Full Press Release Details
Editas Medicine Reports Fourth Quarter and
Full Year 2015 Financial Results
Well-positioned to advance multiple programs and continue expansion of genome editing platform
Cash balance of approximately $230 million funds diversified pipeline
Executive team and board of directors expanded to strengthen leadership
CAMBRIDGE, Mass., Mar. 30, 2016 (GLOBE NEWSWIRE) Editas Medicine, Inc. (NASDAQ: EDIT) today reported financial results for the fourth quarter and full year ended December 31, 2015, and provided an update on key achievements and upcoming events.
Over the past year we significantly advanced our programs, expanded our genome editing platform, further built our executive team, and deepened the capital foundation of Editas," said Katrine S. Bosley, President and Chief Executive Officer of Editas Medicine. "We believe we are very well-positioned to pursue our mission to bring important genomic medicines to patients.
Fourth Quarter and Full Year 2015 Financial Results
Cash and cash equivalents at December 31, 2015 were $143.2 million, compared to $155.3 million at September 30, 2015 and $10.6 million at December 31, 2014. Total cash and cash equivalents at December 31, 2015 did not include total net proceeds of approximately $97.8 million from the Company's initial public offering of common stock in February 2016. Cash and cash equivalents at March 29, 2016 were approximately $230 million (unaudited).
For the fourth quarter 2015, net loss attributable to common stockholders was $12.7 million, or $4.05 per share, compared to $5.5 million, or $3.50 per share, for the same period in 2014.
For the full year 2015, net loss attributable to common stockholders was $73.3 million, or $28.55 per share, compared to $14.0 million, or $12.46 per share, for the same period in 2014.
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 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.
Consolidated Statement of Operations
(amounts in thousands)
| Three Months Ended | Twelve Months Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||
| Collaboration revenue | $ | 792 | $ | - | $ | 1,629 | $ | - | |||||
| Operating expenses: | |||||||||||||
| Research and development | 5,826 | 2,395 | 18,846 | 5,073 | |||||||||
| General and administrative | 7,339 | 2,793 | 18,095 | 7,650 | |||||||||
| Total operating expenses | 13,165 | 5,188 | 36,941 | 12,723 | |||||||||
| Operating loss | (12,373) | (5,188) | (35,312) | (12,723) | |||||||||
| Other expense, net: | |||||||||||||
| Other expense, net | (226) | (206) | (37,445) | (928) | |||||||||
| Interest expense, net | (34) | (17) | (143) | (34) | |||||||||
| Total other expense, net | (260) | (223) | (37,588) | (962) | |||||||||
| Net loss and comprehensive loss | $ | (12,633) | $ | (5,411) | $ | (72,900) | $ | (13,685) | |||||
| Accretion of redeemable convertible preferred stock to redemption value | (99) | (96) | (394) | (309) | |||||||||
| Net loss attributable to common stockholders | $ | (12,732) | $ | (5,507) | $ | (73,294) | $ | (13,994) | |||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (4.05) | $ | (3.50) | $ | (28.55) | $ | (12.46) | |||||
| Weighted-average common shares outstanding, basic and diluted | 3,145,380 | 1,575,641 | 2,566,916 | 1,123,098 |
EDITAS MEDICINE, INC.
Selected Balance Sheet Items
(amounts in thousands)
| December 31, | |||||||
| 2015 | 2014 | ||||||
| Cash and cash equivalents | $ | 143,180 | $ | 10,623 | |||
| Working capital | 138,060 | 4,555 | |||||
| Total assets | 149,363 | 12,188 | |||||
| Deferred revenue | 25,321 | - | |||||
| Redeemable convertible preferred stock | 199,915 | 20,772 | |||||
| Total stockholders' deficit | (83,114) | (15,292) |
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