Full Press Release Details
Editas Medicine Announces First Quarter 2018 Results and Update
Expanded Celgene collaboration to drive lead oncology program in solid tumors
Strengthened Board of Directors with addition of James C. Mullen and Jessica Hopfield, Ph.D.
Cash, cash equivalents, and marketable securities of $359 million as of March 31, 2018
CAMBRIDGE, Mass., May 3, 2018 (GLOBE NEWSWIRE) Editas Medicine, Inc. (NASDAQ: EDIT), a leading genome editing company, today reported financial results for the first quarter ended March 31, 2018, and provided an update on recent achievements and upcoming events.
We made steady progress in advancing our pipeline of CRISPR medicines toward the clinic and in building the company overall, said Katrine Bosley, President and Chief Executive Officer of Editas Medicine. Our LCA10 program remains on track to file an IND by mid 2018, our leading experimental cell medicine in oncology is advancing towards an IND filing in our Celgene collaboration, and we have strong data in many of our earlier programs. In addition, we have significantly strengthened our Board of Directors with Jim Mullen joining as Chairman of the Board. All in all, 2018 is shaping up to be a transformative year for Editas and for the patients we aim to help.
Recent Achievements and Outlook
Editas will participate in the following upcoming investor conferences:
Editas will also participate in the following upcoming scientific and medical conferences:
First Quarter 2018 Financial Results
Cash, cash equivalents, and marketable securities at March 31, 2018, were $358.8 million, compared to $329.1 million at December 31, 2017.
For the first quarter ended March 31, 2018, net loss attributable to common stockholders was $30.9 million, or $0.67 per share, compared to $31.1 million, or $0.85 per share, for the same period in 2017.
The Editas management team will host a conference call and webcast today, May 3, 2018, at 5:00pm ET. To access the call, please dial 844 348 3801 (domestic) or 213 358 0955 (international) and provide the passcode 6079429. A live webcast of the call will be available on the Investors & Media section of the Editas Medicine website at www.editasmedicine.com and a replay will be available approximately two hours after its completion.
About Editas Medicine
As a leading genome editing company, Editas Medicine is focused on translating the power and potential of the CRISPR/Cas9 and CRISPR/Cpf1 genome editing systems into a robust pipeline of treatments for people living with serious diseases around the world. Editas Medicine aims to discover, develop, manufacture, and commercialize transformative, durable, precision genomic medicines for a broad class of diseases. For the latest information and scientific presentations, please visit www.editasmedicine.com.
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,'' "track, should,'' would,'' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements regarding the Company being on track to file an IND for EDIT 101 by mid 2018. 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 Annual Report on Form 10 K, 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.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share and share data)
| Three Months Ended | ||||||
| March 31, | ||||||
| 2018 | 2017 | |||||
| Collaboration and other research and development revenues | $ | 3,927 | $ | 682 | ||
| Operating expenses: | ||||||
| Research and development | 21,300 | 19,021 | ||||
| General and administrative | 14,186 | 12,288 | ||||
| Total operating expenses | 35,486 | 31,309 | ||||
| Operating loss | (31,559) | (30,627) | ||||
| Other income (expense), net: | ||||||
| Other income, net | 182 | 140 | ||||
| Interest income (expense), net | 438 | (610) | ||||
| Total other income (expense), net | 620 | (470) | ||||
| Net loss | $ | (30,939) | $ | (31,097) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.67) | $ | (0.85) | ||
| Weighted-average common shares outstanding, basic and diluted | 45,992,008 | 36,485,421 |
Editas Medicine, Inc.
Selected Condensed Consolidated Balance Sheet Items
(amounts in thousands)
| March 31, | December 31, | |||||
| 2018 | 2017 | |||||
| Cash, cash equivalents, and marketable securities | $ | 358,821 | $ | 329,139 | ||
| Working capital | 331,818 | 295,492 | ||||
| Total assets | 403,982 | 373,260 | ||||
| Deferred revenue, net of current portion | 91,972 | 94,725 | ||||
| Construction financing lease obligation, net of current portion | 33,190 | 33,431 | ||||
| Total stockholders' equity | 247,515 | 208,080 |
Editas Medicine, Inc.
Editas Medicine, Inc.