Editas Medicine(US:EDIT)2023-02-22 17:43Financial Data and Key Metrics Changes - Revenue for 2022 was approximately $20 million, a decrease from $26 million in 2021, primarily due to reduced revenue from the collaboration agreement with BMS [46] - Cash, cash equivalents, and marketable securities as of December 31, 2022, were $437 million, down from $620 million as of December 31, 2021, with expectations to fund operations into 2025 [56] - General and administrative expenses decreased from $76 million in 2021 to $71 million in 2022, while R&D expenses increased from $143 million to $175 million, driven by costs related to EDIT-301 [57][58] Business Line Data and Key Metrics Changes - The company has shifted focus to in-vivo administered genome editing medicines, particularly EDIT-301 for severe sickle cell disease and transfusion-dependent beta thalassemia [19] - The RUBY Phase 1/2 clinical study for EDIT-301 has shown promising initial data, with plans to dose a total of 20 patients by year-end 2023 [30][60] Market Data and Key Metrics Changes - The company is actively exploring the regulatory path for in-vivo CRISPR in the U.S., acknowledging headwinds faced by peers in the industry [7][187] - The collaboration with BMS is progressing well, with BMS receiving significant data and nominating several targets [11] Company Strategy and Development Direction - The company aims to position itself as a leader in in-vivo gene editing, focusing on three strategic pillars: sharpening discovery focus, strengthening the discovery engine, and expanding business development [18][27] - The company has divested its iNK Cell Franchise to Shoreline Biosciences and is reallocating resources to accelerate the clinical development of EDIT-301 [19][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy and execution, highlighting the momentum from clinical milestones and the collaboration with Shoreline [41] - The company plans to provide updates on the RUBY clinical data in mid-2023 and dose the first patient in the EDITHAL Phase 1/2 trial for TDT this quarter [50][60] Other Important Information - The company has completed a review of safety data from the RUBY trial and has begun parallel dosing of additional patients, maintaining a favorable safety profile [42] - The company is actively seeking a new Chief Scientific Officer to align with its strategic vision [49][71] Q&A Session Summary Question: What venue should we expect the mid-2023, 301 update? - The company will provide updates at an appropriate time, likely during a medical meeting or company release [7] Question: How do you think about the regulatory path in in-vivo CRISPR in the U.S.? - Management acknowledged the challenges faced by peers but emphasized the company's substantial investment in research and analytics to manage risks [187] Question: What experience or expertise are you looking for in your next CSO? - The company seeks a candidate with experience in drug development, complex genomics, and collaborative leadership capabilities [71][79] Question: Can you provide an update on the BMS collaboration? - The collaboration is progressing well, with BMS receiving high-quality data and target nominations [11][121] Question: What are the expectations for the sickle cell data? - Management is confident in the initial clinical data and looks forward to sharing updates in mid-2023 and at the end of the year [137]