Full Press Release Details
Editas Medicine Announces Third Quarter 2017 Results and Update
CAMBRIDGE, Mass., November 7, 2017 (GLOBE NEWSWIRE) Editas Medicine, Inc. (NASDAQ: EDIT), a leading genome editing company, today reported financial results for the third quarter ended September 30, 2017, and provided an update on recent achievements and upcoming events.
This was a quarter of continued steady progress in advancing our pipeline of CRISPR medicines toward the clinic, said Katrine Bosley, President and Chief Executive Officer of Editas Medicine. We were pleased to announce that we initiated our clinical natural history study for our lead program to treat LCA10, and we remain on track to file our IND for EDIT-101, our clinical candidate, in mid-2018. In addition, we look forward to data that will be presented at the upcoming meetings of the Society for Immunotherapy of Cancer and American Society of Hematology from a range of our wholly-owned and partnered engineered cell therapy programs.
Advancing product candidates and platform to deliver a sustainable pipeline of transformative products
EDIT-101 for Leber Congenital Amaurosis type 10 (LCA10) remains on track for a mid-2018 IND filing
Made important progress in engineered cell therapy programs
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 conferences:
Third Quarter 2017 Financial Results
Cash, cash equivalents, and marketable securities at September 30, 2017, were $295.7 million, compared to $199.9 million at September 30, 2016.
For the third quarter ended September 30, 2017, net loss attributable to common stockholders was $26.6 million, or $0.64 per share, compared to $21.0 million, or $0.59 per share, for the same period in 2016.
The Editas Medicine management team will host a conference call and webcast today, November 7, 2017, at 5:00pm ET. To access the call, please dial 844-348-3801 (domestic) or 213-358-0955 (international) and provide the passcode 9487629. 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. Forward-looking statements in this press release include statements regarding the Company's goal of submitting 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 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 | ||||||
| September 30, | ||||||
| 2017 | 2016 | |||||
| Collaboration and other research and development revenues | $ | 6,282 | $ | 962 | ||
| Operating expenses: | ||||||
| Research and development | 20,396 | 10,832 | ||||
| General and administrative | 12,635 | 11,295 | ||||
| Total operating expenses | 33,031 | 22,127 | ||||
| Operating loss | (26,749) | (21,165) | ||||
| Other income, net: | ||||||
| Other income, net | 196 | 3 | ||||
| Interest income (expense), net | (46) | 142 | ||||
| Total other income, net | 150 | 145 | ||||
| Net loss | $ | (26,599) | $ | (21,020) | ||
| Net loss attributable to common stockholders | $ | (26,599) | $ | (21,020) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.64) | $ | (0.59) | ||
| Weighted-average common shares outstanding, basic and diluted | 41,307,092 | 35,505,429 |
Editas Medicine, Inc.
Selected Condensed Consolidated Balance Sheet Items
(amounts in thousands)
| September 30, | December 31, | |||||
| 2017 | 2016 | |||||
| Cash, cash equivalents, and marketable securities | $ | 295,691 | $ | 185,323 | ||
| Working capital | 268,920 | 154,100 | ||||
| Total assets | 339,127 | 229,182 | ||||
| Deferred revenue, net of current portion | 97,851 | 26,000 | ||||
| Construction financing lease obligation, net of current portion | 33,667 | 35,096 | ||||
| Total stockholders' equity | 177,788 | 134,607 |
Editas Medicine, Inc.
Editas Medicine, Inc.