$EDIT
Editas Medicine, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022016012 Filed on November 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $6.536M $42.00K
YoY Change -47.58% -99.32%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.98M $16.24M
YoY Change 8.82% 0.32%
% of Gross Profit
Research & Development $52.00M $41.33M
YoY Change 38.47% 41.21%
% of Gross Profit
Depreciation & Amortization $1.577M $1.604M
YoY Change 4.37% 34.79%
% of Gross Profit
Operating Expenses $69.98M $57.56M
YoY Change 29.41% 26.65%
Operating Profit -$57.52M
YoY Change 46.54%
Interest Expense $1.419M $1.793M
YoY Change -25.71% 1079.61%
% of Operating Profit
Other Income/Expense, Net $1.289M $1.794M
YoY Change -174.25% 949.12%
Pretax Income -$60.74M -$55.73M
YoY Change 46.58% 42.59%
Income Tax
% Of Pretax Income
Net Earnings -$60.74M -$55.73M
YoY Change 46.58% 42.59%
Net Earnings / Revenue -929.28% -132680.95%
Basic Earnings Per Share -$0.81
Diluted Earnings Per Share -$0.88 -$0.81
COMMON SHARES
Basic Shares Outstanding 68.76M 68.74M
Diluted Shares Outstanding 68.74M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $344.3M $419.6M
YoY Change -31.12% -24.78%
Cash & Equivalents $141.5M $210.7M
Short-Term Investments $202.8M $208.9M
Other Short-Term Assets $7.335M $6.892M
YoY Change 1.9% -27.57%
Inventory
Prepaid Expenses
Receivables $5.145M $120.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $356.8M $426.6M
YoY Change -29.68% -24.84%
LONG-TERM ASSETS
Property, Plant & Equipment $15.57M $15.49M
YoY Change -9.05% -0.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $93.10M $58.84M
YoY Change -22.47% -40.68%
Other Assets $5.253M $7.530M
YoY Change -22.87% 11.05%
Total Long-Term Assets $157.6M $104.4M
YoY Change -7.41% -30.13%
TOTAL ASSETS
Total Short-Term Assets $356.8M $426.6M
Total Long-Term Assets $157.6M $104.4M
Total Assets $514.3M $531.0M
YoY Change -24.08% -25.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.511M $6.836M
YoY Change 88.34% 100.94%
Accrued Expenses $31.30M $19.26M
YoY Change 54.99% 32.14%
Deferred Revenue $8.221M $4.221M
YoY Change -27.46% -81.38%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.11M $42.29M
YoY Change 28.21% -16.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $93.53M $74.00M
YoY Change 21.54% -6.71%
Total Long-Term Liabilities $93.53M $74.00M
YoY Change 21.54% -6.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.11M $42.29M
Total Long-Term Liabilities $93.53M $74.00M
Total Liabilities $153.6M $116.3M
YoY Change 24.06% -10.71%
SHAREHOLDERS EQUITY
Retained Earnings -$1.100B -$1.000B
YoY Change 28.25% 22.5%
Common Stock $1.442B $1.436B
YoY Change 2.17% 2.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $360.7M $414.7M
YoY Change
Total Liabilities & Shareholders Equity $514.3M $531.0M
YoY Change -24.08% -25.94%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$60.74M -$55.73M
YoY Change 46.58% 42.59%
Depreciation, Depletion And Amortization $1.577M $1.604M
YoY Change 4.37% 34.79%
Cash From Operating Activities -$42.27M -$48.00M
YoY Change 22.24% 17.7%
INVESTING ACTIVITIES
Capital Expenditures $624.0K -$614.0K
YoY Change -121.93% -73.81%
Acquisitions
YoY Change
Other Investing Activities -$26.90M $89.84M
YoY Change 34.55% -340.75%
Cash From Investing Activities -$27.53M $89.23M
YoY Change 20.53% -324.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 619.0K 80.00K
YoY Change -41.44% -96.79%
NET CHANGE
Cash From Operating Activities -42.27M -48.00M
Cash From Investing Activities -27.53M 89.23M
Cash From Financing Activities 619.0K 80.00K
Net Change In Cash -69.18M 41.30M
YoY Change 22.74% -152.99%
FREE CASH FLOW
Cash From Operating Activities -$42.27M -$48.00M
Capital Expenditures $624.0K -$614.0K
Free Cash Flow -$42.90M -$47.39M
YoY Change 35.16% 23.28%

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 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 September 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 September 30, 2022 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;">$1.0</span><span style="font-size:10pt;"> billion at September 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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