified on its mission. “There’s no Oz behind the curtain making our decisions,” he said. “We’re going to see you in the hallways and at the lunchroom, so having that accessibility and being as transparent as you can about what you’re doing, I think that goes a long way.” Tough Business Decisions It turns out that real estate was a key reason for the Regeneron deal in the first place. When that news broke, the relatively low disclosed deal value of $15 million was a head scratcher. “It was modest,” Baird admits. A year ago, 2seventy’s executives realized they couldn’t continue effectively supporting their end of the long-running Regeneron deal. Baird calls 2seventy’s original path “bifurcated,” or a “barbell distribution,” with the company marketing Abecma while also prepping a handful of assets to enter clinic trials. The hope was that cash flow from Abecma would fund the latter, and that the company’s big partners, Regeneron and BMS, could also provide support. “But the reality . . . was that the costs were even higher than we had initially drawn up,” Baird said. The timelines for achieving critical milestones for the research programs were just slow, he added, and the overall industry was struggling with the high cost of capital, particularly mid-cap cell therapy biotechs. “It became increasingly clear to us that serial financing of that was just going to be really hard.” And so, according to Baird, 2seventy essentially told Regeneron: “We don’t know that we can continue to hang in this collaboration and support our side of the funding.” Luckily, Regeneron was more than happy to buy out 2seventy’s clinical assets, which saved about $100 million a year, according to Baird. Importantly, Regeneron also took on the physical footprint of the R&D program, relieving 2seventy of two-thirds of its real estate in Cambridge, which at the time was difficult to offload, Baird explained. “Regeneron, they’re just in a very different place,” he told BioSpace . “They can have an investment horizon that is a 10-year horizon.” 2seventy kept a commercial stake in the deal, meaning there will be some undisclosed milestones down the line, but otherwise the teams are separate despite the occasional elevator run-in, shared lunch or group outing to a holiday market at Christmastime, Baird said. The Path to Profitability With the second-line approval in hand for Abecma, Baird said revenue is trending upward again with 30% growth quarter-on-quarter. He expects to reach profitability as soon as next year and does not expect any more layoffs. “I’m optimistic about our future,” he said. “The team is lean and where it needs to be.” But Abecma has effectively hit its ceiling in terms of label expansion, with 2seventy’s “tricky decision” to drop the KarMMa-9 trial for newly diagnosed patients, Baird said. The company had seen deep, durable responses in the population during an earlier study, so a Phase III was a natural step, and the team launched that trial with high confidence in taking it all the way to a label expansion, he continued. But in the ensuing time between planning the study and enrolling, the treatment landscape changed—patients had more options. “We can only celebrate that—like, that’s good news,” Baird said. But it also means the ultimate market for Abecma has shrunk, and 2seventy will not be doing any additional formal studies of the CAR T therapy in multiple myeloma, even as BMS continues to study Abecma as a third-line treatment in the disease. According to Baird, 2seventy’s plan is to focus on reaching as many as possible of the 16,000 or so people covered by the therapy’s current label. “I think that’s going to keep us busy for a period of time,” he said. Baird added that while many cell therapy–focused companies have redirected to autoimmune or moved into solid tumors, 2seventy is unlikely to follow that path for Abecma. “Our focus, and we’ve said, is to get to cash flow breakeven as quickly as we can, so we don’t want to be distracted by or bolt on other things.” But investors are restless, demanding to know exactly what 2seventy might do to boost growth thereafter. “The glib answer is, ‘Well, ask us when we get there,’” Baird said. Options could include building back a pipeline, buying back shares or offering shareholders a dividend. And Baird hinted at the most exciting of strategic options, suggesting an M&A deal to a larger pharma company is not off the table. “There’s not many biotechs that actually get to achieve cash flow breakeven, and even with some of the turbulence we’ve had, we’re actually tantalizingly close to that moment.”