$EDIT
Editas Medicine, Inc.

2019 Q4 Form 10-Q Financial Statement

#000155837019010798 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $12.28M $3.848M $14.52M
YoY Change 100.75% -73.5% 131.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.92M $15.73M $13.33M
YoY Change 28.38% 18.0% 5.46%
% of Gross Profit
Research & Development $34.79M $22.70M $17.44M
YoY Change 81.29% 30.15% -14.5%
% of Gross Profit
Depreciation & Amortization $780.0K $730.0K $830.0K
YoY Change -11.36% -12.05% 20.29%
% of Gross Profit
Operating Expenses $51.71M $38.44M $30.78M
YoY Change 59.73% 24.89% -6.82%
Operating Profit -$34.59M -$16.26M
YoY Change 112.74%
Interest Expense $1.650M $1.680M $1.020M
YoY Change 37.5% 64.71% -2140.0%
% of Operating Profit
Other Income/Expense, Net $1.653M $1.647M $1.020M
YoY Change 37.86% 61.47% 410.0%
Pretax Income -$37.77M -$32.94M -$15.24M
YoY Change 50.72% 116.14% -42.71%
Income Tax
% Of Pretax Income
Net Earnings -$37.77M -$32.94M -$15.24M
YoY Change 50.75% 116.18% -42.71%
Net Earnings / Revenue -307.47% -856.06% -104.95%
Basic Earnings Per Share -$0.66
Diluted Earnings Per Share -$723.7K -$0.66 -$321.5K
COMMON SHARES
Basic Shares Outstanding 51.30M 49.82M
Diluted Shares Outstanding 49.82M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $699.0M $441.1M $337.5M
YoY Change 37.83% 30.68% 14.14%
Cash & Equivalents $238.2M $104.8M $113.3M
Short-Term Investments $460.8M $336.3M $225.8M
Other Short-Term Assets $6.300M $6.300M $5.000M
YoY Change 8.62% 26.0% 150.0%
Inventory
Prepaid Expenses
Receivables $400.0K $300.0K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $463.8M $339.2M $342.6M
YoY Change 23.77% -0.99% 14.81%
LONG-TERM ASSETS
Property, Plant & Equipment $10.89M $10.08M $39.70M
YoY Change -72.94% -74.62% 1.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.393M $5.392M $5.400M
YoY Change 0.28% -0.15% 237.5%
Total Long-Term Assets $45.04M $33.15M $45.00M
YoY Change -1.25% -26.34% 10.57%
TOTAL ASSETS
Total Short-Term Assets $463.8M $339.2M $342.6M
Total Long-Term Assets $45.04M $33.15M $45.00M
Total Assets $508.9M $372.4M $387.6M
YoY Change 21.05% -3.93% 14.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.843M $6.624M $5.000M
YoY Change 9.69% 32.48% -28.57%
Accrued Expenses $22.12M $8.138M $11.30M
YoY Change 72.64% -27.98% 32.94%
Deferred Revenue $23.51M $46.02M
YoY Change 49.66%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.96M $66.79M $26.10M
YoY Change 67.03% 155.89% -11.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $32.70M
YoY Change -100.0% -100.0% -2.97%
Other Long-Term Liabilities $1.000K $1.000K $104.4M
YoY Change -99.66% -100.0% 6.31%
Total Long-Term Liabilities $1.000K $1.000K $137.1M
YoY Change -99.66% -100.0% 3.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.96M $66.79M $26.10M
Total Long-Term Liabilities $1.000K $1.000K $137.1M
Total Liabilities $246.4M $162.4M $163.2M
YoY Change 33.78% -0.51% 1.18%
SHAREHOLDERS EQUITY
Retained Earnings -$549.2M -$511.5M
YoY Change 31.94%
Common Stock $811.6M $721.4M
YoY Change 24.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $262.4M $210.0M $224.4M
YoY Change
Total Liabilities & Shareholders Equity $508.9M $372.4M $387.6M
YoY Change 21.05% -3.93% 14.3%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$37.77M -$32.94M -$15.24M
YoY Change 50.75% 116.18% -42.71%
Depreciation, Depletion And Amortization $780.0K $730.0K $830.0K
YoY Change -11.36% -12.05% 20.29%
Cash From Operating Activities $41.02M -$26.88M -$7.840M
YoY Change 3007.58% 242.86% -71.98%
INVESTING ACTIVITIES
Capital Expenditures -$1.690M -$2.250M -$940.0K
YoY Change 19.86% 139.36% 25.33%
Acquisitions
YoY Change
Other Investing Activities $9.510M -$120.1M -$12.68M
YoY Change -232.27% 846.85% -54.88%
Cash From Investing Activities $7.820M -$122.3M -$13.62M
YoY Change -190.82% 798.02% -52.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 84.56M 43.36M 1.240M
YoY Change 178.62% 3396.77% -269.86%
NET CHANGE
Cash From Operating Activities 41.02M -26.88M -7.840M
Cash From Investing Activities 7.820M -122.3M -13.62M
Cash From Financing Activities 84.56M 43.36M 1.240M
Net Change In Cash 133.4M -105.8M -20.22M
YoY Change 478.49% 423.39% -64.87%
FREE CASH FLOW
Cash From Operating Activities $41.02M -$26.88M -$7.840M
Capital Expenditures -$1.690M -$2.250M -$940.0K
Free Cash Flow $42.71M -$24.63M -$6.900M
YoY Change 1464.47% 256.96% -74.66%

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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. 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In March 2018, the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”), under which the Company from time to time can issue and sell shares of its common stock through Cowen in at-the-market offerings for aggregate gross sales proceeds of $150.0 million (the “March 2018 ATM Program”). Beginning in August 2019 and through the date of filing this Quarterly Report on Form 10-Q, the Company sold an aggregate of 1,727,555 shares of its common stock pursuant to the March 2018 ATM Program, of which 1,721,735 shares were sold during the three months ended September 30, 2019, at a weighted-average price of $25.15 per share for gross proceeds of $43.6 million under the March 2018 ATM Program. The Company paid Cowen a 3% cash commission on the gross sales price per share of its common stock sold under the March 2018 ATM Program. As of the three months ended September 30, 2019, the Company received net proceeds of $42.1 million, of which $0.8 million was recorded as a receivable in other current assets in the condensed consolidated balance sheet. As of the date of this Quarterly Report on Form 10-Q, the Company has an ability to raise an additional $106.4 million in aggregate gross sales proceeds under the March 2018 ATM Program.</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;">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 September 30, 2019 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements for at least 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;">$511.5</span><span style="font-size:10pt;"> million at September 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>
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