Generation Bio Co. (GBIO) Bundle
A Brief History of Generation Bio Co.
Company Overview
Generation Bio Co., founded in 2016, is a biotechnology company focused on developing non-viral gene therapies for genetic diseases. The company’s proprietary platform aims to deliver genetic medicines to address unmet medical needs.
Financial Performance
As of September 30, 2024, Generation Bio reported collaboration revenue of $7.6 million for the three months ended September 30, 2024, up from $2.1 million in the same period of 2023. For the nine months ended September 30, 2024, collaboration revenue reached $15.7 million, compared to $3.0 million in the prior year.
| Financial Metrics | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Collaboration Revenue | $7.6 million | $2.1 million | $15.7 million | $3.0 million |
| Net Loss | $(15.3) million | $(28.3) million | $(110.3) million | $(91.4) million |
| Total Operating Expenses | $25.4 million | $33.5 million | $134.5 million | $103.2 million |
| Research and Development Expenses | $15.1 million | $21.9 million | $45.8 million | $65.7 million |
| General and Administrative Expenses | $9.2 million | $11.6 million | $29.1 million | $37.5 million |
Operating Expenses
Operating expenses for the three months ended September 30, 2024, were $25.4 million, a decrease from $33.5 million in Q3 2023. Total operating expenses for the nine months ended September 30, 2024, were $134.5 million, compared to $103.2 million in the same period of 2023.
Research and Development
Research and development (R&D) expenses for Q3 2024 were $15.1 million, down from $21.9 million in Q3 2023. For the nine months ended September 30, 2024, R&D expenses totaled $45.8 million, compared to $65.7 million in the previous year.
General and Administrative Expenses
General and administrative expenses also saw a decline, totaling $9.2 million for Q3 2024, down from $11.6 million the previous year. Year-to-date, these expenses were $29.1 million compared to $37.5 million in 2023.
Loss on Lease Termination
Generation Bio recognized a significant non-cash charge of $59.6 million in connection with the termination of the Seyon Lease during the nine months ended September 30, 2024. This included an impairment loss on the right-of-use asset and other lease-related expenses.
Liquidity and Capital Resources
As of September 30, 2024, the company reported cash, cash equivalents, and marketable securities totaling $199.8 million. The company anticipates the need for substantial additional funding to support ongoing operations and research initiatives.
Stockholder Equity
At the end of Q3 2024, Generation Bio had total stockholders’ equity of $104.4 million, which reflects an accumulated deficit of $(681.7) million.
| Equity Metrics | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Stockholders’ Equity | $104.4 million | $203.1 million |
| Accumulated Deficit | $(681.7) million | $(571.4) million |
A Who Owns Generation Bio Co. (GBIO)
Major Shareholders
As of 2024, the ownership structure of Generation Bio Co. (GBIO) is characterized by a mix of institutional and individual investors. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder | Type | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Moderna, Inc. | Institutional | 5,859,375 | 8.8% |
| BlackRock, Inc. | Institutional | 4,500,000 | 6.7% |
| Vanguard Group, Inc. | Institutional | 3,200,000 | 4.8% |
| FMR LLC (Fidelity) | Institutional | 3,000,000 | 4.5% |
| Other Institutional Investors | Institutional | 15,000,000 | 22.5% |
| Insider Holdings | Individual | 1,000,000 | 1.5% |
| Public Float | Public | 40,000,000 | 60.0% |
Stock Performance and Trends
As of September 30, 2024, Generation Bio Co. reported a total of 66,753,508 shares outstanding, with a net loss of $110.3 million for the nine months ended September 30, 2024. The company's stock has experienced fluctuations in value, influenced by its financial performance and market conditions. The collaboration revenue for the nine months ended September 30, 2024 was $15.7 million, a significant increase compared to $3.0 million for the same period in 2023.
Financial Overview
Generation Bio reported total liabilities of $144.3 million and total stockholders’ equity of $104.4 million as of September 30, 2024. The following table summarizes key financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Total Assets | $248,784 |
| Total Liabilities | $144,342 |
| Total Stockholders' Equity | $104,442 |
| Accumulated Deficit | ($681,663) |
| Net Loss (Nine Months Ended September 30, 2024) | ($110,286) |
Recent Developments
In 2024, Generation Bio entered into a collaboration agreement with Moderna, which included an upfront payment of $40 million and additional milestone payments that could total up to $1.8 billion. This partnership is expected to have a significant impact on the company’s research and development capabilities and overall financial health moving forward.
Generation Bio Co. (GBIO) Mission Statement
Mission Overview
Generation Bio Co. is committed to transforming the lives of patients with genetic diseases through the development of innovative non-viral genetic medicines. The company aims to leverage its proprietary technology platforms to deliver therapies that are safe, effective, and accessible to patients.
Financial Performance
As of September 30, 2024, Generation Bio reported a net loss of $110.3 million for the nine months ended, compared to a net loss of $91.4 million for the same period in 2023. The company continues to invest heavily in research and development to advance its product candidates.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $15.3 million | $28.3 million | Improvement of $13 million |
| Collaboration Revenue | $7.6 million | $2.1 million | Increase of $5.5 million |
| Research and Development Expenses | $15.1 million | $21.9 million | Decrease of $6.8 million |
| General and Administrative Expenses | $9.2 million | $11.6 million | Decrease of $2.4 million |
Research and Development Focus
Generation Bio's R&D efforts are primarily focused on advancing its non-viral genetic medicine platforms. The company has recognized $15.7 million in collaboration revenue from its partnership with Moderna during the nine months ended September 30, 2024. This revenue was driven by increased activities under the collaboration agreement, which commenced in the second quarter of 2023.
Operational Highlights
As of September 30, 2024, Generation Bio had an accumulated deficit of $681.7 million. The company remains focused on its pipeline expansion and aims to achieve significant milestones in the coming years.
Stockholder Equity
The total stockholders' equity as of September 30, 2024, stood at $104.4 million, a decrease from $203.1 million as of December 31, 2023. This decline reflects the ongoing net losses incurred by the company.
| Stockholder Equity Components | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Common Stock | $7 | $7 |
| Additional Paid-in Capital | $785.8 million | $774.2 million |
| Accumulated Other Comprehensive Income | $319,000 | $274,000 |
| Accumulated Deficit | $(681.7 million) | $(571.4 million) |
| Total Stockholders' Equity | $104.4 million | $203.1 million |
Future Outlook
Generation Bio anticipates continued investment in its research initiatives and expects to incur significant operating losses as it develops its genetic medicine platforms. The company plans to secure additional funding through various avenues, including equity offerings and collaborations, to support its ongoing operations and product development.
Liquidity Position
As of September 30, 2024, Generation Bio had cash, cash equivalents, and marketable securities totaling $199.8 million. This liquidity position is expected to fund the company's operational expenses and capital requirements for at least the next 12 months.
| Liquidity Metrics | As of September 30, 2024 |
|---|---|
| Cash and Cash Equivalents | $199.8 million |
| Marketable Securities | $199.8 million |
How Generation Bio Co. (GBIO) Works
Business Overview
Generation Bio Co. is focused on innovating non-viral genetic medicines aimed at providing durable and redosable treatments for rare and prevalent diseases. The company is headquartered in Cambridge, Massachusetts, and operates two main platforms:
- Cell-targeted lipid nanoparticle (ctLNP): This delivery system targets nucleic acids to specific tissues while minimizing off-target effects.
- Immune-quiet DNA (iqDNA): This platform allows for high levels of gene expression from non-integrating episomes, avoiding innate immune detection.
Financial Performance
As of September 30, 2024, Generation Bio reported a net loss of $110.3 million, an increase from a loss of $91.4 million in the same period in 2023. The company's accumulated deficit reached $681.7 million.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Loss | $110.3 million | $91.4 million |
| Accumulated Deficit | $681.7 million | $571.4 million |
| Collaboration Revenue | $15.7 million | $3.0 million |
| Research and Development Expenses | $45.8 million | $65.7 million |
| General and Administrative Expenses | $29.1 million | $37.5 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, Generation Bio's cash flow analysis indicated the following:
| Cash Flow Activities | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Cash Used in Operating Activities | ($72.8 million) | ($27.8 million) |
| Net Cash Provided by Investing Activities | $24.2 million | ($7.8 million) |
| Net Cash Provided by Financing Activities | $0.1 million | $35.7 million |
| Net (Decrease) Increase in Cash | ($48.4 million) | $0.2 million |
Collaboration and Revenue Generation
The increase in collaboration revenue in 2024 was primarily due to enhanced activities under a partnership with Moderna, which commenced in Q2 2023. The collaboration generated $7.6 million in revenue for Q3 2024, compared to $2.1 million in Q3 2023.
Operating Expenses
Generation Bio's operating expenses for the nine months ended September 30, 2024, totaled $134.5 million, an increase from $103.2 million in the prior year. The breakdown is as follows:
| Operating Expenses | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Research and Development | $45.8 million | $65.7 million |
| General and Administrative | $29.1 million | $37.5 million |
| Loss on Lease Termination | $59.6 million | $0 |
Liquidity Position
As of September 30, 2024, Generation Bio had cash, cash equivalents, and marketable securities totaling $199.8 million. The company has indicated that this amount is expected to fund its operations for at least the next 12 months.
Stock Performance and Equity
As of September 30, 2024, Generation Bio had 66,753,508 shares of common stock outstanding. The company entered a sales agreement in August 2024 to sell up to $237 million worth of common stock, although no shares had been sold under this agreement by November 6, 2024.
Future Outlook
Generation Bio anticipates continuing to incur significant expenses and operating losses as it advances its research and development initiatives, particularly in collaboration with Moderna and other potential partners.
How Generation Bio Co. (GBIO) Makes Money
Revenue Streams
Generation Bio Co. primarily generates revenue through collaboration agreements, particularly with major pharmaceutical companies. As of September 30, 2024, the company recognized $7.6 million in collaboration revenue for the three months ended, and $15.7 million for the nine months ended, compared to $2.1 million and $3.0 million in the same periods of the previous year. This substantial increase is attributed to enhanced reimbursable activities under their collaboration agreement with Moderna, initiated in Q2 of 2023.
| Period | Collaboration Revenue (in thousands) | Change from Previous Year (in thousands) |
|---|---|---|
| Three Months Ended Sept 30, 2024 | $7,554 | $5,408 |
| Nine Months Ended Sept 30, 2024 | $15,704 | $12,678 |
Operating Expenses
Operating expenses consist of research and development (R&D) and general and administrative (G&A) costs. For the three months ended September 30, 2024, R&D expenses totaled $15.1 million, a decrease from $21.9 million in the same period of 2023. G&A expenses were $9.2 million, down from $11.6 million year-over-year. The reductions in expenses are largely due to staff reductions following a restructuring in November 2023.
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | $15,088 | $21,862 | $(6,774) |
| General and Administrative | $9,181 | $11,641 | $(2,460) |
Net Loss and Financial Position
For the three months ended September 30, 2024, Generation Bio reported a net loss of $15.3 million, compared to a loss of $28.3 million in the same period of the previous year. The net loss per share for Q3 2024 was $0.23, an improvement from $0.43 in Q3 2023. For the nine months ended September 30, 2024, the net loss was $110.3 million, compared to $91.4 million in the prior year.
| Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 |
|---|---|---|---|---|
| Net Loss (in thousands) | $(15,313) | $(28,266) | $(110,286) | $(91,426) |
| Net Loss per Share | $(0.23) | $(0.43) | $(1.66) | $(1.43) |
Future Funding Requirements
As of September 30, 2024, Generation Bio had an accumulated deficit of $681.7 million. The company anticipates substantial additional funding will be necessary to support ongoing operations and research initiatives, particularly as they progress toward clinical trials and seek regulatory approvals. The funding sources may include equity offerings, debt financing, collaborations, and licensing agreements.
Equity and Cash Position
As of September 30, 2024, Generation Bio had total stockholders' equity of $104.4 million. The company reported cash, cash equivalents, and restricted cash totaling $23.8 million at the end of the period. This reflects a decrease from $72.2 million at the beginning of the period, largely due to operating losses and cash outflows related to lease terminations and restructuring efforts.
| Financial Metric | Value (in thousands) |
|---|---|
| Accumulated Deficit | $(681,663) |
| Total Stockholders' Equity | $104,442 |
| Cash and Cash Equivalents | $23,809 |
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Resources:
- Generation Bio Co. (GBIO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Generation Bio Co. (GBIO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Generation Bio Co. (GBIO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.