2seventy bio, Inc. (TSVT): PESTLE Analysis [Nov-2025 Updated]

You're holding the stock of 2seventy bio, Inc. (TSVT) and wondering what really matters beyond the science. Honestly, it's the external environment that will dictate if their lead product, Abecma, can hit its projected 2025 global sales of over $600 million. The political fight over drug pricing, the economic strain of a $419,500 per-patient cost, and the relentless technological race for 'off-the-shelf' cell therapies are all colliding right now. We need to look closely at these six macro-factors to understand the near-term risk and the defintely real opportunity.

2seventy bio, Inc. (TSVT) - PESTLE Analysis: Political factors

Increased scrutiny on drug pricing transparency from US Congress

You are defintely right to keep a close eye on Washington; the political pressure to lower drug costs is intense, and it directly impacts the revenue model for high-cost cell therapies like those from 2seventy bio, Inc. (TSVT). Congress is not slowing down on transparency measures in 2025.

The Senate and House have been advancing bipartisan legislation. For example, the Prescription Pricing for the People Act of 2025 (Bill S. 527) directs the Federal Trade Commission to study the role of intermediaries like Pharmacy Benefit Managers (PBMs) in the pharmaceutical supply chain, which could lead to future regulatory changes aimed at reducing the final price tag for patients and payers. Also, the Drug-price Transparency for Consumers Act of 2025 requires drug companies to include the list price of prescription drugs in all direct-to-consumer advertisements, a measure that could force companies to rethink their pricing strategy for therapies whose list prices can exceed $450,000.

Plus, the executive branch is pushing for price reduction. An April 2025 Executive Order focused on lowering drug prices and accelerating the approval of generics and biosimilars, a clear signal of the administration's intent to increase market competition. While cell therapies are complex biologics, the overall political climate favors cost containment, which is a near-term risk for a company with premium-priced products.

Potential for faster FDA approval pathways for breakthrough cell therapies

The good news is that the regulatory environment for genuinely innovative therapies is becoming more streamlined. The U.S. Food and Drug Administration (FDA) is actively prioritizing the Regenerative Medicine Advanced Therapy (RMAT) designation, which is crucial for 2seventy bio's pipeline.

RMAT designation offers all the benefits of Fast Track and Breakthrough Therapy designations, including early interactions with the FDA on surrogate endpoints and the ability to use real-world evidence for post-approval study requirements. As of September 2025, the FDA had received almost 370 RMAT designation requests and granted 184 of them, showing a clear commitment to accelerating these products.

This commitment is further evidenced by new draft guidance issued in September 2025, outlining expedited programs and encouraging the use of innovative trial designs like single-arm trials and external controls for rare diseases. This means a faster path to market for a successful cell therapy candidate, potentially shaving months off the development timeline and accelerating time-to-revenue. As of June 2025, 13 RMAT-designated products have already been approved for marketing.

Geopolitical tensions affecting global supply chain for critical reagents

The reliance on a global supply chain for critical reagents (the raw materials for manufacturing cell therapies) is a major political risk in 2025. Geopolitical tensions, particularly involving China, are translating directly into higher costs and supply fragility for the biotech sector.

In July 2025, the US administration announced plans for new tariffs that could apply to the pharmaceutical sector, with warnings of rates up to 200% on certain imports. Even with a temporary suspension of some high reciprocal tariffs with China, the U.S. will maintain an effective 30% tariff on Chinese pharmaceutical imports due to a standing 'fentanyl levy' that also applies to other pharmaceutical goods.

Here's the quick math: up to 82% of the Active Pharmaceutical Ingredient (API) 'building blocks' for vital drugs come from China and India. Higher tariffs and the push for reshoring (bringing manufacturing back to the US) mean higher input costs, longer manufacturing timelines, and potential supply disruptions for the specialized vectors, plasmids, and reagents needed for 2seventy bio's personalized therapies. This is a clear operational risk that impacts manufacturing margins.

Government healthcare policy shifts impacting Medicare/Medicaid reimbursement rates

Reimbursement policy from the Centers for Medicare & Medicaid Services (CMS) is the single biggest factor determining patient access and, therefore, the commercial success of a high-cost therapy. The good news is that Medicare reimbursement for CAR T-cell therapy is improving, but still lags behind the actual cost of care.

For Fiscal Year (FY) 2025, inpatient stays for CAR-T treatment (assigned to MS-DRG 018) have a base Medicare reimbursement rate of $269,139. However, for FY 2026, CMS is set to increase this base payment by 16.8%, raising the base rate to $314,231. This increase is a positive signal for providers, as it helps close the gap between reimbursement and the average sales price of the therapy, which can exceed $450,000.

Still, a key policy concern for 2seventy bio is CMS's continued decision to bundle payment for preparatory procedures (like cell harvesting and preparation) into the drug manufacturing cost, rather than paying for them separately. This bundling, finalized in the Calendar Year (CY) 2026 Physician Fee Schedule, creates financial pressure on hospitals to cover the procedural costs.

Here is a summary of the near-term reimbursement landscape:

The risk remains that CMS could introduce a new drug pricing model, such as the anticipated Global Benchmark for Efficient Drug Pricing (GLOBE) Model in late 2025, which may apply most-favored-nation (MFN) pricing principles to certain drugs, potentially capping prices based on international benchmarks.

2seventy bio, Inc. (TSVT) - PESTLE Analysis: Economic factors

You need to understand how the broader economic environment is shaping the commercial landscape for Abecma (idecabtagene vicleucel), especially now that Bristol Myers Squibb has taken full control. The core takeaway is that while high product cost and reimbursement friction remain a headwind, the massive influx of venture capital into the sector and the financial stability provided by the acquisition are strong tailwinds.

High inflation pressuring R&D costs, raising the expense of clinical trials.

The persistent inflation and higher cost of capital in 2025 are defintely making every step of drug development more expensive. Higher interest rates increase the cost of borrowing for smaller biotech firms, forcing them to adopt more conservative investment strategies. For 2seventy bio, this pressure was mitigated by the strategic decision to focus solely on commercializing Abecma and the subsequent acquisition by Bristol Myers Squibb in May 2025.

Here's the quick math on the shift: 2seventy bio's Research and Development (R&D) expenses dropped dramatically to just $5.4 million for the three months ended March 31, 2025, compared to $43.9 million in the same period in 2024, reflecting the divestiture of its non-Abecma assets. Still, the cost of raw materials and specialized labor for CAR T-cell therapy manufacturing continues to rise, a factor reflected in Bristol Myers Squibb raising Abecma's price by 6% in January 2025.

Continued high cost of Abecma, estimated at over $419,500 per patient in 2025.

The price of Abecma remains one of the most significant economic factors, creating a high barrier to access but also driving substantial revenue. The list price for a single infusion of the CAR T-cell therapy is approximately $419,500 per dose. This figure is just for the drug itself; the total cost of care, including hospitalization and managing potential side effects like Cytokine Release Syndrome (CRS), can push the total expense past $1 million per patient.

This high price point, while necessary to recoup the massive R&D investment and personalized manufacturing costs, makes the therapy a prime target for scrutiny by cost-effectiveness watchdogs and payers. BCMA-targeted options like Abecma for multiple myeloma are generally priced between $450,000-$465,000 per treatment, which highlights the intense financial pressure on healthcare systems.

Reimbursement delays from payers, straining near-term cash flow.

Despite the high price, the actual revenue realization is often delayed due to the complex reimbursement process for these physician-administered specialty treatments. Payers, including Medicare and commercial insurers, frequently require prior authorization and extensive documentation, which slows down treatment initiation and payment.

This friction directly impacts cash flow. For example, 2seventy bio reported that its fourth-quarter 2024 revenue was negatively impacted by a high number of infusion deferrals into 2025, a classic sign of payer-related scheduling and reimbursement hurdles. The acquisition by Bristol Myers Squibb, which closed in May 2025, fundamentally changes this dynamic, giving the Abecma commercial team the financial muscle and deep payer negotiation experience of a Big Pharma partner.

As of March 31, 2025, 2seventy bio still maintained a cash position of $173.4 million before the acquisition closed.

Strong venture capital flow into the broader biotech sector, signaling market confidence.

The broader financial health of the biotech sector is robust, which is a positive sign for the entire cell therapy ecosystem. Investor confidence is high, especially for companies with clinical-stage assets or approved products like Abecma.

VC funding is surging, demonstrating that investors are willing to back high-risk, high-reward therapeutic areas like oncology and cell therapy:

• Total biotech investments are projected to grow from $483 billion in 2024 to $546 billion in 2025, a 13% compound annual growth rate.
• Venture Capital (VC) investments in biotech rose 70.9% in Q3 2025 to $3.1 billion, up from $1.8 billion in Q2 2025.
• The M&A market is also buoyant, with Bristol Myers Squibb taking full control of Abecma by acquiring 2seventy bio for $286 million in May 2025.

This strong capital flow is critical because it validates the long-term commercial potential of CAR T-cell therapies, ensuring a steady stream of investment into next-generation manufacturing and clinical programs, which ultimately benefits Abecma's market positioning.

2seventy bio, Inc. (TSVT) - PESTLE Analysis: Social factors

You're looking at the social landscape for 2seventy bio, Inc. (now part of Bristol Myers Squibb (BMS)) and its flagship CAR T-cell therapy, Abecma. The direct takeaway is that while public acceptance of these therapies is soaring due to undeniable clinical success, the systemic and labor-related barriers to access are creating a major bottleneck. Your strategy must shift from proving the science to fixing the logistics.

Growing public acceptance of gene and cell therapies for cancer treatment

The perception of CAR T-cell therapy (Chimeric Antigen Receptor T-cell therapy) has moved from experimental to transformative, especially in hematologic malignancies like multiple myeloma, which Abecma targets. This is defintely a tailwind for the business. The FDA has now approved six CAR T-cell therapies, signaling strong regulatory and clinical endorsement, which in turn fuels patient and physician confidence. This success means the market is less about convincing people of efficacy and more about meeting the surging demand.

For 2seventy bio, Inc., this acceptance is directly tied to its collaboration revenue. In the first quarter of 2025, Abecma's U.S. commercial revenue, as reported by Bristol Myers Squibb, was approximately $59 million. This revenue stream, despite competitive headwinds, confirms a robust and expanding patient pull for this class of treatment. The industry's focus is now on applying this technology to solid tumors, which will further normalize gene and cell therapies in the public eye.

Significant challenges in recruiting and retaining highly specialized CAR T-cell manufacturing talent

The biggest near-term risk is the human capital required to produce a personalized, autologous therapy like Abecma, which is made from a patient's own cells. This manufacturing process is labor-intensive and requires highly specialized skills in good manufacturing practices (GMP) and cell engineering. Honestly, you can't automate away the need for expert scientists and technicians.

The entire life sciences sector is facing a severe talent crunch. Recent research suggests the sector is approximately 35% short of the required specialized talent, with over 87,000 roles currently unfilled in the US alone. This shortage drives up compensation and increases the risk of batch failure due to inexperience. Bristol Myers Squibb's acquisition of 2seventy bio, Inc. in 2025 brings the manufacturing in-house, but it doesn't solve the industry-wide talent scarcity. The core challenge is that every batch is essentially a batch of one.

• Recruitment is costly, slow, and highly competitive.
• Retention is difficult due to high-demand, high-stress roles.
• Manufacturing complexity demands specialized, scarce expertise.

Equity and access issues for patients in rural areas needing specialized treatment centers

Despite the life-saving potential, access to CAR T-cell therapy remains severely unequal, particularly for patients in rural or underserved areas. The treatment is only offered at a limited number of certified treatment centers-mostly major academic hospitals-which are concentrated in urban hubs. This means the therapy is out of reach for many eligible patients.

Here's the quick math on the access gap: Studies have consistently shown that only about 20% to 30% of patients who are clinically eligible for CAR T-cell therapy are actually able to receive it. The main barrier is the non-clinical cost-travel, lodging, and time off work. Patients in the Southeast and Midwest U.S., for example, face disproportionately fewer treatment options nearby. To be fair, this is a systemic issue, not just a company problem, but it limits Abecma's market reach.

Increased patient advocacy demanding faster access to novel therapies

Patient advocacy groups have become a powerful, organized force, moving beyond awareness to actively shape regulatory and access policy. They are demanding a faster 'vein-to-vein' time (the time from cell collection to infusion) and the removal of logistical barriers. Groups like the International Myeloma Foundation and the Leukemia & Lymphoma Society are now integral stakeholders in the access conversation.

Their influence led directly to a major win in mid-2025: the FDA's decision to eliminate the restrictive Risk Evaluation and Mitigation Strategies (REMS) requirements for all approved CAR T-cell therapies. This change, which reduced the mandatory post-treatment monitoring period near the treatment center from four weeks to two weeks, is a direct result of patient and physician data demonstrating that most serious side effects occur within the first two weeks. This single regulatory change is expected to significantly improve access for thousands of patients who previously couldn't afford the month-long travel and living expenses.

Next step: Bristol Myers Squibb's Abecma commercial team should draft a communication plan by the end of the quarter to educate community oncologists and patients on the new, shorter post-infusion monitoring requirements, framing it as a major win for patient access.

2seventy bio, Inc. (TSVT) - PESTLE Analysis: Technological factors

The technological factors for 2seventy bio, Inc. in 2025 are fundamentally defined by its strategic pivot to focus solely on the commercialization of its autologous CAR T-cell therapy, Abecma (idecabtagene vicleucel), and its impending acquisition by Bristol Myers Squibb (BMS). This shift means the company has largely outsourced or divested its next-generation research, concentrating its technological efforts on manufacturing efficiency and clinical optimization for its single commercial product.

Rapid advancements in next-generation CAR T-cell design (e.g., allogeneic, or off-the-shelf, therapies).

The core technological risk for 2seventy bio is the rapid advance of next-generation CAR T-cell designs, specifically allogeneic (or off-the-shelf) therapies. Abecma is an autologous therapy, meaning it must be custom-made for each patient from their own T-cells, a process that historically involved a turnaround time of around 30 days.

The industry is moving toward allogeneic products, which are manufactured in bulk from donor cells and can be immediately infused. This speed is a critical differentiator, as many multiple myeloma patients cannot wait the typical four to six weeks for autologous cell production. 2seventy bio's decision to sell its R&D pipeline to Regeneron in January 2024, which included next-generation cell therapy candidates, means it has essentially exited the race for these potentially disruptive technologies, leaving Abecma vulnerable to competitors like Johnson & Johnson/Legend Biotech's Carvykti (ciltacabtagene autoleucel) and future allogeneic entrants.

Critical need to scale up vector and lentivirus manufacturing capacity efficiently.

For an autologous therapy like Abecma, the technological challenge is less about discovering a new drug and more about perfecting the supply chain and manufacturing process, particularly the production of the lentiviral vector (LVV) used to genetically modify the patient's T-cells. The global lentiviral vector market size is projected to be around $413.21 million in 2025 and is expanding rapidly, reflecting the critical nature of this component.

While 2seventy bio and BMS previously made progress in scaling capacity, achieving an in-spec drug product rate of 85-90%, the sheer demand and the complexity of patient-specific manufacturing remain a bottleneck. The acquisition by BMS, expected to close in the second quarter of 2025, is intended to put the vast resources of a major pharmaceutical company behind Abecma's manufacturing, aiming to resolve past supply chain constraints that have impacted sales.

Adoption of AI and machine learning to accelerate target identification and trial design.

The adoption of Artificial Intelligence (AI) and machine learning (ML) is a major technological trend in the biopharma industry, with the AI in biotech market expected to reach $5.60 billion in 2025. These tools are critical for accelerating target identification and optimizing clinical trial design, saving up to 40% of the time for challenging targets.

However, 2seventy bio's technological exposure to this opportunity is now minimal. The company sold its research and development programs, including related platform technologies, to Regeneron in January 2024. This means the former 2seventy bio organization is no longer leveraging AI/ML for novel target discovery or pipeline development. Its focus is strictly on the in-market product, Abecma, where AI/ML applications would be limited to manufacturing process optimization and supply chain logistics under the new BMS ownership.

Intellectual property (IP) disputes over foundational CAR T-cell technology remain a constant threat.

The foundational technology for CAR T-cells is a complex web of intellectual property (IP), and disputes are a constant threat in the cell therapy space. For Abecma, the IP is tied to a collaboration that began between Bluebird bio and Celgene, a company later acquired by BMS.

The acquisition of 2seventy bio by BMS, valued at approximately $286 million, fundamentally simplifies the IP landscape for Abecma. By taking full ownership, BMS consolidates the rights and eliminates the need for future profit-sharing related to Abecma, which was a significant financial and legal complexity. While the broader field still faces IP litigation-a risk that affects all CAR T-cell developers-the direct threat to Abecma's commercialization from internal partnership disputes has been largely mitigated by the 2025 merger. This consolidation is a clear, positive technological action.

Here's the quick math: BMS paying a net cost of approximately $102 million for 2seventy bio (after accounting for cash reserves) to gain full control of Abecma's IP and manufacturing is defintely a strategic move to secure this technology long-term.

• Secure IP ownership simplifies future manufacturing investment.
• Eliminates profit-sharing obligations for Abecma.
• Focuses technological resources on autologous manufacturing scale-up.

Next step: BMS Finance must finalize the integration plan for Abecma manufacturing facilities by the end of Q2 2025.

2seventy bio, Inc. (TSVT) - PESTLE Analysis: Legal factors

Complex licensing agreements with Bristol Myers Squibb (BMS) governing Abecma's global sales

The most immediate and definitive legal factor for 2seventy bio in the 2025 fiscal year was the termination of its complex licensing and profit-sharing arrangement with Bristol Myers Squibb (BMS). BMS announced its intent to acquire 2seventy bio in March 2025, in an all-cash deal valued at approximately $286 million, or about $102 million after accounting for 2seventy bio's estimated cash reserves. This acquisition, expected to close in the second quarter of 2025, was a direct move by BMS to gain full control of Abecma (idecabtagene vicleucel) and eliminate the future financial and legal complexity of the partnership.

Before the acquisition, the companies shared U.S. commercialization profits and losses for Abecma. For the 2024 fiscal year, Abecma generated worldwide sales of $406 million, but only $43 million was paid to 2seventy bio by BMS as its share of the profit-sharing arrangement. The acquisition gives BMS 'full freedom to operate' and, critically, allows them to cut future profit-sharing costs, which was a clear strategic driver. You can see the immediate impact in the shift from a shared-risk model to a clean buyout.

Ongoing intellectual property battles around key chimeric antigen receptor (CAR) constructs

While 2seventy bio itself was not the primary litigant in a major new CAR-T intellectual property (IP) battle in 2025, the entire cell therapy sector, and therefore Abecma, operates under a cloud of patent risk. The core technology for chimeric antigen receptor (CAR) T-cells is a hotbed of litigation, often involving foundational patents licensed from institutions like Memorial Sloan Kettering Cancer Center. The risk is now fully inherited by BMS, but it remains a legal factor for the product itself.

The company had already minimized its direct exposure by divesting its pipeline assets, like bbT369 and SC-DARIC33, to Regeneron in early 2024 for an upfront payment of just $5 million. This strategic move essentially focused the company's IP portfolio down to its interest in Abecma, which is shielded by BMS's broader legal and financial resources. The biggest IP risk is less about 2seventy bio's own constructs and more about the ongoing, industry-wide patent disputes that could mandate royalty payments or injunctions on a key component of the Abecma construct, which would hit the product's profitability.

Stricter FDA requirements for Chemistry, Manufacturing, and Controls (CMC) for cell therapies

The regulatory environment for cell therapies in 2025 is defined by increasingly stringent Chemistry, Manufacturing, and Controls (CMC) requirements from the U.S. Food and Drug Administration (FDA). This is a critical legal/regulatory pressure point for Abecma, an autologous (patient-specific) cell therapy that has faced past supply chain constraints. Between 2020 and 2024, an estimated 74% of the FDA's Complete Response Letters (CRLs)-which are rejections of a marketing application-cited manufacturing or quality (CMC) deficiencies. That's a huge failure rate.

The FDA's new draft guidances, including those published in late 2025, emphasize the need for robust CMC data early in development, covering everything from vector platform characterization to process control and analytical validation. Since BMS now owns the manufacturing process entirely, they must pour resources into this compliance. The legal risk here is not a lawsuit, but a regulatory delay: a single manufacturing deviation could lead to a temporary facility shutdown or a significant delay in the approval of Abecma for earlier lines of therapy, like the ongoing KarMMa-2 and KarMMa-3 studies.

Evolving global data privacy regulations (like GDPR) impacting clinical trial data management

Operating global clinical trials, such as those for Abecma, means navigating a patchwork of evolving international data privacy laws. The European Union's General Data Protection Regulation (GDPR) remains the gold standard, but the legal landscape is shifting even in major markets.

For example, the UK's new Data (Use and Access) Act, which received Royal Assent in June 2025, creates a more permissive regime for using personal data in 'scientific research,' but only if 'appropriate safeguards' like pseudonymization are met. This means every global clinical trial protocol must be defintely reviewed to ensure compliance with these subtle but crucial legal distinctions in data handling, consent, and cross-border transfers. Failure to comply with GDPR or its UK equivalent can result in fines up to 4% of global annual revenue, a risk that BMS now fully assumes for Abecma's global data. You must ensure your data infrastructure is global-ready.

• Review all clinical trial data transfer agreements for new UK Data Act compliance by Q1 2026.
• Audit Abecma's CMC process against the FDA's late 2025 draft guidances.
• Finance: Draft a 13-week cash view for the post-acquisition transition period by Friday.

2seventy bio, Inc. (TSVT) - PESTLE Analysis: Environmental factors

So, the immediate action is clear: Finance must draft a 13-week cash view by Friday, focusing on the delta between expected Abecma sales-which are projected to hit over $600 million globally in 2025-and the actual reimbursement collection dates. That lag is what kills companies, not the science.

Managing the specialized biowaste and cold-chain logistics from global manufacturing sites.

The environmental footprint of an autologous cell therapy like Abecma is unique because it's a personalized, vein-to-vein supply chain, not a mass-produced pill. This means a high volume of single-use, specialized materials for apheresis, manufacturing, and infusion, creating a significant biowaste (biomedical waste) stream. For the broader healthcare sector, the supply chain-which includes biopharma manufacturing and logistics-accounts for a staggering 71% of total emissions, making this a critical area for 2seventy bio and its partner Bristol Myers Squibb (BMS).

Managing the specialized biowaste requires incineration or autoclaving, which are energy-intensive processes. Plus, the complex, global cold-chain logistics for the cryopreserved product (idecabtagene vicleucel) adds another layer of environmental cost. The industry is responding with solutions that 2seventy bio must adopt quickly to mitigate this:

• Switching from single-use to reusable temperature-controlled shippers.
• Implementing efficient reverse logistics to retrieve and refurbish packaging.
• Reusable shippers can cut landfill waste by an estimated 50% and carbon footprint by 45%.

Pressure from institutional investors to report on supply chain sustainability practices.

You're seeing institutional investors, like BlackRock, increasingly use Environmental, Social, and Governance (ESG) metrics as a non-financial risk factor. Given the healthcare sector's contribution of around 4.4% of global net emissions-more carbon-intensive than the automotive industry-investors demand transparency.

The pressure is particularly focused on Scope 3 emissions (indirect emissions from the value chain), which is where the Abecma cold chain and biowaste fall. A 2025 industry report noted that 53% of sites face challenges in gathering the necessary Scope 3 data, which is a compliance risk for a company of this scale. This isn't just a PR issue; it directly impacts the cost of capital and long-term valuation, especially as BMS integrates 2seventy bio's operations.

Energy consumption of large-scale, controlled-environment cell therapy manufacturing facilities.

Cell therapy manufacturing requires highly controlled environments (cleanrooms) and cryopreservation, both of which are massive energy sinks. Heating, Ventilation, and Air Conditioning (HVAC) systems in bioprocessing facilities are notoriously energy-intensive. For example, some forward-thinking biopharma firms are targeting carbon neutrality by 2030, which requires significant upfront investment in energy efficiency and renewables.

The industry is seeing a shift toward smart technologies to combat this energy drain. Honestly, smart sensors and Internet of Things (IoT) systems can help reduce waste by up to 30%, and Artificial Intelligence (AI) can cut energy consumption in manufacturing by up to 20%. This is defintely the next big capital expenditure area for the combined entity.

Focus on reducing the carbon footprint of the complex, global patient-specific vein-to-vein supply chain.

The vein-to-vein supply chain for Abecma is the single biggest environmental challenge. It involves collecting the patient's cells, shipping them cryogenically to a manufacturing site, processing them, and then shipping the final product back to the patient, often across international borders. The carbon footprint of this intricate, time-sensitive journey is substantial.

The industry average for reusable temperature-controlled packaging utilization is currently around 30%, but this is projected to more than double to 70% in the coming years as companies prioritize sustainability. The table below shows the clear environmental and logistical advantages of moving away from single-use shippers, a necessary pivot for a global CAR-T product.

Finance: draft 13-week cash view by Friday.