$EDIT
Editas Medicine, Inc.

2019 Q2 Form 10-Q Financial Statement

#000155837019007470 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $2.330M $7.372M
YoY Change -68.39% 137.81%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.41M $14.31M
YoY Change 0.7% 20.35%
% of Gross Profit
Research & Development $23.57M $32.72M
YoY Change -27.98% 88.9%
% of Gross Profit
Depreciation & Amortization $690.0K $790.0K
YoY Change -12.66% 21.54%
% of Gross Profit
Operating Expenses $37.98M $47.03M
YoY Change -19.24% 61.0%
Operating Profit -$35.65M -$39.66M
YoY Change -10.11%
Interest Expense $1.930M $780.0K
YoY Change 147.44% -273.33%
% of Operating Profit
Other Income/Expense, Net $1.863M $934.0K
YoY Change 99.46% 678.33%
Pretax Income -$33.79M -$38.72M
YoY Change -12.73% 46.44%
Income Tax
% Of Pretax Income
Net Earnings -$33.79M -$38.72M
YoY Change -12.75% 46.46%
Net Earnings / Revenue -1450.04% -525.27%
Basic Earnings Per Share
Diluted Earnings Per Share -$688.6K -$824.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $532.2M $344.1M
YoY Change 54.66% 5.94%
Cash & Equivalents $210.6M $133.5M
Short-Term Investments $321.6M $212.2M
Other Short-Term Assets $6.300M $3.800M
YoY Change 65.79% 65.22%
Inventory
Prepaid Expenses
Receivables $0.00 $400.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $324.2M $348.2M
YoY Change -6.88% 6.19%
LONG-TERM ASSETS
Property, Plant & Equipment $8.530M $39.90M
YoY Change -78.62% 1.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.378M $5.400M
YoY Change -0.41% 237.5%
Total Long-Term Assets $31.39M $45.30M
YoY Change -30.72% 10.76%
TOTAL ASSETS
Total Short-Term Assets $324.2M $348.2M
Total Long-Term Assets $31.39M $45.30M
Total Assets $355.6M $393.5M
YoY Change -9.63% 6.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.981M $4.700M
YoY Change -15.3% -42.68%
Accrued Expenses $8.169M $11.00M
YoY Change -25.74% -1.79%
Deferred Revenue $56.04M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.87M $24.00M
YoY Change 203.61% -50.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $32.90M
YoY Change -100.0% -2.95%
Other Long-Term Liabilities $1.000K $105.2M
YoY Change -100.0% 3.85%
Total Long-Term Liabilities $1.000K $138.1M
YoY Change -100.0% 2.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.87M $24.00M
Total Long-Term Liabilities $1.000K $138.1M
Total Liabilities $162.6M $162.2M
YoY Change 0.22% -11.75%
SHAREHOLDERS EQUITY
Retained Earnings -$478.5M
YoY Change
Common Stock $671.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $193.1M $231.3M
YoY Change
Total Liabilities & Shareholders Equity $355.6M $393.5M
YoY Change -9.63% 6.7%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$33.79M -$38.72M
YoY Change -12.75% 46.46%
Depreciation, Depletion And Amortization $690.0K $790.0K
YoY Change -12.66% 21.54%
Cash From Operating Activities -$25.81M -$16.73M
YoY Change 54.27% -36.05%
INVESTING ACTIVITIES
Capital Expenditures -$1.510M -$1.390M
YoY Change 8.63% 286.11%
Acquisitions
YoY Change
Other Investing Activities $77.63M -$70.29M
YoY Change -210.44% -61.08%
Cash From Investing Activities $76.11M -$71.68M
YoY Change -206.18% -60.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.370M 2.670M
YoY Change -11.24% -990.0%
NET CHANGE
Cash From Operating Activities -25.81M -16.73M
Cash From Investing Activities 76.11M -71.68M
Cash From Financing Activities 2.370M 2.670M
Net Change In Cash 52.67M -85.74M
YoY Change -161.43% -58.67%
FREE CASH FLOW
Cash From Operating Activities -$25.81M -$16.73M
Capital Expenditures -$1.510M -$1.390M
Free Cash Flow -$24.30M -$15.34M
YoY Change 58.41% -40.54%

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<p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">1. Nature of Business</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">Editas Medicine, Inc. (the “Company”) is a leading, clinical stage genome editing company dedicated to developing potentially transformative genomic medicines to treat a broad range of serious diseases. The Company was incorporated in the state of Delaware in September 2013. Its principal offices are in Cambridge, Massachusetts.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital. The Company has primarily financed its operations through various equity financings, payments received under a research collaboration with Juno Therapeutics, Inc., a Celgene company that is a wholly-owned subsidiary of Celgene Corporation (“Juno Therapeutics”), and payments received under a strategic alliance and option agreement with Allergan Pharmaceuticals International Limited (“Allergan”). </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and ability to transition from pilot-scale manufacturing to large-scale production of products.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><span style="font-style:italic;font-weight:bold;">Liquidity</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;">As of June 30, 2019, the Company has raised an aggregate of $328.3 million in net proceeds through the sale of shares of its common stock in public offerings. The Company has incurred annual net operating losses in every year since its inception. The Company expects that its existing cash, cash equivalents and marketable securities</span> <span style="font-size:10pt;">at June 30, 2019 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements for at least the next 24 months following the date of this Quarterly Report on Form 10-Q. The Company had an accumulated deficit of </span><span style="font-size:10pt;">$478.5</span><span style="font-size:10pt;"> million at June 30, 2019 and will require substantial additional capital to fund its operations. The Company has never generated any product revenue. There can be no assurance that the Company will be able to obtain additional debt or equity financing or generate product revenue or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition.</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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