$EDIT
Editas Medicine, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022011904 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $42.00K $6.362M $6.771M
YoY Change -99.32% 1578.63% 4.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.24M $16.94M $19.55M
YoY Change 0.32% -23.11% -8.88%
% of Gross Profit
Research & Development $41.33M $43.66M $37.98M
YoY Change 41.21% 29.35% -9.45%
% of Gross Profit
Depreciation & Amortization $1.604M $1.598M $1.558M
YoY Change 34.79% 34.06% 33.96%
% of Gross Profit
Operating Expenses $57.56M $60.60M $57.52M
YoY Change 26.65% 8.63% -9.25%
Operating Profit -$57.52M -$54.23M -$50.75M
YoY Change 46.54% -2.11% -10.78%
Interest Expense $1.793M $546.0K $469.0K
YoY Change 1079.61% 273.97% 260.77%
% of Operating Profit
Other Income/Expense, Net $1.794M $781.0K $235.0K
YoY Change 949.12% 438.62% 51.61%
Pretax Income -$55.73M -$53.45M -$50.52M
YoY Change 42.59% -3.26% -10.96%
Income Tax
% Of Pretax Income
Net Earnings -$55.73M -$53.45M -$50.52M
YoY Change 42.59% -3.26% -10.95%
Net Earnings / Revenue -132680.95% -840.19% -746.05%
Basic Earnings Per Share -$0.81 -$0.78 -$0.74
Diluted Earnings Per Share -$0.81 -$0.78 -$0.74
COMMON SHARES
Basic Shares Outstanding 68.74M 68.64M 68.48M
Diluted Shares Outstanding 68.74M 68.64M 68.48M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $419.6M $452.6M $488.4M
YoY Change -24.78% -25.88% -21.9%
Cash & Equivalents $210.7M $169.4M $210.9M
Short-Term Investments $208.9M $283.2M $277.5M
Other Short-Term Assets $6.892M $8.106M $7.298M
YoY Change -27.57% 49.89% 15.84%
Inventory
Prepaid Expenses
Receivables $120.0K $713.0K $1.371M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $426.6M $461.4M $497.0M
YoY Change -24.84% -25.14% -21.4%
LONG-TERM ASSETS
Property, Plant & Equipment $15.49M $16.20M $17.26M
YoY Change -0.88% 8.64% 22.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $58.84M $75.06M $78.05M
YoY Change -40.68% -14.3% -20.28%
Other Assets $7.530M $7.530M $7.316M
YoY Change 11.05% 11.06% 9.39%
Total Long-Term Assets $104.4M $119.5M $126.1M
YoY Change -30.13% -14.42% -14.8%
TOTAL ASSETS
Total Short-Term Assets $426.6M $461.4M $497.0M
Total Long-Term Assets $104.4M $119.5M $126.1M
Total Assets $531.0M $580.8M $623.1M
YoY Change -25.94% -23.16% -20.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.836M $6.169M $4.693M
YoY Change 100.94% 39.73% -47.33%
Accrued Expenses $19.26M $20.11M $15.79M
YoY Change 32.14% 7.93% 4.33%
Deferred Revenue $4.221M $5.817M
YoY Change -81.38% -82.21%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.29M $36.42M $36.50M
YoY Change -16.93% -44.83% -42.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $74.00M $79.00M $73.85M
YoY Change -6.71% 3.26% -5.69%
Total Long-Term Liabilities $74.00M $79.00M $73.85M
YoY Change -6.71% 3.26% -5.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.29M $36.42M $36.50M
Total Long-Term Liabilities $74.00M $79.00M $73.85M
Total Liabilities $116.3M $115.4M $110.3M
YoY Change -10.71% -19.02% -22.45%
SHAREHOLDERS EQUITY
Retained Earnings -$1.000B -$961.7M -$908.2M
YoY Change 22.5% 23.74% 25.81%
Common Stock $1.436B $1.430B $1.423B
YoY Change 2.37% 2.87% 4.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $414.7M $465.4M $512.8M
YoY Change
Total Liabilities & Shareholders Equity $531.0M $580.8M $623.1M
YoY Change -25.94% -23.16% -20.14%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$55.73M -$53.45M -$50.52M
YoY Change 42.59% -3.26% -10.95%
Depreciation, Depletion And Amortization $1.604M $1.598M $1.558M
YoY Change 34.79% 34.06% 33.96%
Cash From Operating Activities -$48.00M -$37.85M -$49.23M
YoY Change 17.7% -2.85% -0.51%
INVESTING ACTIVITIES
Capital Expenditures -$614.0K -$632.0K $2.248M
YoY Change -73.81% -76.66% 2576.19%
Acquisitions
YoY Change
Other Investing Activities $89.84M -$3.370M $58.62M
YoY Change -340.75% -144.98% 1660.33%
Cash From Investing Activities $89.23M -$4.002M $56.37M
YoY Change -324.97% -183.46% 1637.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 367.0K 218.0K
YoY Change -96.79% -97.85% -99.92%
NET CHANGE
Cash From Operating Activities -48.00M -37.85M -49.23M
Cash From Investing Activities 89.23M -4.002M 56.37M
Cash From Financing Activities 80.00K 367.0K 218.0K
Net Change In Cash 41.30M -41.48M 7.362M
YoY Change -152.99% 142.89% -96.58%
FREE CASH FLOW
Cash From Operating Activities -$48.00M -$37.85M -$49.23M
Capital Expenditures -$614.0K -$632.0K $2.248M
Free Cash Flow -$47.39M -$37.21M -$51.48M
YoY Change 23.28% 2.66% 3.86%

Facts In Submission

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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. 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As of June 30, 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 June 30, 2022 and anticipated interest income will enable it to fund its operating expenses and capital expenditure requirements into 2024. </span><span style="font-size:10pt;">The Company had an accumulated deficit of </span><span style="font-size:10pt;">$961.7</span><span style="font-size:10pt;"> million at June 30, 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>
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