A month has gone by since the last earnings report for Editas Medicine (EDIT) . Shares have lost about 37.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Editas due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.How Have Estimates Been Moving Since Then?It turns ...

Erick J. Lucera to Step Down as CFO to pursue another opportunity Senior Vice President of Finance Amy Parison Appointed CFO CAMBRIDGE, Mass., March 20, 2025 (GLOBE NEWSWIRE) -- Editas Medicine, Inc. (Nasdaq: EDIT), a pioneering gene editing company, today announced Chief Financial Officer Erick J. Lucera is stepping down to pursue an external opportunity, effective March 28, 2025. Current Senior Vice President of Finance Amy Parison will succeed Mr. Lucera as Chief Financial Officer. "We are thrilled to pr ...

Editas Medicine (EDIT) reported a loss of 55 cents per share in the fourth quarter of 2024, wider than the Zacks Consensus Estimate of a loss of 39 cents. The company had incurred a loss of 23 cents per share in the year-ago quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Collaboration and other research and development (R&D) revenues, which comprise the company’s top line, were $30.6 million in the reported quarter, down 49% from the $60 million reported in the year-ago qua ...

Editas Medicine (EDIT) came out with a quarterly loss of $0.55 per share versus the Zacks Consensus Estimate of a loss of $0.39. This compares to loss of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -41.03%. A quarter ago, it was expected that this genome editing company would post a loss of $0.76 per share when it actually produced a loss of $0.75, delivering a surprise of 1.32%.Over the last four quarters, the compa ...

Financial Performance - The company reported net losses of $237.1 million, $153.2 million, and $220.4 million for the years ended December 31, 2024, 2023, and 2022 respectively, with an accumulated deficit of $1.5 billion as of December 31, 2024[587]. - The net loss for the year ended December 31, 2024, was $237.1 million, compared to a net loss of $153.2 million in 2023, reflecting a 55% increase in losses[608]. - The net loss for 2024 was $237.1 million, compared to a net loss of $153.2 million in 2023, indicating a worsening of approximately 55%[662]. - The company reported a net loss per share of $2.88 for 2024, compared to $2.02 for 2023, indicating a deterioration in per-share performance[662]. - Total liabilities rose from $150.1 million in 2023 to $207.3 million in 2024, an increase of approximately 38%[659]. - The accumulated deficit increased to $1.47 billion in 2024 from $1.23 billion in 2023, reflecting a growth of about 19%[659]. - The total stockholders' equity decreased significantly from $349.1 million in 2023 to $134.3 million in 2024, a decline of approximately 62%[659]. Revenue Generation - The company has not generated any revenue from product sales to date and does not expect to do so for the foreseeable future[588]. - In 2024, the company recognized $18.1 million of revenue related to its collaboration with BMS, with $6.5 million being previously deferred revenue[589]. - Collaboration and other research and development revenues decreased by $45.8 million, to $32.3 million for the year ended December 31, 2024, from $78.1 million for the year ended December 31, 2023, a decline of 59%[609]. - The company has not recognized any royalty revenue from collaboration or strategic alliance arrangements to date[704]. Research and Development - The company expects research and development expenses to increase significantly as it continues its preclinical studies and prepares for clinical development[596]. - Research and development expenses increased by $21.6 million, to $199.2 million for the year ended December 31, 2024, representing a 12% increase from $177.7 million in 2023[610]. - Employee-related expenses within research and development increased by 15%, from $47.4 million in 2023 to $54.2 million in 2024[610]. - External research and development expenses surged by 47%, from $53.3 million in 2023 to $78.5 million in 2024[610]. - The company anticipates a decrease in expenses over the next few years due to the discontinuation of the reni-cel program, but will continue to incur significant expenses for research and development[631]. Cash Flow and Liquidity - Net cash used in operating activities was approximately $210.3 million for the year ended December 31, 2024, compared to $132.2 million in 2023, primarily due to increased research efforts and clinical activities[624][625]. - The company expects its existing cash and marketable securities will fund operations into the second quarter of 2027, but significant additional funding will be needed for ongoing research and development[632]. - The company had cash, cash equivalents, and marketable securities totaling $269.9 million as of December 31, 2024[678]. - The company raised an aggregate of $1.0 billion in net proceeds through public offerings and had cash, cash equivalents, and marketable securities of $269.9 million[618][620]. - Cash flow from investing activities for 2024 was $162.1 million, compared to a net cash used of $3.7 million in 2023[671]. Expenses and Charges - General and administrative expenses rose by approximately $2.3 million, to $72.0 million for the year ended December 31, 2024, a 3% increase from $69.7 million in 2023[611]. - Restructuring charges amounted to $12.2 million for the year ended December 31, 2024, with no equivalent charges in 2023, marking a 100% increase[615]. - The Company recorded $21,000,000 in operating lease costs for the year ended December 31, 2024, compared to $15,200,000 in 2023, marking a 38.0% increase[748]. Collaborations and Agreements - The company has entered into a collaboration and license agreement in 2024 to access LNPs targeting the liver, enhancing its gene editing platform[583]. - The 2024 Amendment to the collaboration agreement with BMS extends the partnership to November 2026, allowing BMS to select up to three new gene targets for research[768]. - The total transaction price under the 2024 Amendment is approximately $56.7 million, with no milestone or extension term fees included as of December 31, 2024[771]. - The Company has granted Beam Therapeutics an exclusive license for the development and commercialization of base editing therapies, with options for additional licenses[775]. Market and Risk Factors - The company is exposed to market risk related to changes in interest rates, with cash and cash equivalents of $131.5 million and marketable securities of $138.4 million as of December 31, 2024[642]. - The Company has not experienced any credit losses and did not have an allowance for credit losses as of December 31, 2024 and 2023[691]. - The Company has not had any write-offs of bad debt and did not have an allowance for doubtful accounts as of December 31, 2024 and 2023[692]. Asset Management - Total current assets decreased from $340.8 million in 2023 to $289.3 million in 2024, a decline of approximately 15%[659]. - The Company recorded cash equivalents and marketable securities totaling $269,913,000 as of December 31, 2024, compared to $427,135,000 as of December 31, 2023, indicating a decrease of approximately 37%[740]. - The Company holds no securities with remaining maturities greater than one year as of December 31, 2024[742].

Preclinical Developments - Achieved in vivo preclinical proof of concept for editing hematopoietic stem cells in non-human primates, a key step towards developing treatments for sickle cell disease and beta thalassemia [4] - Demonstrated effective delivery and meaningful levels of editing in HSCs using proprietary targeted lipid nanoparticles after a single dose in non-human primates [7] - Achieved proof of concept in non-human primates validating high efficiency gene editing in the liver with the first use of AsCas12a delivery by LNP [7] Future Milestones - Anticipated 2025 milestones include declaring two in vivo development candidates, one in HSCs and one in liver, and presenting further in vivo data in both HSCs and liver indications [4] - Expected to establish an additional in vivo target cell type/tissue beyond HSCs and liver by the end of 2025 [8] - Expected to launch clinical trials for multiple in vivo programs, including submitting at least one IND/CTA by mid-2026 [13] Strategic Priorities - Strategic priorities through 2027 include submitting at least one IND/CTA and achieving human in vivo proof of concept in HSC editing for sickle cell disease and beta thalassemia [4] - Company plans to present at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025, discussing new in vivo preclinical data and strategic priorities [11] Financial Position - Company has approximately $270 million in cash, cash equivalents, and marketable securities as of December 31, 2024, with a cash runway extending into Q2 2027 [10] - Company aims to derive additional value from its foundational CRISPR IP through sublicensing and monetization financing [8]

Core Insights - Editas Medicine is on track to declare two in vivo editing development candidates by mid-2025, one targeting hematopoietic stem cells (HSCs) and the other targeting liver cells [1][2] - The company has demonstrated preclinical proof of concept in non-human primates and humanized mice, showcasing the potential of its gene upregulation strategy across multiple tissues [3][6] - Editas maintains a strong cash position, with cash, cash equivalents, and marketable securities amounting to $269.9 million as of December 31, 2024, which is expected to fund operations into the second quarter of 2027 [4][17] Business Updates - The company achieved in vivo preclinical proof of concept ahead of schedule, indicating significant progress in its gene editing platform [2] - Editas plans to present further preclinical data for HSCs and liver indications by year-end 2025 [1][6] - The company is also on track to establish an additional target cell type or tissue by the end of 2025 [1][6] Financial Performance - For Q4 2024, Editas reported a net loss of $45.4 million, or $0.55 per share, compared to a net loss of $18.9 million, or $0.23 per share, in Q4 2023 [6][14] - Collaboration and other research and development revenues decreased to $30.6 million in Q4 2024 from $60.0 million in Q4 2023, primarily due to revenue recognized from a license agreement with Vertex Pharmaceuticals [6][14] - For the full year 2024, the net loss attributable to common stockholders was $237.1 million, or $2.88 per share, compared to a net loss of $153.2 million, or $2.02 per share, in 2023 [14][15] Restructuring and Cost Management - The company ended the development of its reni-cel program, leading to a workforce reduction of approximately 65% and restructuring charges of $12.2 million in Q4 2024 [6][7] - Research and development expenses decreased to $48.6 million in Q4 2024 from $69.6 million in Q4 2023, primarily due to reduced costs associated with the reni-cel program [6][14] Upcoming Events - Editas Medicine plans to participate in investor events, including the Leerink Partners Global Biopharma Conference and the Barclays 27th Annual Global Healthcare Conference in March 2024 [9]

Core Insights - Editas Medicine is a pure in-vivo focused CRISPR editing company with proprietary technologies for gene editing and delivery [4][5] - The company has validated its editing machinery in humans, utilizing both AsCas12a and Cas9 enzymes [4][5] - Editas is currently focused on two lead assets, particularly targeting hematopoietic stem cells [5] Company Overview - The company has a robust targeting LNP delivery system that provides flexibility and optionality in its operations [4] - Editas aims to create value over the next 12 to 24 months by leveraging its strengths and addressing challenges [4]

Core Insights - Editas Medicine, Inc. plans to announce its Q4 and Full Year 2024 financial results and business updates on March 5, 2025, via press release and SEC filings, and will not host quarterly financial results conference calls in the future [1] - The company will participate in several upcoming investor conferences in March, including the TD Cowen 45th Annual Health Care Conference, the Leerink Partners Global Healthcare Conference, and the Barclays 27th Annual Global Healthcare Conference, all formatted as fireside chats [2] Company Overview - Editas Medicine is a pioneering gene editing company focused on developing transformative in vivo medicines using CRISPR/Cas12a and CRISPR/Cas9 genome editing systems for serious diseases [3] - The company aims to discover, develop, manufacture, and commercialize durable, precision in vivo gene editing medicines for a broad class of diseases and holds exclusive licenses for key patents from the Broad Institute and Harvard University [3]

Key Points Company and Industry Information 1. **Company**: Editas Medicine, Inc. (NASDAQ:EDIT) 2. **Industry**: Biotechnology, Gene Editing 3. **Event**: 43rd Annual JPMorgan Healthcare Conference Call 4. **Date**: January 15, 2025 5. **Time**: 2:15 PM ET 6. **Participants**: - Gilmore O'Neill - President and Chief Executive Officer - Linda Burkly - Executive Vice President and Chief Scientific Officer - Erick Lucera - Executive Vice President and Chief Financial Officer - Brian Cheng - JPMorgan Senior Biotech Analyst - Miriam Yurco - Associate, JPMorgan [1] Core Views and Arguments 1. **Progress and Vision**: Editas Medicine aims to become a leader in vivo gene editing. 2. **New Data Release**: The company has released exciting new data this week. 3. **Future Plans**: Editas Medicine will discuss its plans for the current year and the next couple of years. [2] Forward-Looking Statements 1. **Risk Disclosure**: Gilmore O'Neill emphasizes the importance of reading the company's disclosure and filings for a full understanding of potential risks. [3] Additional Important Information 1. **Historical Reference**: O'Neill mentions an announcement made two years ago at the same conference. [3]