$EDIT
Editas Medicine, Inc.

2020 Q1 Form 10-Q Financial Statement

#000155837020005883 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $5.723M $2.069M
YoY Change 176.61% -47.31%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.77M $17.49M
YoY Change 1.6% 23.26%
% of Gross Profit
Research & Development $34.57M $15.84M
YoY Change 118.22% -25.62%
% of Gross Profit
Depreciation & Amortization $798.0K $628.0K
YoY Change 27.07% -16.27%
% of Gross Profit
Operating Expenses $52.34M $33.33M
YoY Change 57.03% -6.07%
Operating Profit -$46.62M -$31.26M
YoY Change 49.11%
Interest Expense $1.560M $2.060M
YoY Change -24.27% 368.18%
% of Operating Profit
Other Income/Expense, Net $8.892M $2.013M
YoY Change 341.73% 224.68%
Pretax Income -$37.72M -$29.25M
YoY Change 28.96% -5.46%
Income Tax
% Of Pretax Income
Net Earnings -$37.72M -$29.25M
YoY Change 28.98% -5.46%
Net Earnings / Revenue -659.16% -1413.68%
Basic Earnings Per Share -$0.69
Diluted Earnings Per Share -$0.69 -$598.9K
COMMON SHARES
Basic Shares Outstanding 54.59M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $647.8M $342.1M
YoY Change 89.37% -4.65%
Cash & Equivalents $232.9M $159.6M
Short-Term Investments $415.0M $184.1M
Other Short-Term Assets $8.300M $5.000M
YoY Change 66.0% 61.29%
Inventory
Prepaid Expenses
Receivables $1.800M
Other Receivables $0.00
Total Short-Term Assets $425.1M $347.1M
YoY Change 22.47% -4.33%
LONG-TERM ASSETS
Property, Plant & Equipment $12.22M $26.50M
YoY Change -53.89% -33.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.391M $5.400M
YoY Change -55.72% 237.5%
Total Long-Term Assets $41.63M $31.80M
YoY Change 30.92% -22.82%
TOTAL ASSETS
Total Short-Term Assets $425.1M $347.1M
Total Long-Term Assets $41.63M $31.80M
Total Assets $466.7M $378.9M
YoY Change 23.18% -6.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.39M $6.600M
YoY Change 57.48% -26.67%
Accrued Expenses $8.669M $9.200M
YoY Change -5.77% 17.95%
Deferred Revenue $40.64M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.87M $41.00M
YoY Change 67.97% 32.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.000K $120.7M
YoY Change -100.0% 30.77%
Total Long-Term Liabilities $1.000K $120.7M
YoY Change -100.0% -3.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.87M $41.00M
Total Long-Term Liabilities $1.000K $120.7M
Total Liabilities $232.2M $161.8M
YoY Change 43.49% 3.39%
SHAREHOLDERS EQUITY
Retained Earnings -$586.9M
YoY Change
Common Stock $820.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $234.6M $217.2M
YoY Change
Total Liabilities & Shareholders Equity $466.7M $378.9M
YoY Change 23.18% -6.21%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$37.72M -$29.25M
YoY Change 28.98% -5.46%
Depreciation, Depletion And Amortization $798.0K $628.0K
YoY Change 27.07% -16.27%
Cash From Operating Activities -$54.09M -$29.00M
YoY Change 86.48% 29.13%
INVESTING ACTIVITIES
Capital Expenditures $2.152M $718.0K
YoY Change 199.72% -171.09%
Acquisitions
YoY Change
Other Investing Activities $48.62M $51.34M
YoY Change -5.3% 22.73%
Cash From Investing Activities $46.46M $50.63M
YoY Change -8.22% 24.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.047M 1.533M
YoY Change 98.76% -97.09%
NET CHANGE
Cash From Operating Activities -54.09M -29.00M
Cash From Investing Activities 46.46M 50.63M
Cash From Financing Activities 3.047M 1.533M
Net Change In Cash -4.575M 23.16M
YoY Change -119.76% -67.4%
FREE CASH FLOW
Cash From Operating Activities -$54.09M -$29.00M
Capital Expenditures $2.152M $718.0K
Free Cash Flow -$56.24M -$29.72M
YoY Change 89.22% 38.56%

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CY2020Q1 us-gaap Nature Of Operations
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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 0pt 12pt 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 0pt 12pt 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 wholly-owned subsidiary of the Bristol-Myers Squibb Company (“Juno Therapeutics”), and payments received under a strategic alliance with Allergan Pharmaceuticals International Limited <span style="background-color:#ffffff;color:#212529;">(together with its affiliates, “Allergan”) </span> </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 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;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 March 31, 2020, the Company has raised an aggregate of $444.8 million in net proceeds through the sale of shares of its common stock in public offerings and at-the-market 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 March 31, 2020 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 $586.9 million at March 31, 2020, 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>
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-586900000
CY2020Q1 edit Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
406966000
CY2020Q1 edit Marketable Securities Unrealized Gain
MarketableSecuritiesUnrealizedGain
8027000
CY2020Q1 us-gaap Marketable Securities
MarketableSecurities
414993000
CY2019Q4 edit Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
460700000
CY2019 edit Marketable Securities Unrealized Gain
MarketableSecuritiesUnrealizedGain
107000
CY2019Q4 us-gaap Marketable Securities
MarketableSecurities
460807000
CY2019Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2020Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4817000
CY2020Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
60000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3727000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4971000
CY2020Q1 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
2327000
CY2019Q4 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
3725000
CY2020Q1 edit Process And Platform Development Costs Current
ProcessAndPlatformDevelopmentCostsCurrent
1583000
CY2019Q4 edit Process And Platform Development Costs Current
ProcessAndPlatformDevelopmentCostsCurrent
735000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
541000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
599000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
491000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
674000
CY2019Q4 edit Sublicensing Expenses
SublicensingExpenses
11416000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8669000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
22120000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20221000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18091000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8003000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7204000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12218000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10887000
CY2019Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
418000
CY2020Q1 edit Accounts Receivable Additions
AccountsReceivableAdditions
1414000
CY2020Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
1832000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
186721000
CY2020Q1 edit Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
508000
CY2020Q1 edit Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
4817000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
182412000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6220000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7855000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5113655
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5501001

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