SOMERVILLE, Mass. - Biotechnology company Bluebird Bio, Inc. (NASDAQ:BLUE) has been notified by The Nasdaq Stock Market LLC of a compliance issue due to the delayed filing of its annual financial report.
The notification, received on April 24, 2024, indicates that bluebird bio has not met the Nasdaq Listing Rule 5250(c)(1) requirement for timely submission of periodic financial reports to the Securities and Exchange Commission (SEC).
The company had previously announced on April 16 that the filing of its Annual Report on Form 10-K for the year ended December 31, 2023, would be postponed. The delay is attributed to the need to restate the company's consolidated financial statements for the year ended December 31, 2022, and unaudited financial information for the first three quarters of both 2023 and 2022.
The restatements are related to the identification of embedded leases and the accounting treatment of non-lease components in lease agreements.
Despite the notice, there is no immediate impact on the trading of Bluebird Bio's common stock on the Nasdaq. The company has until June 24, 2024, to submit a plan to regain compliance with the Nasdaq's listing rules. bluebird bio is working to complete the necessary filings as promptly as possible and does not anticipate that the restatements will affect its cash position or revenue.
Founded in 2010, Bluebird Bio specializes in gene therapies targeting severe genetic diseases, with FDA approvals for three therapies in under two years. The company is known for its ex-vivo gene therapy data set and programs for sickle cell disease, β-thalassemia, and cerebral adrenoleukodystrophy.
The information in this article is based on a press release statement from bluebird bio, Inc.
InvestingPro Insights
Amidst the compliance challenges faced by bluebird bio, Inc. (NASDAQ:BLUE), the company's financial posture and market performance have been a focal point for investors. According to InvestingPro data, bluebird bio has a market capitalization of approximately $177.86 million USD, reflecting the scale of the company within the biotech sector.
Notably, the company has experienced a significant revenue growth over the last twelve months as of Q3 2023, with an increase of 322.68%. This suggests a robust expansion in sales, aligning with the InvestingPro Tip that analysts anticipate sales growth in the current year.
Still, the financial health of bluebird bio is not without its concerns. The company's gross profit margin for the same period stands at a staggering negative 1076.97%, indicating that it has been spending more than it earns, a point further emphasized by the InvestingPro Tip highlighting weak gross profit margins.
Moreover, the stock price has faced significant pressure, trading near its 52-week low and having fallen by 75.2% over the last year as of April 2024. This is corroborated by another InvestingPro Tip that notes the stock has fared poorly over the last month, with a 23.96% decline in price total return.
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