$EDIT
Editas Medicine, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022007066 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $6.771M $6.499M
YoY Change 4.19% 13.56%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $19.55M $21.45M
YoY Change -8.88% 20.71%
% of Gross Profit
Research & Development $37.98M $41.94M
YoY Change -9.45% 21.31%
% of Gross Profit
Depreciation & Amortization $1.558M $1.163M
YoY Change 33.96% 45.74%
% of Gross Profit
Operating Expenses $57.52M $63.38M
YoY Change -9.25% 21.1%
Operating Profit -$50.75M -$56.88M
YoY Change -10.78% 22.02%
Interest Expense $469.0K $130.0K
YoY Change 260.77% -91.67%
% of Operating Profit
Other Income/Expense, Net $235.0K $155.0K
YoY Change 51.61% -98.26%
Pretax Income -$50.52M -$56.73M
YoY Change -10.96% 50.4%
Income Tax
% Of Pretax Income
Net Earnings -$50.52M -$56.73M
YoY Change -10.95% 50.38%
Net Earnings / Revenue -746.05% -872.87%
Basic Earnings Per Share -$0.74 -$0.86
Diluted Earnings Per Share -$0.74 -$0.86
COMMON SHARES
Basic Shares Outstanding 68.48M 65.99M
Diluted Shares Outstanding 68.48M 65.99M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $488.4M $625.3M
YoY Change -21.9% -3.48%
Cash & Equivalents $210.9M $354.9M
Short-Term Investments $277.5M $270.4M
Other Short-Term Assets $7.298M $6.300M
YoY Change 15.84% -24.1%
Inventory
Prepaid Expenses
Receivables $1.371M $700.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $497.0M $632.3M
YoY Change -21.4% 48.74%
LONG-TERM ASSETS
Property, Plant & Equipment $17.26M $14.10M
YoY Change 22.44% 15.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $78.05M $97.90M
YoY Change -20.28%
Other Assets $7.316M $6.688M
YoY Change 9.39% 179.72%
Total Long-Term Assets $126.1M $148.0M
YoY Change -14.8% 255.45%
TOTAL ASSETS
Total Short-Term Assets $497.0M $632.3M
Total Long-Term Assets $126.1M $148.0M
Total Assets $623.1M $780.3M
YoY Change -20.14% 67.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.693M $8.910M
YoY Change -47.33% -14.28%
Accrued Expenses $15.79M $15.13M
YoY Change 4.33% 74.55%
Deferred Revenue $5.817M $32.70M
YoY Change -82.21% -19.53%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.50M $64.01M
YoY Change -42.97% -7.06%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $73.85M $78.30M
YoY Change -5.69% 7829900.0%
Total Long-Term Liabilities $73.85M $78.30M
YoY Change -5.69% 7829900.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.50M $64.01M
Total Long-Term Liabilities $73.85M $78.30M
Total Liabilities $110.3M $142.3M
YoY Change -22.45% -38.71%
SHAREHOLDERS EQUITY
Retained Earnings -$908.2M -$721.9M
YoY Change 25.81% 23.0%
Common Stock $1.423B $1.360B
YoY Change 4.67% 65.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $512.8M $638.0M
YoY Change
Total Liabilities & Shareholders Equity $623.1M $780.3M
YoY Change -20.14% 67.18%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$50.52M -$56.73M
YoY Change -10.95% 50.38%
Depreciation, Depletion And Amortization $1.558M $1.163M
YoY Change 33.96% 45.74%
Cash From Operating Activities -$49.23M -$49.48M
YoY Change -0.51% -8.52%
INVESTING ACTIVITIES
Capital Expenditures $2.248M $84.00K
YoY Change 2576.19% -96.1%
Acquisitions
YoY Change
Other Investing Activities $58.62M $3.330M
YoY Change 1660.33% -93.15%
Cash From Investing Activities $56.37M $3.244M
YoY Change 1637.7% -93.02%
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 218.0K 261.5M
YoY Change -99.92% 8481.26%
NET CHANGE
Cash From Operating Activities -49.23M -49.48M
Cash From Investing Activities 56.37M 3.244M
Cash From Financing Activities 218.0K 261.5M
Net Change In Cash 7.362M 215.2M
YoY Change -96.58% -4804.61%
FREE CASH FLOW
Cash From Operating Activities -$49.23M -$49.48M
Capital Expenditures $2.248M $84.00K
Free Cash Flow -$51.48M -$49.56M
YoY Change 3.86% -11.87%

Facts In Submission

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NonCashTransactionsOfferingCostIncludedInAccountsPayableAndAccruedExpenses
10000
CY2022Q1 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 (“BMS”), 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 March 31, 2022, 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: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, 2022 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements into early 2024. The Company had an accumulated deficit of $908.2 million at March 31, 2022, 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>
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-908200000
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
568917000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
12000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2521000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
566408000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
620409000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
495000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
619916000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2022Q1 edit Marketable Securities Noncurrent Number Of Securities
MarketableSecuritiesNoncurrentNumberOfSecurities
38
CY2022Q1 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
78000000.0
CY2021Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5581000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10159000
CY2022Q1 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
5392000
CY2021Q4 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
5614000
CY2022Q1 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
2967000
CY2021Q4 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
1408000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1037000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2345000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
810000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
666000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15787000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20192000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
34322000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32625000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17064000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15507000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17258000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17118000
CY2021Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
267000
CY2022Q1 edit Accounts Receivable Additions
AccountsReceivableAdditions
1104000
CY2022Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
1371000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
72221000
CY2022Q1 edit Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
150000
CY2022Q1 edit Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
5666000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
66705000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5666000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11431000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12204000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5153301
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4634353

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