$EDIT
Editas Medicine, Inc.

2021 Q1 Form 10-Q Financial Statement

#000155837021006073 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $6.499M $5.723M
YoY Change 13.56% 176.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.45M $17.77M
YoY Change 20.71% 1.6%
% of Gross Profit
Research & Development $41.94M $34.57M
YoY Change 21.31% 118.22%
% of Gross Profit
Depreciation & Amortization $1.163M $798.0K
YoY Change 45.74% 27.07%
% of Gross Profit
Operating Expenses $63.38M $52.34M
YoY Change 21.1% 57.03%
Operating Profit -$56.88M -$46.62M
YoY Change 22.02% 49.11%
Interest Expense $130.0K $1.560M
YoY Change -91.67% -24.27%
% of Operating Profit
Other Income/Expense, Net $155.0K $8.892M
YoY Change -98.26% 341.73%
Pretax Income -$56.73M -$37.72M
YoY Change 50.4% 28.96%
Income Tax
% Of Pretax Income
Net Earnings -$56.73M -$37.72M
YoY Change 50.38% 28.98%
Net Earnings / Revenue -872.87% -659.16%
Basic Earnings Per Share -$0.86 -$0.69
Diluted Earnings Per Share -$0.86 -$0.69
COMMON SHARES
Basic Shares Outstanding 65.99M 54.59M
Diluted Shares Outstanding 65.99M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $625.3M $647.8M
YoY Change -3.48% 89.37%
Cash & Equivalents $354.9M $232.9M
Short-Term Investments $270.4M $415.0M
Other Short-Term Assets $6.300M $8.300M
YoY Change -24.1% 66.0%
Inventory
Prepaid Expenses
Receivables $700.0K $1.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $632.3M $425.1M
YoY Change 48.74% 22.47%
LONG-TERM ASSETS
Property, Plant & Equipment $14.10M $12.22M
YoY Change 15.36% -53.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $97.90M
YoY Change
Other Assets $6.688M $2.391M
YoY Change 179.72% -55.72%
Total Long-Term Assets $148.0M $41.63M
YoY Change 255.45% 30.92%
TOTAL ASSETS
Total Short-Term Assets $632.3M $425.1M
Total Long-Term Assets $148.0M $41.63M
Total Assets $780.3M $466.7M
YoY Change 67.18% 23.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.910M $10.39M
YoY Change -14.28% 57.48%
Accrued Expenses $15.13M $8.669M
YoY Change 74.55% -5.77%
Deferred Revenue $32.70M $40.64M
YoY Change -19.53%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.01M $68.87M
YoY Change -7.06% 67.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $78.30M $1.000K
YoY Change 7829900.0% -100.0%
Total Long-Term Liabilities $78.30M $1.000K
YoY Change 7829900.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.01M $68.87M
Total Long-Term Liabilities $78.30M $1.000K
Total Liabilities $142.3M $232.2M
YoY Change -38.71% 43.49%
SHAREHOLDERS EQUITY
Retained Earnings -$721.9M -$586.9M
YoY Change 23.0%
Common Stock $1.360B $820.8M
YoY Change 65.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $638.0M $234.6M
YoY Change
Total Liabilities & Shareholders Equity $780.3M $466.7M
YoY Change 67.18% 23.18%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$56.73M -$37.72M
YoY Change 50.38% 28.98%
Depreciation, Depletion And Amortization $1.163M $798.0K
YoY Change 45.74% 27.07%
Cash From Operating Activities -$49.48M -$54.09M
YoY Change -8.52% 86.48%
INVESTING ACTIVITIES
Capital Expenditures $84.00K $2.152M
YoY Change -96.1% 199.72%
Acquisitions
YoY Change
Other Investing Activities $3.330M $48.62M
YoY Change -93.15% -5.3%
Cash From Investing Activities $3.244M $46.46M
YoY Change -93.02% -8.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $249.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 261.5M 3.047M
YoY Change 8481.26% 98.76%
NET CHANGE
Cash From Operating Activities -49.48M -54.09M
Cash From Investing Activities 3.244M 46.46M
Cash From Financing Activities 261.5M 3.047M
Net Change In Cash 215.2M -4.575M
YoY Change -4804.61% -119.76%
FREE CASH FLOW
Cash From Operating Activities -$49.48M -$54.09M
Capital Expenditures $84.00K $2.152M
Free Cash Flow -$49.56M -$56.24M
YoY Change -11.87% 89.22%

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<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, a wholly-owned subsidiary of the Bristol-Myers Squibb Company (“Juno Therapeutics”), payments received under a strategic alliance and option agreement with Allergan Pharmaceuticals International Limited (together with its affiliates, “Allergan”)<span style="background-color:#ffffff;color:#212529;">, which was terminated in August 2020, and its license agreement with Beam Therapeutics. </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 January 2021, the Company completed a public offering whereby it sold 3,500,000 shares of its common stock and received net proceeds of approximately $216.9 million. In February 2021, the underwriters in the public offering exercised their option to purchase an additional 525,000 shares, resulting in additional net proceeds to the Company of approximately $32.6 million. </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 March 31, 2021 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements well </span><span style="font-size:10pt;">into 2023</span><span style="font-size:10pt;">. The Company had an accumulated deficit of $721.9 million at March 31, 2021, 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>
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-721900000
CY2021Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
723296000
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
15000
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
88000
CY2021Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
723223000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
511820000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
18000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
64000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
511774000
CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2021Q1 edit Marketable Securities Noncurrent Number Of Securities
MarketableSecuritiesNoncurrentNumberOfSecurities
44
CY2021Q1 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
97900000
CY2020Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2021Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
660000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
533000
CY2021Q1 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
6795000
CY2020Q4 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
12820000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4439000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5323000
CY2021Q1 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
2320000
CY2020Q4 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
4240000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
505000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
359000
CY2021Q1 edit Sublicensing Expenses
SublicensingExpenses
413000
CY2020Q4 edit Sublicensing Expenses
SublicensingExpenses
771000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15132000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24046000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26083000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25115000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11988000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11095000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14095000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14020000
CY2020Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
6048000
CY2021Q1 edit Accounts Receivable Additions
AccountsReceivableAdditions
316000
CY2021Q1 edit Accounts Receivable Deductions
AccountsReceivableDeductions
5692000
CY2021Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
672000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
94927000
CY2021Q1 edit Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
150000
CY2021Q1 edit Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
5706000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
89371000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5706000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12204000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6220000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4634353
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5501001

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