bluebird bio has initiated a restructuring plan to optimize its cost structure and achieve quarterly cash flow break-even in the second half of 2025.
The initiative is expected to reduce cash operating expenses by 20% by the third quarter of 2025. The restructuring will also include a workforce reduction of approximately 25%, aligning resources with the company's revised priorities.
The restructuring plan is part of bluebird's strategy to scale up to 40 drug product deliveries per quarter. The company says it aims to reach cash flow break-even by combining this cost reduction with additional cash resources to extend its runway.
The drugmaker intends to concentrate on the commercial launches of its three FDA-approved gene therapies: Lyfgenia, Zynteglo, and Skysona. The company reported 41 patient starts year-to-date, an increase from 27 in mid-August, with plans for around 40 patient starts in Q4 2024.