$EDIT
Editas Medicine, Inc.

2023 Q1 Form 10-K Financial Statement

#000155837023001764 Filed on February 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $9.851M $6.536M $19.71M
YoY Change 45.49% -47.58% -22.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $23.01M $17.98M $70.70M
YoY Change 17.72% 8.82% -7.19%
% of Gross Profit
Research & Development $37.80M $52.00M $175.0M
YoY Change -0.45% 38.47% 22.77%
% of Gross Profit
Depreciation & Amortization $1.544M $1.577M $6.300M
YoY Change -0.9% 4.37% 23.53%
% of Gross Profit
Operating Expenses $60.81M $69.98M $245.7M
YoY Change 5.72% 29.41% 12.33%
Operating Profit -$50.96M -$226.0M
YoY Change 0.42% 16.98%
Interest Expense $3.509M $1.419M $4.225M
YoY Change 648.19% -25.71% 80.4%
% of Operating Profit
Other Income/Expense, Net $1.925M $1.289M $5.518M
YoY Change 719.15% -174.25% 756.83%
Pretax Income -$49.04M -$60.74M -$220.4M
YoY Change -2.93% 46.58% 14.51%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$49.04M -$60.74M -$220.4M
YoY Change -2.93% 46.58% 14.51%
Net Earnings / Revenue -497.78% -929.28% -1118.26%
Basic Earnings Per Share -$0.71 -$3.21
Diluted Earnings Per Share -$0.71 -$0.88 -$3.21
COMMON SHARES
Basic Shares Outstanding 68.97M 68.76M 68.66M
Diluted Shares Outstanding 68.92M 68.66M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $318.4M $344.3M $344.3M
YoY Change -34.79% -31.12% -31.12%
Cash & Equivalents $129.0M $141.5M $141.5M
Short-Term Investments $189.4M $202.8M $202.8M
Other Short-Term Assets $5.777M $7.335M $7.335M
YoY Change -20.84% 1.9% 1.9%
Inventory
Prepaid Expenses
Receivables $242.0K $5.145M $5.145M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $324.5M $356.8M $356.8M
YoY Change -34.72% -29.68% -29.68%
LONG-TERM ASSETS
Property, Plant & Equipment $13.21M $15.57M $59.22M
YoY Change -23.45% -9.05% 36.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $83.34M $93.10M $93.10M
YoY Change 6.78% -22.47% -22.47%
Other Assets $6.753M $5.253M $5.253M
YoY Change -7.7% -22.87% -22.87%
Total Long-Term Assets $139.6M $157.6M $157.6M
YoY Change 10.76% -7.41% -7.41%
TOTAL ASSETS
Total Short-Term Assets $324.5M $356.8M $356.8M
Total Long-Term Assets $139.6M $157.6M $157.6M
Total Assets $464.1M $514.3M $514.3M
YoY Change -25.52% -24.08% -24.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.047M $9.511M $9.511M
YoY Change 92.78% 88.34% 88.34%
Accrued Expenses $31.56M $31.30M $42.38M
YoY Change 99.91% 54.99% 38.94%
Deferred Revenue $8.221M $8.221M
YoY Change 41.33% -27.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.16M $60.11M $60.11M
YoY Change 56.58% 28.21% 28.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $89.48M $93.53M $93.53M
YoY Change 21.17% 21.54% 21.54%
Total Long-Term Liabilities $89.48M $93.53M $93.53M
YoY Change 21.17% 21.54% 21.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.16M $60.11M $60.11M
Total Long-Term Liabilities $89.48M $93.53M $93.53M
Total Liabilities $146.6M $153.6M $153.6M
YoY Change 32.88% 24.06% 24.06%
SHAREHOLDERS EQUITY
Retained Earnings -$1.100B -$1.100B
YoY Change 21.12% 28.25%
Common Stock $1.447B $1.442B
YoY Change 1.65% 2.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $317.5M $360.7M $360.7M
YoY Change
Total Liabilities & Shareholders Equity $464.1M $514.3M $514.3M
YoY Change -25.52% -24.08% -24.08%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$49.04M -$60.74M -$220.4M
YoY Change -2.93% 46.58% 14.51%
Depreciation, Depletion And Amortization $1.544M $1.577M $6.300M
YoY Change -0.9% 4.37% 23.53%
Cash From Operating Activities -$35.77M -$42.27M -$177.3M
YoY Change -27.34% 22.24% 8.27%
INVESTING ACTIVITIES
Capital Expenditures $1.840M $624.0K $4.118M
YoY Change -18.15% -121.93% -48.38%
Acquisitions
YoY Change
Other Investing Activities $25.11M -$26.90M $118.2M
YoY Change -57.17% 34.55% -354.22%
Cash From Investing Activities $23.27M -$27.53M $114.1M
YoY Change -58.73% 20.53% -309.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 619.0K 1.284M
YoY Change -100.0% -41.44% -99.54%
NET CHANGE
Cash From Operating Activities -35.77M -42.27M -177.3M
Cash From Investing Activities 23.27M -27.53M 114.1M
Cash From Financing Activities 0.000 619.0K 1.284M
Net Change In Cash -12.50M -69.18M -62.00M
YoY Change -269.8% 22.74% -197.12%
FREE CASH FLOW
Cash From Operating Activities -$35.77M -$42.27M -$177.3M
Capital Expenditures $1.840M $624.0K $4.118M
Free Cash Flow -$37.61M -$42.90M -$181.5M
YoY Change -26.94% 35.16% 5.64%

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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 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 (“BMS”), 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;">As of December 31, 2022, we have raised an aggregate of $898.0 million in net proceeds through the sale of shares of our common stock in public offerings and at-the-market offerings. We also have funded our business from payments received under our research collaboration with BMS and our former strategic alliance with Allergan. As of December 31, 2022, we had cash, cash equivalents and marketable securities of $437.4 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, 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: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 </span><span style="font-size:10pt;">$1.1</span><span style="font-size:10pt;"> billion at December 31, 2022. The Company expects that its </span><span style="font-size:10pt;">existing cash, cash equivalents and marketable securities</span> <span style="font-size:10pt;">on December 31, 2022 fund its operating expenses and capital expenditure requirements </span><span style="font-size:10pt;">into 2025.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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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0687
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0889
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.0197
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0295
CY2022 edit Effective Income Tax Rate Reconciliation Covered Employees Percent
EffectiveIncomeTaxRateReconciliationCoveredEmployeesPercent
-0.0001
CY2021 edit Effective Income Tax Rate Reconciliation Covered Employees Percent
EffectiveIncomeTaxRateReconciliationCoveredEmployeesPercent
-0.0144
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.0231
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.0112
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0008
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0024
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.0326
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.0503
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2004
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3780
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.0021
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
144849000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
58387000
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
63093000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
41915000
CY2022Q4 edit Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
12627000
CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
17495000
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
21709000
CY2022Q4 edit Deferred Tax Assets Liabilities Depreciation And Amortization Net
DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNet
299000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
10119000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
10431000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
308637000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
259273000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
296095000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
251071000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
12542000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
8202000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
12542000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
8202000
CY2022Q4 edit Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
12542000
CY2021Q4 edit Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
7867000
CY2022 edit Increase Decrease In Deferred Tax Assets Research And Devolopment
IncreaseDecreaseInDeferredTaxAssetsResearchAndDevolopment
41900000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
296100000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
251100000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
45000000.0
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1708000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
10089000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11797000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11800000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6775218
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3644817

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