Editas Medicine(EDIT) - 2024 Q2 - Quarterly Results

Recent Achievements and Outlook Editas Medicine reported significant progress on its clinical programs, with clinical data for reni-cel in SCD and TDT expected by year-end 2024, alongside in vivo preclinical proof-of-concept for a new indication Ex Vivo Hemoglobinopathies The reni-cel program for severe sickle cell disease and beta thalassemia is rapidly advancing, with enrollment complete and substantial clinical data expected by year-end 2024 - The company is on track to present substantive clinical data from the RUBY trial (SCD) and additional data from the EdiTHAL trial (TDT) by the end of 2024[1][2][3] - Enrollment for the adolescent cohort of the RUBY trial (SCD) and the adult cohort of the EdiTHAL trial (TDT) has been completed[2][3] - CEO Gilmore O'Neill expressed high confidence that reni-cel is positioned to be a differentiated, best-in-class product for treating sickle cell disease[2] In Vivo Medicines The company is advancing its in vivo strategy to upregulate gene expression, targeting preclinical proof-of-concept for an undisclosed indication by year-end 2024 - Editas is on track to establish in vivo preclinical proof-of-concept for an undisclosed indication by the end of 2024[1][4] - The in vivo strategy aims to drive functional upregulation of gene expression to address loss of function or deleterious mutations[4] Second Quarter 2024 Financial Results Editas Medicine reported a net loss of $67.6 million in Q2 2024, driven by increased R&D expenses and decreased collaboration revenue, maintaining a cash position of $318.3 million into 2026 Q2 2024 Financial Highlights (Three Months Ended June 30) | Metric | Q2 2024 (Millions USD) | Q2 2023 (Millions USD) | | :--- | :--- | :--- | | Collaboration & Other Revenues | 0.5 | 2.9 | | Research & Development Expenses | 54.2 | 29.8 | | General & Administrative Expenses | 18.2 | 17.2 | | Net Loss | 67.6 | 40.3 | | Net Loss Per Share (USD) | 0.82 | 0.56 | - The increase in R&D expenses was primarily due to clinical and manufacturing costs for the accelerated reni-cel program and costs for in vivo research[6] - The decrease in revenue was mainly attributable to reduced drug supply activity with collaborators[6] Cash Position | Date | Cash, Cash Equivalents, and Marketable Securities (Millions USD) | | :--- | :--- | | June 30, 2024 | 318.3 | | March 31, 2024 | 376.8 | - The company expects its existing cash, along with anticipated license fees, to fund operations and capital expenditures into 2026[5] Financial Statements This section presents the detailed unaudited Consolidated Statement of Operations and Selected Consolidated Balance Sheet Items for the periods ended June 30, 2024 Consolidated Statement of Operations For the six months ended June 30, 2024, the company's operating loss widened to $138.9 million, driven by increased R&D expenses and decreased revenues Consolidated Statement of Operations (Six Months Ended June 30, in thousands) | Metric | 2024 (Thousands USD) | 2023 (Thousands USD) | | :--- | :--- | :--- | | Collaboration and other revenues | 1,649 | 12,738 | | Research and development expenses | 102,997 | 67,583 | | General and administrative expenses | 37,545 | 40,211 | | Operating loss | (138,893) | (95,056) | | Net loss | (129,557) | (89,326) | | Net loss per share (USD) | (1.58) | (1.27) | Selected Consolidated Balance Sheet Items As of June 30, 2024, Editas Medicine's balance sheet shows cash, cash equivalents, and marketable securities at $318.3 million, a decrease from year-end 2023 Selected Consolidated Balance Sheet Items (in thousands) | Metric | June 30, 2024 (Thousands USD) | December 31, 2023 (Thousands USD) | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | 318,307 | 427,135 | | Working capital | 212,048 | 277,612 | | Total assets | 384,801 | 499,153 | | Total stockholders' equity | 232,009 | 349,097 |