$EDIT
Editas Medicine, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023012936 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $5.336M $2.887M
YoY Change 12604.76% -54.62%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.99M $17.20M
YoY Change -7.67% 1.56%
% of Gross Profit
Research & Development $40.51M $29.78M
YoY Change -1.97% -31.79%
% of Gross Profit
Depreciation & Amortization $1.520M $1.540M
YoY Change -5.24% -3.63%
% of Gross Profit
Operating Expenses $55.50M $46.98M
YoY Change -3.58% -22.47%
Operating Profit -$50.16M -$44.09M
YoY Change -12.79% -18.7%
Interest Expense $5.140M $3.811M
YoY Change 186.67% 597.99%
% of Operating Profit
Other Income/Expense, Net $5.144M -$7.000K
YoY Change 186.73% -100.9%
Pretax Income -$45.02M -$40.29M
YoY Change -19.21% -24.63%
Income Tax
% Of Pretax Income
Net Earnings -$45.02M -$40.29M
YoY Change -19.21% -24.63%
Net Earnings / Revenue -843.68% -1395.57%
Basic Earnings Per Share -$0.55 -$0.56
Diluted Earnings Per Share -$0.55 -$0.56
COMMON SHARES
Basic Shares Outstanding 81.63M 69.00M
Diluted Shares Outstanding 81.65M shares 71.38M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $349.6M $432.0M
YoY Change -16.69% -4.55%
Cash & Equivalents $82.54M $220.8M
Short-Term Investments $267.1M $211.2M
Other Short-Term Assets $6.600M $6.724M
YoY Change -4.24% -17.05%
Inventory
Prepaid Expenses
Receivables $2.400M $2.286M
Other Receivables $0.00 $0.00
Total Short-Term Assets $358.6M $441.0M
YoY Change -15.95% -4.42%
LONG-TERM ASSETS
Property, Plant & Equipment $11.56M $47.66M
YoY Change -25.4% 194.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $96.80M $48.07M
YoY Change 64.5% -35.97%
Other Assets $5.755M $5.253M
YoY Change -23.57% -30.24%
Total Long-Term Assets $146.0M $101.0M
YoY Change 39.89% -15.47%
TOTAL ASSETS
Total Short-Term Assets $358.6M $441.0M
Total Long-Term Assets $146.0M $101.0M
Total Assets $504.7M $542.0M
YoY Change -4.97% -6.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.41M $8.066M
YoY Change 52.3% 30.75%
Accrued Expenses $30.28M $38.23M
YoY Change 57.21% 90.13%
Deferred Revenue $8.221M $8.221M
YoY Change 94.76%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.60M $54.51M
YoY Change 38.58% 49.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $85.60M $87.52M
YoY Change 15.68% 10.79%
Total Long-Term Liabilities $85.60M $87.52M
YoY Change 15.68% 10.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.60M $54.51M
Total Long-Term Liabilities $85.60M $87.52M
Total Liabilities $144.2M $142.0M
YoY Change 24.0% 23.06%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.200B
YoY Change 20.0% 24.78%
Common Stock $1.574B $1.570B
YoY Change 9.6% 9.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $360.5M $399.9M
YoY Change
Total Liabilities & Shareholders Equity $504.7M $542.0M
YoY Change -4.97% -6.69%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$45.02M -$40.29M
YoY Change -19.21% -24.63%
Depreciation, Depletion And Amortization $1.520M $1.540M
YoY Change -5.24% -3.63%
Cash From Operating Activities -$35.46M -$38.71M
YoY Change -26.13% 2.29%
INVESTING ACTIVITIES
Capital Expenditures $240.0K $1.333M
YoY Change -139.09% -310.92%
Acquisitions
YoY Change
Other Investing Activities -$102.6M $14.31M
YoY Change -214.18% -524.78%
Cash From Investing Activities -$102.8M $12.98M
YoY Change -215.23% -424.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 117.5M
YoY Change -100.0% 31923.16%
NET CHANGE
Cash From Operating Activities -35.46M -38.71M
Cash From Investing Activities -102.8M 12.98M
Cash From Financing Activities 0.000 117.5M
Net Change In Cash -138.3M 91.80M
YoY Change -434.79% -321.3%
FREE CASH FLOW
Cash From Operating Activities -$35.46M -$38.71M
Capital Expenditures $240.0K $1.333M
Free Cash Flow -$35.70M -$40.04M
YoY Change -24.67% 7.61%

Facts In Submission

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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Stock Plans
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Nature Of Operations
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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;"><span style="background:#ffffff;">In June 2023, the Company completed a public offering in which it sold </span><span style="background:#ffffff;">12,500,000</span><span style="background:#ffffff;"> shares of its common stock and received net proceeds of approximately </span><span style="background:#ffffff;">$117.1</span><span style="background:#ffffff;"> million after deducting underwriting discounts and commissions and other offering costs. </span>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 June 30, 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 June 30, 2023 will enable it to fund its operating expenses and capital expenditure requirements into the third quarter of 2025. </span><span style="font-size:10pt;">The Company had an accumulated deficit of </span><span style="font-size:10pt;">$1.2</span><span style="font-size:10pt;"> billion at June 30, 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>
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CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q2 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2023Q2 edit Marketable Securities Noncurrent Number Of Securities
MarketableSecuritiesNoncurrentNumberOfSecurities
30
CY2023Q2 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
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us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
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us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
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CY2023Q2 edit Accrued External Research And Development Expenses Current
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CY2022Q4 edit Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
16452000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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EmployeeRelatedLiabilitiesCurrent
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CY2023Q2 edit Accrued Intellectual Property Fees
AccruedIntellectualPropertyFees
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AccruedIntellectualPropertyFees
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CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37095000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q2 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
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edit Accounts Receivable Additions
AccountsReceivableAdditions
2141000
edit Accounts Receivable Deductions
AccountsReceivableDeductions
5000000
CY2023Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
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CY2022Q4 us-gaap Contract With Customer Liability
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CY2023Q2 us-gaap Contract With Customer Liability
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
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