Full Press Release Details
Editas Medicine Announces First Quarter 2016 Results and Update
Advancing pipeline and platform demonstrated by data presented at medical and scientific conferences as well as achievement of Juno Therapeutics milestone
Strengthened effort to develop medicines for cystic fibrosis through agreement with Cystic Fibrosis Foundation Therapeutics
Robust foundation of intellectual, financial, and human capital positions Editas for long-term success
CAMBRIDGE, Mass., May 16, 2016 Editas Medicine, Inc. (NASDAQ: EDIT), a leading genome editing company, today reported financial results for the first quarter ended March 31, 2016, and provided an update on recent accomplishments and upcoming events.
We have made significant progress this year in building Editas as a company and in advancing both our pipeline and platform, said Katrine Bosley, President and Chief Executive Officer of Editas Medicine. We are excited by the new data from our Duchenne muscular dystrophy program, as well as the additional results from our LCA10 program and our new data in hematopoietic stem cells. In addition, we were also delighted to announce our agreement with Cystic Fibrosis Foundation Therapeutics to discover and develop genomic medicines aimed at correcting the underlying mutations in this debilitating disease.
First Quarter 2016 Financial Results
Cash and cash equivalents at March 31, 2016 were $229.2 million, compared to $143.2 million at December 31, 2015. This includes total net proceeds of approximately $97.7 million from the Company's initial public offering of its common stock in February 2016.
For the first quarter 2016, net loss attributable to common stockholders was $17.8 million, or $0.80 per share, compared to $5.4 million, or $2.75 per share, for the same period in 2015.
The Editas management team will host a conference call and webcast today at 8:30 a.m. ET to provide and discuss a corporate update and first quarter 2016 financial results. To access the call, please dial 877-809-6321 (domestic) or 615-247-0223 (international) and provide the passcode 97848711. A live webcast of the call will be available on the Investors & Media section of the Editas website at www.editasmedicine.com.
About Editas Medicine
Editas Medicine is a leading genome editing company dedicated to treating patients with genetically-defined diseases by correcting their disease-causing genes. The Company was founded by world leaders in genome editing, and its mission is to translate the promise of genome editing science into a broad class of transformative genomic medicines to benefit the greatest number of patients.
Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of The Private Securities Litigation Reform Act of 1995. The words anticipate,'' believe,'' continue,'' could,'' estimate,'' expect,'' intend,'' may,'' plan,'' potential,'' predict,'' project,'' target,'' should,'' would,'' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of the Company's product candidates; availability and timing of results from preclinical studies and clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to conduct
trials or to market products and availability of funding sufficient for the Company's foreseeable and unforeseeable operating expenses and capital expenditure requirements. These and other risks are described in greater detail under the caption Risk Factors included in the Company's most recent Quarterly Report on Form 10-Q, which is on file with the Securities and Exchange Commission, and in other filings that the Company may make with the Securities and Exchange Commission in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
EDITAS MEDICINE, INC.
Consolidated Statement of Operations
(amounts in thousands, except per share and share data)
| Three Months Ended | |||||||
| March 31, | |||||||
| 2016 | 2015 | ||||||
| Collaboration revenue | $ | 805 | $ | - | |||
| Operating expenses: | |||||||
| Research and development | 8,882 | 1,888 | |||||
| General and administrative | 9,762 | 3,273 | |||||
| Total operating expenses | 18,644 | 5,161 | |||||
| Operating loss | (17,839) | (5,161) | |||||
| Other income (expense), net: | |||||||
| Other expense, net | (30) | (99) | |||||
| Interest income (expense), net | 124 | (31) | |||||
| Total other income (expense), net | 94 | (130) | |||||
| Net loss and comprehensive loss | $ | (17,745) | $ | (5,291) | |||
| Accretion of redeemable convertible preferred stock to redemption value | (47) | (95) | |||||
| Net loss attributable to common Stockholders | $ | (17,792) | $ | (5,386) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.80) | $ | (2.75) | |||
| Weighted-average common shares outstanding, basic and diluted | 22,280,797 | 1,957,378 |
EDITAS MEDICINE, INC.
Selected Consolidated Balance Sheet Items
(amounts in thousands)
| March 31, | December 31, | ||||||
| 2016 | 2015 | ||||||
| Cash and cash equivalents | $ | 229,204 | $ | 143,180 | |||
| Working capital | 221,964 | 138,060 | |||||
| Total assets | 248,808 | 149,363 | |||||
| Deferred revenue | 25,479 | 25,321 | |||||
| Redeemable convertible preferred stock | - | 199,915 | |||||
| Total stockholders' equity (deficit) | 201,363 | (83,114) |
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