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Editas Medicine Announces Fourth Quarter and Full Year 2024 Results and Business Updates
EDITEditas Medicine(EDIT) GlobeNewswire·2025-03-05 21:05

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 269.9millionasofDecember31,2024,whichisexpectedtofundoperationsintothesecondquarterof2027[4][17]BusinessUpdates−Thecompanyachievedinvivopreclinicalproofofconceptaheadofschedule,indicatingsignificantprogressinitsgeneeditingplatform[2]−EditasplanstopresentfurtherpreclinicaldataforHSCsandliverindicationsbyyear−end2025[1][6]−Thecompanyisalsoontracktoestablishanadditionaltargetcelltypeortissuebytheendof2025[1][6]FinancialPerformance−ForQ42024,Editasreportedanetlossof269.9 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 0.55pershare,comparedtoanetlossof0.55 per share, compared to a net loss of 18.9 million, or 0.23pershare,inQ42023[6][14]−Collaborationandotherresearchanddevelopmentrevenuesdecreasedto0.23 per share, in Q4 2023 [6][14] - Collaboration and other research and development revenues decreased to 30.6 million in Q4 2024 from 60.0millioninQ42023,primarilyduetorevenuerecognizedfromalicenseagreementwithVertexPharmaceuticals[6][14]−Forthefullyear2024,thenetlossattributabletocommonstockholderswas60.0 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 2.88pershare,comparedtoanetlossof2.88 per share, compared to a net loss of 153.2 million, or 2.02pershare,in2023[14][15]RestructuringandCostManagement−Thecompanyendedthedevelopmentofitsreni−celprogram,leadingtoaworkforcereductionofapproximately652.02 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 48.6millioninQ42024from48.6 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]