2024 Q4 Form 10-Q Financial Statement

#000165066424000121 Filed on November 04, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $61.00K
YoY Change -98.86%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $18.09M
YoY Change 20.67%
% of Gross Profit
Research & Development $47.64M
YoY Change 17.59%
% of Gross Profit
Depreciation & Amortization $1.599M
YoY Change 5.2%
% of Gross Profit
Operating Expenses $65.73M
YoY Change 18.43%
Operating Profit -$65.67M
YoY Change 30.91%
Interest Expense $3.530M
YoY Change -31.32%
% of Operating Profit
Other Income/Expense, Net $3.525M
YoY Change -31.47%
Pretax Income -$62.14M
YoY Change 38.03%
Income Tax
% Of Pretax Income
Net Earnings -$62.14M
YoY Change 38.03%
Net Earnings / Revenue -101870.49%
Basic Earnings Per Share -$0.75
Diluted Earnings Per Share -$0.75
COMMON SHARES
Basic Shares Outstanding 82.55M shares 82.48M shares
Diluted Shares Outstanding 82.49M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.1M
YoY Change -24.17%
Cash & Equivalents $95.83M
Short-Term Investments $169.3M
Other Short-Term Assets $5.925M
YoY Change -10.23%
Inventory
Prepaid Expenses
Receivables $126.0K
Other Receivables $0.00
Total Short-Term Assets $271.1M
YoY Change -24.39%
LONG-TERM ASSETS
Property, Plant & Equipment $15.42M
YoY Change 33.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $5.281M
YoY Change -8.24%
Total Long-Term Assets $56.43M
YoY Change -61.36%
TOTAL ASSETS
Total Short-Term Assets $271.1M
Total Long-Term Assets $56.43M
Total Assets $327.6M
YoY Change -35.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.49M
YoY Change 19.98%
Accrued Expenses $28.79M
YoY Change -4.93%
Deferred Revenue $14.68M
YoY Change 78.62%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.35M
YoY Change 23.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $3.281M
YoY Change -96.17%
Total Long-Term Liabilities $3.281M
YoY Change -96.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.35M
Total Long-Term Liabilities $3.281M
Total Liabilities $151.9M
YoY Change 5.37%
SHAREHOLDERS EQUITY
Retained Earnings -$1.400B
YoY Change 16.67%
Common Stock $1.598B
YoY Change 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $175.6M
YoY Change
Total Liabilities & Shareholders Equity $327.6M
YoY Change -35.09%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$62.14M
YoY Change 38.03%
Depreciation, Depletion And Amortization $1.599M
YoY Change 5.2%
Cash From Operating Activities -$52.59M
YoY Change 48.3%
INVESTING ACTIVITIES
Capital Expenditures $2.921M
YoY Change 1117.08%
Acquisitions
YoY Change
Other Investing Activities $86.90M
YoY Change -184.71%
Cash From Investing Activities $83.98M
YoY Change -181.68%
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
YoY Change
NET CHANGE
Cash From Operating Activities -52.59M
Cash From Investing Activities 83.98M
Cash From Financing Activities 0.000
Net Change In Cash 31.39M
YoY Change -122.7%
FREE CASH FLOW
Cash From Operating Activities -$52.59M
Capital Expenditures $2.921M
Free Cash Flow -$55.51M
YoY Change 55.49%

Facts In Submission

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us-gaap Nature Of Operations
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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 gene 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”), payments received under a strategic alliance and option agreement with Allergan Pharmaceuticals International Limited (together with its affiliates, “Allergan”) and payments received in connection with the Company’s license agreement with Vertex Pharmaceuticals, Inc. (“Vertex”) and other payments under the Vertex license agreement.</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:112%">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:112%">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”). The Company amended the common stock sales agreement with Cowen in February 2024 in connection with filing a new registration statement. As of September 30, 2024, 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. As of November 4, 2024, the issuance date of the consolidated financial statements, the Company expects that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the issuance date of the consolidated financial statements. The Company had an accumulated deficit of $1.4 billion at September 30, 2024, 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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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
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