03:32 PM EDT, 03/26/2024 (MT Newswires) -- bluebird bio (BLUE) said Tuesday it will restate its financial statements for 2022, and for the first three quarters of both 2022 and 2023 in its annual report on Form 10-K for the year ended December 31, 2023.

The restatements relate to the identification of embedded leases and the treatment of non-lease components contained in lease agreements with contract manufacturers, bluebird said.

The company said it expects recording an increase in lease assets and lease liabilities, as well as an increase in non-cash interest expense in each restated period.

Bluebird said it does not expect the restatement to result in any impact on its cash position or revenue, adding that it expects filing its 2023 Form 10-K, inclusive of the restatement no later than April 16, 2024.

The firm said it has sufficient cash runway through Q1 of 2026 following a $175 million term loan facility with Hercules Capital.

The stock was down more than 12% in recent trading.

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