2seventy bio, Inc.

Good day, and thank you for standing by. Welcome to the 270Bio Second Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker'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, Operator, and good morning, everyone. Thank you for joining us. This morning, we issued a press release on our second 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 a BECMA, the timing and review of additional studies and regulatory applications for a BECMA, 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 factors 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 as 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. Ana 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 second 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. At the beginning of 2024, we took the strategic decision to focus 270 exclusively on a background and a commercial business. While it was not an easy or risk-free decision, we continue to believe it was the right one given the situation. This quarter, we're beginning to see the positive impact of this major strategic pivot. We're controlling what we can control and are accomplishing what we set out to do, strengthening our financial position, streamlining our cost structure, and dedicating our resources to driving growth for Rebecca. We've succeeded in dramatically reducing our cost structure and have also strengthened the balance sheet in the second quarter. With 43 million in proceeds from the sale of our oncology R&D business to Regeneron in April, and the sale of our Hemophila A program and related Megatel technology to Novo Nordisk in June. The Novo deal was another important strategic transaction in our effort to further streamline and focus the business. We are grateful to the 270 team members who have since transitioned to Novo Nordisk and thank them for their incredible work. The changes that we have enacted enable us to focus 100% of our effort and energy on a backpack. And I'm pleased to report that a BACMA performance in the U.S. turned a corner in the second quarter following the FDA's approval to treat earlier line patients. As expected and as previously guided, we achieved modest growth in revenue in the second quarter as we initiated our third line launch. As we've previously shared, there's roughly a two-month lag between the time we enroll a patient and the time that patient receives a BACMA and we recognize revenue. While revenue growth was modest, we were encouraged by the double-digit growth in patients undergoing apheresis, the first step in the AVECMA process and leading indicator of demand. We've also seen an increase in use among sites who have previously stopped prescribing AVECMA. Additionally, our commercial and launch messaging on the efficacy of AVECMA and consistent safety profile has been well received by providers. While it is too soon to say what the shape of the curve is in terms of the return to growth, These indicators support our ongoing belief that ABECMA has an important role to play for patients living with myeloma. We've now entered the second half of the year, and the BMS and 270 teams remain focused on executing the third line launch of ABECMA. Our launch is focused on clearly articulating the case for ABECMA, namely a competitive efficacy profile that is reproduced in the real world setting, a well-established and manageable safety profile, and a rapid manufacturing turnaround time with high rates of in-spec product. With Karma 3 data in the label and real-world evidence that continues to mature, we believe we have competitive profile in earlier line triple-class exposed patients, which is a population with high unmet need. We remain optimistic about ABECMA's return to growth in the months to come. We'll get to Q&A shortly, but for now, we'll turn it over to Vicki to talk further about the second quarter results. Vicki.