$EDIT
Editas Medicine, Inc.

2023 Q4 Form 10-Q Financial Statement

#000165066423000017 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $60.05M $5.336M
YoY Change 818.74% 12604.76%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.46M $14.99M
YoY Change -19.62% -7.67%
% of Gross Profit
Research & Development $69.56M $40.51M
YoY Change 33.77% -1.97%
% of Gross Profit
Depreciation & Amortization $1.466M $1.520M
YoY Change -7.04% -5.24%
% of Gross Profit
Operating Expenses $84.01M $55.50M
YoY Change 20.05% -3.58%
Operating Profit -$50.16M
YoY Change -12.79%
Interest Expense $5.102M $5.140M
YoY Change 259.55% 186.67%
% of Operating Profit
Other Income/Expense, Net -$14.00K $5.144M
YoY Change -101.09% 186.73%
Pretax Income -$18.87M -$45.02M
YoY Change -68.93% -19.21%
Income Tax
% Of Pretax Income
Net Earnings -$18.87M -$45.02M
YoY Change -68.93% -19.21%
Net Earnings / Revenue -31.43% -843.68%
Basic Earnings Per Share -$0.55
Diluted Earnings Per Share -$0.23 -$0.55
COMMON SHARES
Basic Shares Outstanding 81.67M shares 81.63M
Diluted Shares Outstanding 81.65M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $323.1M $349.6M
YoY Change -6.15% -16.69%
Cash & Equivalents $123.7M $82.54M
Short-Term Investments $199.5M $267.1M
Other Short-Term Assets $7.531M $6.600M
YoY Change 2.67% -4.24%
Inventory
Prepaid Expenses
Receivables $10.19M $2.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $340.8M $358.6M
YoY Change -4.46% -15.95%
LONG-TERM ASSETS
Property, Plant & Equipment $12.03M $11.56M
YoY Change -22.72% -25.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $104.0M $96.80M
YoY Change 11.74% 64.5%
Other Assets $8.588M $5.755M
YoY Change 63.49% -23.57%
Total Long-Term Assets $158.3M $146.0M
YoY Change 0.48% 39.89%
TOTAL ASSETS
Total Short-Term Assets $340.8M $358.6M
Total Long-Term Assets $158.3M $146.0M
Total Assets $499.2M $504.7M
YoY Change -2.95% -4.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.269M $10.41M
YoY Change -13.06% 52.3%
Accrued Expenses $34.56M $30.28M
YoY Change 10.44% 57.21%
Deferred Revenue $8.221M $8.221M
YoY Change 0.0% 94.76%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $63.22M $58.60M
YoY Change 5.17% 38.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.800M $85.60M
YoY Change -98.08% 15.68%
Total Long-Term Liabilities $1.800M $85.60M
YoY Change -98.08% 15.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.22M $58.60M
Total Long-Term Liabilities $1.800M $85.60M
Total Liabilities $150.1M $144.2M
YoY Change -2.33% 24.0%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.200B
YoY Change 9.09% 20.0%
Common Stock $1.580B $1.574B
YoY Change 9.56% 9.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $349.1M $360.5M
YoY Change
Total Liabilities & Shareholders Equity $499.2M $504.7M
YoY Change -2.95% -4.97%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$18.87M -$45.02M
YoY Change -68.93% -19.21%
Depreciation, Depletion And Amortization $1.466M $1.520M
YoY Change -7.04% -5.24%
Cash From Operating Activities -$22.24M -$35.46M
YoY Change -47.39% -26.13%
INVESTING ACTIVITIES
Capital Expenditures $1.307M $240.0K
YoY Change 109.46% -139.09%
Acquisitions
YoY Change
Other Investing Activities $64.15M -$102.6M
YoY Change -338.43% -214.18%
Cash From Investing Activities $62.84M -$102.8M
YoY Change -328.28% -215.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 514.0K 0.000
YoY Change -16.96% -100.0%
NET CHANGE
Cash From Operating Activities -22.24M -35.46M
Cash From Investing Activities 62.84M -102.8M
Cash From Financing Activities 514.0K 0.000
Net Change In Cash 41.11M -138.3M
YoY Change -159.43% -434.79%
FREE CASH FLOW
Cash From Operating Activities -$22.24M -$35.46M
Capital Expenditures $1.307M $240.0K
Free Cash Flow -$23.55M -$35.70M
YoY Change -45.11% -24.67%

Facts In Submission

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Nature of Business<div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2023, the Company completed a public offering in which it sold 12,500,000 shares of its common stock and received net proceeds of approximately $117.1 million after deducting underwriting discounts and commissions and other offering costs. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 September 30, 2023, the Company has not sold any shares of its common stock under the ATM Facility. </span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 at September 30, 2023</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> will enable it to fund its operating expenses and capital expenditure requirements into the third quarter of 2025. The Company had an accumulated deficit of $1.2 billion at September 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></div>
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CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1279000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1635000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30278000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
31296000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36565000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37095000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
25006000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21526000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11559000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15569000 usd
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
5145000 usd
edit Accounts Receivable Additions
AccountsReceivableAdditions
2277000 usd
edit Accounts Receivable Deductions
AccountsReceivableDeductions
5000000 usd
CY2023Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
2422000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
68888000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
68888000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5881000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14453000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23930000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8105909 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8105909 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6719806 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6719806 shares
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
edit-20230930_cal.xml Edgar Link unprocessable
0001650664-23-000017-index-headers.html Edgar Link pending
0001650664-23-000017-index.html Edgar Link pending
0001650664-23-000017.txt Edgar Link pending
0001650664-23-000017-xbrl.zip Edgar Link pending
edit-20230930.htm Edgar Link pending
edit-20230930.xsd Edgar Link pending
edit-20230930xex311.htm Edgar Link pending
edit-20230930xex312.htm Edgar Link pending
edit-20230930xex321.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
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R4.htm Edgar Link pending
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R9.htm Edgar Link pending
edit-20230930_def.xml Edgar Link unprocessable
edit-20230930_lab.xml Edgar Link unprocessable
edit-20230930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
edit-20230930_htm.xml Edgar Link completed
report.css Edgar Link pending
separationagreement.htm Edgar Link pending
separationagreement001.jpg Edgar Link pending
separationagreement002.jpg Edgar Link pending
separationagreement003.jpg Edgar Link pending
separationagreement004.jpg Edgar Link pending
separationagreement005.jpg Edgar Link pending
separationagreement006.jpg Edgar Link pending
separationagreement007.jpg Edgar Link pending
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separationagreement013.jpg Edgar Link pending
Show.js Edgar Link pending