Full Press Release Details
Editas Medicine Announces Second Quarter 2017 Results and Update
Leber Congenital Amaurosis type 10 (LCA10) product candidate EDIT 101 made significant progress toward clinical trials
Achieved research milestone in Juno Therapeutics, Inc., collaboration
CAMBRIDGE, Mass., August 9, 2017 (GLOBE NEWSWIRE) Editas Medicine, Inc. (NASDAQ: EDIT), a leading genome editing company, today reported financial results for the second quarter ended June 30, 2017, and provided an update on recent achievements and upcoming events.
This quarter, we made critical progress in advancing our LCA10 product candidate toward the clinic, as well as in our broader pipeline, said Katrine Bosley, President and Chief Executive Officer of Editas Medicine. In addition, we further extended our unparalleled intellectual property estate with the issuance of the first patent for Cpf1, which is a novel and differentiated CRISPR system that expands our platform and has the potential to substantially enhance our portfolio of gene editing medicines.
Advancing product candidates and platform to deliver a sustainable pipeline of transformative products
Building the business for the long term by assembling the capabilities to fully develop and commercialize important medicines
Developing an outstanding organization
Editas Medicine will participate in the following upcoming investor conferences:
Editas Medicine will also participate in the following upcoming scientific and medical conference:
Second Quarter 2017 Financial Results
Cash, cash equivalents, and marketable securities at June 30, 2017, were $324.8 million, compared to $217.7 million at June 30, 2016.
For the quarter ended June 30, 2017, net loss attributable to common stockholders was $26.4 million, or $0.65 per share, compared to $19.0 million, or $0.54 per share, for the same period in 2016.
The Editas Medicine management team will host a conference call and webcast today, August 9, 2017, at 5:00pm ET. To access the call, please dial 844 348 3801 (domestic) or 213 358 0955 (international) and provide the passcode 59340161. 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
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.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share and share data)
| Three Months Ended | ||||||
| June 30, | ||||||
| 2017 | 2016 | |||||
| Collaboration and other research and development revenues | $ | 3,097 | $ | 3,388 | ||
| Operating expenses: | ||||||
| Research and development | 17,318 | 10,430 | ||||
| General and administrative | 11,894 | 12,158 | ||||
| Total operating expenses | 29,212 | 22,588 | ||||
| Operating loss | (26,115) | (19,200) | ||||
| Other income (expense), net: | ||||||
| Other income, net | 122 | 5 | ||||
| Interest income (expense), net | (446) | 153 | ||||
| Total other income (expense), net | (324) | 158 | ||||
| Net loss | $ | (26,439) | $ | (19,042) | ||
| Net loss attributable to common stockholders | $ | (26,439) | $ | (19,042) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.65) | $ | (0.54) | ||
| Weighted-average common shares outstanding, basic and diluted | 40,830,161 | 35,286,719 |
Editas Medicine, Inc.
Selected Condensed Consolidated Balance Sheet Items
(amounts in thousands)
| June 30, | December 31, | ||||||
| 2017 | 2016 | ||||||
| Cash, cash equivalents, and marketable securities | $ | 324,795 | $ | 185,323 | |||
| Working capital | 279,186 | 154,100 | |||||
| Total assets | 368,849 | 229,182 | |||||
| Deferred revenue, net of current portion | 100,953 | 26,000 | |||||
| Construction financing lease obligation, net of current portion | 33,878 | 35,096 | |||||
| Total stockholders' equity | 185,004 | 134,607 |
Editas Medicine, Inc.
Editas Medicine, Inc.