$EDIT
Editas Medicine, Inc.

2021 Q2 Form 10-Q Financial Statement

#000155837021010390 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $379.0K $10.75M
YoY Change -96.47% 361.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $22.03M $14.08M
YoY Change 56.44% -2.29%
% of Gross Profit
Research & Development $33.75M $28.01M
YoY Change 20.52% 18.85%
% of Gross Profit
Depreciation & Amortization $1.192M $870.0K
YoY Change 37.01% 26.09%
% of Gross Profit
Operating Expenses $55.78M $42.09M
YoY Change 32.53% 10.82%
Operating Profit -$55.40M -$31.34M
YoY Change 76.78% -12.09%
Interest Expense $146.0K $590.0K
YoY Change -75.25% -69.43%
% of Operating Profit
Other Income/Expense, Net $145.0K $7.767M
YoY Change -98.13% 316.91%
Pretax Income -$55.26M -$23.57M
YoY Change 134.43% -30.25%
Income Tax
% Of Pretax Income
Net Earnings -$55.26M -$23.57M
YoY Change 134.41% -30.23%
Net Earnings / Revenue -14579.42% -219.29%
Basic Earnings Per Share -$0.81 -$0.43
Diluted Earnings Per Share -$0.81 -$0.43
COMMON SHARES
Basic Shares Outstanding 67.88M 55.35M
Diluted Shares Outstanding 67.88M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $610.6M $1.085B
YoY Change -43.7% 103.78%
Cash & Equivalents $337.8M $485.8M
Short-Term Investments $272.7M $598.7M
Other Short-Term Assets $5.408M $9.500M
YoY Change -43.07% 50.79%
Inventory
Prepaid Expenses
Receivables $331.0K $1.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $616.3M $610.1M
YoY Change 1.01% 88.17%
LONG-TERM ASSETS
Property, Plant & Equipment $14.91M $12.90M
YoY Change 15.63% 51.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $87.58M
YoY Change
Other Assets $6.780M $3.891M
YoY Change 74.25% -27.65%
Total Long-Term Assets $139.6M $45.36M
YoY Change 207.77% 44.51%
TOTAL ASSETS
Total Short-Term Assets $616.3M $610.1M
Total Long-Term Assets $139.6M $45.36M
Total Assets $755.9M $655.5M
YoY Change 15.32% 84.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.415M $6.339M
YoY Change -30.35% 59.23%
Accrued Expenses $18.63M $10.19M
YoY Change 82.73% 24.79%
Deferred Revenue $34.00M $40.94M
YoY Change -16.95% -26.94%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $66.02M $68.15M
YoY Change -3.13% -6.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $76.50M $160.6M
YoY Change -52.36% 16059900.0%
Total Long-Term Liabilities $76.50M $160.6M
YoY Change -52.36% 16059900.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.02M $68.15M
Total Long-Term Liabilities $76.50M $160.6M
Total Liabilities $142.5M $228.7M
YoY Change -37.69% 40.69%
SHAREHOLDERS EQUITY
Retained Earnings -$777.2M -$610.5M
YoY Change 27.31% 27.59%
Common Stock $1.391B $1.037B
YoY Change 34.09% 54.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $612.8M $426.8M
YoY Change
Total Liabilities & Shareholders Equity $755.9M $655.5M
YoY Change 15.32% 84.32%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$55.26M -$23.57M
YoY Change 134.41% -30.23%
Depreciation, Depletion And Amortization $1.192M $870.0K
YoY Change 37.01% 26.09%
Cash From Operating Activities -$38.96M -$30.85M
YoY Change 26.28% 19.53%
INVESTING ACTIVITIES
Capital Expenditures -$2.708M -$1.840M
YoY Change 47.17% 21.85%
Acquisitions
YoY Change
Other Investing Activities $7.493M $76.01M
YoY Change -90.14% -2.09%
Cash From Investing Activities $4.795M $74.18M
YoY Change -93.54% -2.54%
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 17.08M 211.1M
YoY Change -91.91% 8809.28%
NET CHANGE
Cash From Operating Activities -38.96M -30.85M
Cash From Investing Activities 4.795M 74.18M
Cash From Financing Activities 17.08M 211.1M
Net Change In Cash -17.08M 254.5M
YoY Change -106.71% 383.16%
FREE CASH FLOW
Cash From Operating Activities -$38.96M -$30.85M
Capital Expenditures -$2.708M -$1.840M
Free Cash Flow -$36.25M -$29.01M
YoY Change 24.95% 19.38%

Facts In Submission

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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
204950000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
191000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
8035000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
120637000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
526000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
350000
us-gaap Net Cash Provided By Used In Financing Activities
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278553000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
214200000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1079000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
429000
us-gaap Operating Lease Payments
OperatingLeasePayments
6731000
us-gaap Operating Lease Payments
OperatingLeasePayments
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NonCashTransactionsOfferingCostIncludedInAccountsPayableAndAccruedExpenses
282000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Nature Of Operations
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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”), and payments received under a strategic alliance and option agreement with Allergan Pharmaceuticals International Limited (together with its affiliates, “Allergan”), which was terminated in August 2020. </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 2021, the Company entered into a common stock 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 $300.0 million (the “ATM Facility”). As of June 30, 2021, the Company has not sold any shares of our common stock under the ATM Facility. </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 June 30, 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 $777.2 million at June 30, 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>
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RetainedEarningsAccumulatedDeficit
-777200000
CY2021Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
13000
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2021Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
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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
CY2021Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2021Q2 edit Marketable Securities Noncurrent Number Of Securities
MarketableSecuritiesNoncurrentNumberOfSecurities
30
CY2021Q2 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
87600000
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2021Q2 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
6510000
CY2020Q4 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
12820000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5546000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5323000
CY2021Q2 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
5116000
CY2020Q4 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
4240000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
914000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
359000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
541000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
533000
CY2020Q4 edit Sublicensing Expenses
SublicensingExpenses
771000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
18627000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24046000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28086000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25115000
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13176000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11095000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14910000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14020000
CY2020Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
6048000
edit Accounts Receivable Additions
AccountsReceivableAdditions
360000
edit Accounts Receivable Deductions
AccountsReceivableDeductions
6077000
CY2021Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
331000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
94927000
edit Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
5706000
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
89221000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5706000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11637000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13526000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4113469
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4495856

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