$EDIT
Editas Medicine, Inc.

2021 Q4 Form 10-K Financial Statement

#000155837022001950 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $12.47M $25.54M $11.42M
YoY Change 9.2% -71.85% -7.04%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.53M $76.18M $15.79M
YoY Change 4.66% 12.73% -6.68%
% of Gross Profit
Research & Development $37.55M $142.5M $61.50M
YoY Change -38.94% -9.8% 76.77%
% of Gross Profit
Depreciation & Amortization $1.511M $5.100M $1.180M
YoY Change 28.05% 27.5% 51.28%
% of Gross Profit
Operating Expenses $54.08M $218.7M $77.29M
YoY Change -30.03% -3.05% 49.48%
Operating Profit -$193.1M
YoY Change 43.24%
Interest Expense $1.910M $2.342M $230.0K
YoY Change 730.43% -10.27% -86.06%
% of Operating Profit
Other Income/Expense, Net -$1.736M $644.0K $3.375M
YoY Change -151.44% -96.59% 104.17%
Pretax Income -$41.44M -$192.5M -$62.50M
YoY Change -33.7% 65.98% 65.48%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$41.44M -$192.5M -$62.50M
YoY Change -33.7% 65.98% 65.47%
Net Earnings / Revenue -332.31% -753.61% -547.32%
Basic Earnings Per Share -$2.85 -$1.00
Diluted Earnings Per Share -$606.1K -$2.83 -$1.00
COMMON SHARES
Basic Shares Outstanding 68.40M 67.62M 62.33M
Diluted Shares Outstanding 67.62M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $499.8M $499.8M $402.1M
YoY Change 24.31% 24.31% -42.47%
Cash & Equivalents $203.5M $203.5M $139.7M
Short-Term Investments $296.3M $296.3M $262.4M
Other Short-Term Assets $7.198M $7.198M $10.90M
YoY Change -33.96% -33.96% 73.02%
Inventory
Prepaid Expenses
Receivables $267.0K $267.0K $6.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $507.3M $507.3M $419.1M
YoY Change 21.05% 21.05% -9.65%
LONG-TERM ASSETS
Property, Plant & Equipment $17.12M $43.29M $14.02M
YoY Change 22.1% 10.72% 28.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $120.1M $120.1M $109.7M
YoY Change 9.45% 9.45%
Other Assets $6.811M $6.811M $4.703M
YoY Change 44.82% 44.91% -12.79%
Total Long-Term Assets $170.2M $170.2M $153.5M
YoY Change 10.85% 10.86% 240.83%
TOTAL ASSETS
Total Short-Term Assets $507.3M $507.3M $419.1M
Total Long-Term Assets $170.2M $170.2M $153.5M
Total Assets $677.5M $677.5M $572.6M
YoY Change 18.32% 18.32% 12.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.050M $5.050M $6.408M
YoY Change -21.19% -21.09% 9.67%
Accrued Expenses $20.19M $30.50M $24.05M
YoY Change -16.03% -1.29% 8.71%
Deferred Revenue $11.33M $20.94M
YoY Change -45.89% -10.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.88M $46.88M $58.21M
YoY Change -19.45% -19.44% -2.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $76.96M $76.96M $27.50M
YoY Change 179.84% -36.29% 2749900.0%
Total Long-Term Liabilities $76.96M $76.96M $27.50M
YoY Change 179.84% -36.29% 2749900.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.88M $46.88M $58.21M
Total Long-Term Liabilities $76.96M $76.96M $27.50M
Total Liabilities $123.8M $123.8M $179.0M
YoY Change -30.82% -30.82% -27.36%
SHAREHOLDERS EQUITY
Retained Earnings -$857.7M -$665.2M
YoY Change 28.94% 21.12%
Common Stock $1.412B $1.059B
YoY Change 33.34% 30.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $553.6M $553.6M $393.6M
YoY Change
Total Liabilities & Shareholders Equity $677.5M $677.5M $572.6M
YoY Change 18.32% 18.32% 12.52%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$41.44M -$192.5M -$62.50M
YoY Change -33.7% 65.98% 65.47%
Depreciation, Depletion And Amortization $1.511M $5.100M $1.180M
YoY Change 28.05% 27.5% 51.28%
Cash From Operating Activities -$34.58M -$163.8M -$40.10M
YoY Change -13.76% -8.92% -197.76%
INVESTING ACTIVITIES
Capital Expenditures -$2.845M $7.977M -$1.370M
YoY Change 107.66% 11.38% -18.93%
Acquisitions
YoY Change
Other Investing Activities -$19.99M -$46.49M -$107.5M
YoY Change -81.4% -65.14% -1230.6%
Cash From Investing Activities -$22.84M -$54.47M -$108.9M
YoY Change -79.02% -61.24% -1492.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $249.5M
YoY Change 22.45%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.057M 282.1M 9.100M
YoY Change -88.38% 25.87% -89.24%
NET CHANGE
Cash From Operating Activities -34.58M -163.8M -40.10M
Cash From Investing Activities -22.84M -54.47M -108.9M
Cash From Financing Activities 1.057M 282.1M 9.100M
Net Change In Cash -56.36M 63.84M -139.9M
YoY Change -59.71% -166.33% -204.87%
FREE CASH FLOW
Cash From Operating Activities -$34.58M -$163.8M -$40.10M
Capital Expenditures -$2.845M $7.977M -$1.370M
Free Cash Flow -$31.74M -$171.8M -$38.73M
YoY Change -18.06% -8.14% -190.68%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 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 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 <span style="color:#212529;background:#ffffff;">(together with its affiliates, “Allergan”). </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;margin:0pt 0pt 12pt 0pt;"><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;">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:12pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;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 December 31, 2021 the Company has not sold any shares of its common stock under the ATM Facility. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;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 has an accumulated deficit of $857.7 million at December 31, 2021. The Company expects that its existing cash, cash equivalents and marketable securities</span> <span style="font-size:10pt;">on December 31, 2021 will enable it to fund its operating expenses and capital expenditure requirements through 2023.The Company 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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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"> <span style="font-style:italic;font-weight:bold;">Use of Estimates</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 preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to revenue recognition, stock-based compensation expense, the accrual for research and development expenses, valuations of in-process research and development assets and deferred tax valuation allowances. The Company bases its estimates on historical experience and other market-specific or relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.</p>
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