2seventy bio, Inc.

Good day, and thank you for standing by. Welcome to the 270Bio First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After this week's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jen Snyder with 270Bio. Please go ahead.

Thank you, Shannon, and good morning, everyone. Thank you for joining us. This morning, we issued a press release on our first quarter 2024 financial results. The press release can be found in the Investors and Media section of the company's website at 270Bio.com. As a reminder, today's discussion will include forward-looking statements related to 270Bio's current plans and expectations which are subject to certain risks and uncertainties. These forward-looking statements include statements regarding our strategic plans, timelines, and expectations with respect to sales, efficacy, and perceived therapeutic benefits of ABECMA, the timing and review of additional studies and regulatory applications for ABECMA, and statements regarding our financial condition, expectations, and future financial results, among others. Actual results may differ materially due to various risks, uncertainties, and other factors, including those described in the risk factor section of our most recent Form 10-K, quarterly reports, and other SEC filings. These forward-looking statements represent our views as of this call and should not be relied upon as representing our views as of any subsequent date. We are cautioned not to place any undue reliance on these forward-looking statements and Except it's required by law, we undertake no obligation to update or revise any forward-looking statements. On today's call, we are joined by Chip Baird, Chief Executive Officer, and Vicki Eatwell, Chief Financial Officer. Anna Truppel-Hartman, Chief Medical Officer, is also on the line for questions during the Q&A. And now I will turn it over to Chip. Chip?

Thank you, Jen, and thank you all for joining this morning. Today, we disclosed our first quarter 2024 financial results and recent business and operational updates. I'd like to walk through some of the business updates, and then Vicki Eatwell, our Chief Financial Officer, will go into detail on our financials. The first quarter of 2024 was an eventful one. We completed a major strategic realignment to focus exclusively on ABACMA. To achieve this, we sold our oncology and autoimmune R&D programs to Regeneron. As part of the sale, we transferred approximately 160 employees and approximately 67% of our real estate footprint to Regeneron. We think this is an ideal outcome for the science and these programs, and we look forward to seeing what the team can achieve in years to come. We also took the tough but necessary decision to reduce headcount by an additional 14% as part of the strategic refocusing. The end result is that we have emerged with a leaner cost structure cash runway beyond 2027, and time to get ABECMA back on track commercially. To that end, we have consistently said that the path to ABECMA growth hinges on earlier line approval. We traveled quite a journey on this front, including an ODAC meeting in March to advise FDA on our supplemental BLA. The 270 and BMS teams did an amazing job at the panel, and we were subsequently approved in the earlier line setting, which opens a much larger addressable patient population. So it's been a great start to the year and we are now singularly focused on getting a back on track commercially. We are in the early days of launch and expect that it'll take into the second half before we see meaningful growth. We've talked for some time now about known strengths for a backline, including strong efficacy that is reproduced in the real world setting, a well-established and manageable safety profile, and consistent manufacturing turnaround time and high rates of inspect product. With Karma 3 data in the label and real-world evidence that continues to mature, we believe we have a competitive profile in earlier line, triple-class exposed patients, which is a population with high unmet need. To be clear, multiple myeloma is a competitive market space, and a return to growth will take time. But we have a strong commercial organization and a launch strategy that we believe in, and we look forward to executing on the plan. I'm happy to talk about our strategy in the Q&A, but for now, we'll turn it over to our newly promoted CFO, Vicki Eatwell, to talk about the first quarter results. Vicki.