$EDIT
Editas Medicine, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023008308 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $2.887M $9.851M
YoY Change -54.62% 45.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.20M $23.01M
YoY Change 1.56% 17.72%
% of Gross Profit
Research & Development $29.78M $37.80M
YoY Change -31.79% -0.45%
% of Gross Profit
Depreciation & Amortization $1.540M $1.544M
YoY Change -3.63% -0.9%
% of Gross Profit
Operating Expenses $46.98M $60.81M
YoY Change -22.47% 5.72%
Operating Profit -$44.09M -$50.96M
YoY Change -18.7% 0.42%
Interest Expense $3.811M $3.509M
YoY Change 597.99% 648.19%
% of Operating Profit
Other Income/Expense, Net -$7.000K $1.925M
YoY Change -100.9% 719.15%
Pretax Income -$40.29M -$49.04M
YoY Change -24.63% -2.93%
Income Tax
% Of Pretax Income
Net Earnings -$40.29M -$49.04M
YoY Change -24.63% -2.93%
Net Earnings / Revenue -1395.57% -497.78%
Basic Earnings Per Share -$0.56 -$0.71
Diluted Earnings Per Share -$0.56 -$0.71
COMMON SHARES
Basic Shares Outstanding 69.00M 68.97M
Diluted Shares Outstanding 71.38M 68.92M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $432.0M $318.4M
YoY Change -4.55% -34.79%
Cash & Equivalents $220.8M $129.0M
Short-Term Investments $211.2M $189.4M
Other Short-Term Assets $6.724M $5.777M
YoY Change -17.05% -20.84%
Inventory
Prepaid Expenses
Receivables $2.286M $242.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $441.0M $324.5M
YoY Change -4.42% -34.72%
LONG-TERM ASSETS
Property, Plant & Equipment $47.66M $13.21M
YoY Change 194.22% -23.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $48.07M $83.34M
YoY Change -35.97% 6.78%
Other Assets $5.253M $6.753M
YoY Change -30.24% -7.7%
Total Long-Term Assets $101.0M $139.6M
YoY Change -15.47% 10.76%
TOTAL ASSETS
Total Short-Term Assets $441.0M $324.5M
Total Long-Term Assets $101.0M $139.6M
Total Assets $542.0M $464.1M
YoY Change -6.69% -25.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.066M $9.047M
YoY Change 30.75% 92.78%
Accrued Expenses $38.23M $31.56M
YoY Change 90.13% 99.91%
Deferred Revenue $8.221M $8.221M
YoY Change 41.33%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.51M $57.16M
YoY Change 49.67% 56.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $87.52M $89.48M
YoY Change 10.79% 21.17%
Total Long-Term Liabilities $87.52M $89.48M
YoY Change 10.79% 21.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.51M $57.16M
Total Long-Term Liabilities $87.52M $89.48M
Total Liabilities $142.0M $146.6M
YoY Change 23.06% 32.88%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.100B
YoY Change 24.78% 21.12%
Common Stock $1.570B $1.447B
YoY Change 9.73% 1.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $399.9M $317.5M
YoY Change
Total Liabilities & Shareholders Equity $542.0M $464.1M
YoY Change -6.69% -25.52%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$40.29M -$49.04M
YoY Change -24.63% -2.93%
Depreciation, Depletion And Amortization $1.540M $1.544M
YoY Change -3.63% -0.9%
Cash From Operating Activities -$38.71M -$35.77M
YoY Change 2.29% -27.34%
INVESTING ACTIVITIES
Capital Expenditures $1.333M $1.840M
YoY Change -310.92% -18.15%
Acquisitions
YoY Change
Other Investing Activities $14.31M $25.11M
YoY Change -524.78% -57.17%
Cash From Investing Activities $12.98M $23.27M
YoY Change -424.39% -58.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 117.5M 0.000
YoY Change 31923.16% -100.0%
NET CHANGE
Cash From Operating Activities -38.71M -35.77M
Cash From Investing Activities 12.98M 23.27M
Cash From Financing Activities 117.5M 0.000
Net Change In Cash 91.80M -12.50M
YoY Change -321.3% -269.8%
FREE CASH FLOW
Cash From Operating Activities -$38.71M -$35.77M
Capital Expenditures $1.333M $1.840M
Free Cash Flow -$40.04M -$37.61M
YoY Change 7.61% -26.94%

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. 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, 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, 2023, 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;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, 2023 will enable it to fund its operating expenses and capital expenditure requirements into 2025. </span><span style="font-size:10pt;">The Company had an accumulated deficit of </span><span style="font-size:10pt;">$1.1</span><span style="font-size:10pt;"> billion at March 31, 2023, 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>
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1100000000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
404057000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
66000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2345000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
401778000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
440972000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
19000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3620000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
437371000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2023Q1 edit Marketable Securities Noncurrent Number Of Securities
MarketableSecuritiesNoncurrentNumberOfSecurities
56
CY2023Q1 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
83300000
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2023Q1 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
21761000
CY2022Q4 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
16452000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5956000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10140000
CY2023Q1 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
2168000
CY2022Q4 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
1809000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1566000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1260000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
109000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1635000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
31560000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
31296000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
35170000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37095000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21959000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21526000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13211000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15569000
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
5145000
CY2023Q1 edit Accounts Receivable Additions
AccountsReceivableAdditions
97000
CY2023Q1 edit Accounts Receivable Deductions
AccountsReceivableDeductions
5000000
CY2023Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
242000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
68888000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
68888000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4507000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11431000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8148409
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5153301

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