$EDIT
Editas Medicine, Inc.

2020 Q2 Form 10-Q Financial Statement

#000155837020009821 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $10.75M $2.330M
YoY Change 361.33% -68.39%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.08M $14.41M
YoY Change -2.29% 0.7%
% of Gross Profit
Research & Development $28.01M $23.57M
YoY Change 18.85% -27.98%
% of Gross Profit
Depreciation & Amortization $870.0K $690.0K
YoY Change 26.09% -12.66%
% of Gross Profit
Operating Expenses $42.09M $37.98M
YoY Change 10.82% -19.24%
Operating Profit -$31.34M -$35.65M
YoY Change -12.09% -10.11%
Interest Expense $590.0K $1.930M
YoY Change -69.43% 147.44%
% of Operating Profit
Other Income/Expense, Net $7.767M $1.863M
YoY Change 316.91% 99.46%
Pretax Income -$23.57M -$33.79M
YoY Change -30.25% -12.73%
Income Tax
% Of Pretax Income
Net Earnings -$23.57M -$33.79M
YoY Change -30.23% -12.75%
Net Earnings / Revenue -219.29% -1450.04%
Basic Earnings Per Share -$0.43
Diluted Earnings Per Share -$0.43 -$688.6K
COMMON SHARES
Basic Shares Outstanding 55.35M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.085B $532.2M
YoY Change 103.78% 54.66%
Cash & Equivalents $485.8M $210.6M
Short-Term Investments $598.7M $321.6M
Other Short-Term Assets $9.500M $6.300M
YoY Change 50.79% 65.79%
Inventory
Prepaid Expenses
Receivables $1.900M $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $610.1M $324.2M
YoY Change 88.17% -6.88%
LONG-TERM ASSETS
Property, Plant & Equipment $12.90M $8.530M
YoY Change 51.17% -78.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.891M $5.378M
YoY Change -27.65% -0.41%
Total Long-Term Assets $45.36M $31.39M
YoY Change 44.51% -30.72%
TOTAL ASSETS
Total Short-Term Assets $610.1M $324.2M
Total Long-Term Assets $45.36M $31.39M
Total Assets $655.5M $355.6M
YoY Change 84.32% -9.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.339M $3.981M
YoY Change 59.23% -15.3%
Accrued Expenses $10.19M $8.169M
YoY Change 24.79% -25.74%
Deferred Revenue $40.94M $56.04M
YoY Change -26.94%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.15M $72.87M
YoY Change -6.47% 203.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $160.6M $1.000K
YoY Change 16059900.0% -100.0%
Total Long-Term Liabilities $160.6M $1.000K
YoY Change 16059900.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.15M $72.87M
Total Long-Term Liabilities $160.6M $1.000K
Total Liabilities $228.7M $162.6M
YoY Change 40.69% 0.22%
SHAREHOLDERS EQUITY
Retained Earnings -$610.5M -$478.5M
YoY Change 27.59%
Common Stock $1.037B $671.5M
YoY Change 54.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $426.8M $193.1M
YoY Change
Total Liabilities & Shareholders Equity $655.5M $355.6M
YoY Change 84.32% -9.63%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$23.57M -$33.79M
YoY Change -30.23% -12.75%
Depreciation, Depletion And Amortization $870.0K $690.0K
YoY Change 26.09% -12.66%
Cash From Operating Activities -$30.85M -$25.81M
YoY Change 19.53% 54.27%
INVESTING ACTIVITIES
Capital Expenditures -$1.840M -$1.510M
YoY Change 21.85% 8.63%
Acquisitions
YoY Change
Other Investing Activities $76.01M $77.63M
YoY Change -2.09% -210.44%
Cash From Investing Activities $74.18M $76.11M
YoY Change -2.54% -206.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $203.7M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 211.1M 2.370M
YoY Change 8809.28% -11.24%
NET CHANGE
Cash From Operating Activities -30.85M -25.81M
Cash From Investing Activities 74.18M 76.11M
Cash From Financing Activities 211.1M 2.370M
Net Change In Cash 254.5M 52.67M
YoY Change 383.16% -161.43%
FREE CASH FLOW
Cash From Operating Activities -$30.85M -$25.81M
Capital Expenditures -$1.840M -$1.510M
Free Cash Flow -$29.01M -$24.30M
YoY Change 19.38% 58.41%

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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
191000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
235500000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
120637000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
126736000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
203964000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9886000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3619000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
350000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
283000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
214200000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3902000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
249895000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
75829000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
239802000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
136395000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
489697000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
212224000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
429000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
96000
us-gaap Operating Lease Payments
OperatingLeasePayments
5125000
us-gaap Operating Lease Payments
OperatingLeasePayments
3089000
edit Non Cash Transactions Offering Cost Included In Accounts Payable And Accrued Expenses
NonCashTransactionsOfferingCostIncludedInAccountsPayableAndAccruedExpenses
282000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3319000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';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;">(which was acquired by AbbVie, Inc. in May 2020 and is referred to together with its affiliates as “Allergan”). In August 2020, the collaboration with Allergan was terminated. </span><span style="background-color:#ffffff;">See Note 11, “Subsequent Events”.</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">In May 2020, 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 sale proceeds of up to $150.0 million ( the “ATM Facility”). As of June 30, 2020, the Company has not sold any shares of its common stock under the ATM Facility. In June 2020, the Company completed a public offering whereby the Company sold 6,900,000 shares of its common stock, inclusive of 900,000 shares of common stock sold by the Company pursuant to the full exercise of an option granted to the underwriters in connection with the offering and received net proceeds of approximately $203.7 million. As of June 30, 2020, the Company has raised an aggregate of $648.7 million in net proceeds through the sale of shares of its common stock in public offerings and at-the-market offerings. </p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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 June 30, 2020 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements </span><span style="font-size:10pt;">into 2023</span><span style="font-size:10pt;">. The Company had an accumulated deficit of $610.5 million at June 30, 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>
CY2020Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6900000
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
203700000
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-610500000
CY2020Q2 edit Sublicensing Expenses
SublicensingExpenses
813000
CY2019Q4 edit Sublicensing Expenses
SublicensingExpenses
11416000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
609000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
599000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10194000
CY2020Q2 edit Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
584012000
edit Marketable Securities Unrealized Gain
MarketableSecuritiesUnrealizedGain
14708000
CY2020Q2 us-gaap Marketable Securities
MarketableSecurities
598720000
CY2019Q4 edit Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
460700000
CY2019 edit Marketable Securities Unrealized Gain
MarketableSecuritiesUnrealizedGain
107000
CY2019Q4 us-gaap Marketable Securities
MarketableSecurities
460807000
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4179000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4971000
CY2020Q2 edit Process And Platform Development Costs Current
ProcessAndPlatformDevelopmentCostsCurrent
2266000
CY2019Q4 edit Process And Platform Development Costs Current
ProcessAndPlatformDevelopmentCostsCurrent
735000
CY2020Q2 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
1598000
CY2019Q4 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
3725000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
22120000
edit Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
7883000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
179346000
CY2020Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
1865000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
186721000
edit Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
508000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21741000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18091000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8846000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7204000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12895000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10887000
CY2019Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
418000
edit Accounts Receivable Additions
AccountsReceivableAdditions
1447000
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3066000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7883000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
60000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5417000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6493000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11637000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14348000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4495856
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5044351

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