Editas Medicine(EDIT) - 2025 Q2 - Quarterly Results

Business Highlights and Outlook Editas Medicine reported significant progress in its in vivo gene editing strategy during Q2 2025, on track to select a lead development candidate, file an IND, and achieve human proof-of-concept by year-end 2026, while maintaining a strong financial position - Key strategic milestones are on track: selection of a lead development candidate in September 2025, IND filing by mid-2026, and human proof-of-concept by year-end 2026[1][2] - The company has a strong cash position, with an operational runway expected to last into the second quarter of 2027[1][9] - Presented positive preclinical proof-of-concept data at ASGCT, TIDES, and EHA, validating its gene upregulation strategy and in vivo delivery platform[1][3] Research and Development Progress The company presented new preclinical proof-of-concept data for both liver cells and hematopoietic stem cells, demonstrating the potential of its technology Liver Cells Program At ASGCT and TIDES meetings, Editas presented preclinical data for an undisclosed liver target, showing successful upregulation of target protein expression and reduction of a disease-associated biomarker - Shared preclinical proof-of-concept data for an undisclosed liver target, showing upregulation of target protein expression and reduction of a disease-associated biomarker in a mouse model[4] Hematopoietic Stem Cells (HSCs) Program At the EHA 2025 Congress, the company presented new in vivo data from non-human primates, demonstrating therapeutically relevant gene editing levels in hematopoietic stem cells with a single dose of tLNP - Demonstrated therapeutically relevant levels of HBG1/2 promoter editing in hematopoietic stem cells of non-human primates (NHPs) with a single dose of a novel targeted lipid nanoparticle (tLNP)[5] Platform Enhancements Editas showcased its proprietary tLNP's in vivo gene editing capabilities at ASGCT and remains on schedule to identify and disclose a new target cell type or tissue by the end of 2025 - The company is on track to establish and disclose a further target cell type/tissue for its in vivo platform by the end of 2025[7] Partnership Update The collaboration with Bristol Myers Squibb achieved a key milestone with the acceptance of the first IND/CTA for the CD19 HD Allo CAR T program, triggering a milestone payment and marking the first clinical use of Editas' technology in this setting - The first IND/CTA was accepted for the CD19 HD Allo CAR T program under the Bristol Myers Squibb collaboration, triggering a milestone payment[8] - This marks the first time Editas' in-house developed technology will be used clinically in an allogeneic CAR-T setting, targeting autoimmune disease[8] Financial Results In Q2 2025, Editas reported a reduced net loss compared to the prior year, driven by increased collaboration revenue and significantly lower operating expenses, ending the quarter with a cash balance of $178.5 million Cash Position | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $178.5 million | $269.9 million | Q2 2025 vs Q2 2024 Financial Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Collaboration Revenue | $3.6 million | $0.5 million | +$3.1 million | | R&D Expenses | $16.2 million | $54.2 million | -$38.0 million | | G&A Expenses | $12.9 million | $18.2 million | -$5.3 million | | Restructuring Charges | $26.1 million | $0 | +$26.1 million | | Net Loss | ($53.2 million) | ($67.6 million) | +$14.4 million | | Net Loss per Share | ($0.63) | ($0.82) | +$0.19 | - The decrease in R&D and G&A expenses was primarily due to the discontinuation of the reni-cel clinical program and related workforce reduction initiated in December 2024[12] Financial Statements This section contains the unaudited Consolidated Statement of Operations for the three and six months ended June 30, 2025, and the Selected Consolidated Balance Sheet Items as of June 30, 2025 Consolidated Statement of Operations The company reported a net loss of $53.2 million for the three months ended June 30, 2025, compared to $67.6 million for the same period in 2024, with the six-month net loss nearly flat year-over-year Consolidated Statement of Operations (Unaudited, in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Collaboration revenues | $3,578 | $513 | $8,236 | $1,649 | | Total operating expenses | $55,122 | $72,416 | $135,943 | $140,542 | | Operating loss | ($51,544) | ($71,903) | ($127,707) | ($138,893) | | Net loss | ($53,235) | ($67,607) | ($129,323) | ($129,557) | | Net loss per share | ($0.63) | ($0.82) | ($1.54) | ($1.58) | Selected Consolidated Balance Sheet Items As of June 30, 2025, the company reported total assets of $210.6 million and total stockholders' equity of $19.2 million, a decrease from the end of 2024 Selected Consolidated Balance Sheet Items (Unaudited, in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $178,501 | $269,913 | | Working capital | $116,859 | $212,090 | | Total assets | $210,581 | $341,589 | | Total stockholders' equity | $19,189 | $134,274 |