Appointed Baisong Mei, M.D., Ph.D., Chief Medical Officer, strengthening senior leadership team
Achieved successful engraftment of first patient treated with EDIT-301 for sickle cell disease; first clinical use of Editas-engineered AsCas12a enzyme
FDA removed partial clinical hold for RUBY trial of EDIT-301
Continued screening and enrolling new adult and pediatric patients for EDIT-101 Phase 1/2 BRILLIANCE study for LCA10, with clinical data update expected 2H 2022
On track to initiate IND-enabling studies of EDIT-103 for RHO-adRP by year-end; pre-IND FDA meeting feedback supports continued development
Entered research collaboration and licensing agreement with Immatics to develop cancer medicines, combining Immatics gamma-delta T cell adoptive cell therapies and Editas Medicine’s gene editing technology
CAMBRIDGE, Mass., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Editas Medicine, Inc. (Nasdaq: EDIT), a leading genome editing company, today reported business highlights and financial results for the second quarter of 2022.
“Since joining Editas Medicine two months ago, my review of the innovative technologies, strong CMC capabilities, and talented team has reinforced my enthusiasm about the company’s potential. I see tremendous value in our technology and ability to develop novel medicines, and I intend to focus our efforts on transforming the business from a technology platform company into a therapeutics company,” said Gilmore O’Neill, M.B., M.M.Sc., President and Chief Executive Officer, Editas Medicine. “In addition, I’m excited to welcome our new Chief Medical Officer, Dr. Baisong Mei, to the leadership team, where he will utilize his deep experience in developing therapeutics from pre-clinical stages through global approvals to assist in this transformation.”
Recent Achievements and Outlook
Ex Vivo Gene Edited Medicines
FDA removed partial clinical hold for RUBY trial of EDIT-301 for SCD
In Vivo Gene Edited Medicines
Cellular Therapy
Corporate Updates
Second Quarter 2022 Financial Results
Upcoming Events
Editas Medicine plans to participate in the following investor events:
Conference Call
The Editas Medicine management team will host a conference call and webcast today at 8:00 a.m. ET to provide and discuss a corporate update and financial results for the second quarter of 2022. To access the call, please dial 877-407-0989 (domestic) or 201-389-0921 (international) and ask for the Editas Medicine earnings call. A live webcast of the call will also be available on the Investors section of the Editas Medicine website at www.editasmedicine.com, and a replay will be available approximately two hours after its completion.
About Editas Medicine
As a leading genome editing company, Editas Medicine is focused on translating the power and potential of the CRISPR/Cas9 and CRISPR/Cas12a genome editing systems into a robust pipeline of treatments for people living with serious diseases around the world. Editas Medicine aims to discover, develop, manufacture, and commercialize transformative, durable, precision genomic medicines for a broad class of diseases. Editas Medicine is the exclusive licensee of Harvard and Broad Institute’s Cas9 patent estates and Broad Institute’s Cas12a patent estate for human medicines. For the latest information and scientific presentations, please visit www.editasmedicine.com.
Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of The Private Securities Litigation Reform Act of 1995. The words ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘target,’’ ‘‘should,’’ ‘‘would,’’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements regarding the initiation, timing, progress and results of the Company’s preclinical and clinical studies and its research and development programs, including dosing the first TDT patient with EDIT-301 in 2022 and initiating IND-enabling studies of EDIT-103 for RHO-adRP by year-end 2022, the timing for the Company’s receipt and presentation of data from its clinical trials and preclinical studies, including top-line clinical data from the RUBY trial by year-end 2022 and a clinical update on the BRILLIANCE trial in the second half of 2022, the timing or likelihood of regulatory filings and approvals, and the Company’s expectations regarding cash runway. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in the initiation and completion of pre-clinical studies and clinical trials, including the BRILLIANCE and RUBY trials, and clinical development of the Company’s product candidates; availability and timing of results from pre-clinical studies and clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to conduct trials or to market products and availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements. These and other risks are described in greater detail under the caption “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission, as updated by the Company’s subsequent filings with the Securities and Exchange Commission, and in other filings that the Company may make with the Securities and Exchange Commission in the future. Any forward-looking statements contained in this press release represent Company’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, the Company explicitly disclaims any obligation to update any forward-looking statements.
EDITAS MEDICINE, INC.
Consolidated Statement of Operations
(amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Collaboration and other research | ||||||||||||||||||||
and development revenues | $ | 6,362 | $ | 379 | $ | 13,134 | $ | 6,878 | ||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 43,659 | 33,753 | 81,635 | 75,690 | ||||||||||||||||
General and administrative | 16,937 | 22,027 | 36,483 | 43,471 | ||||||||||||||||
Total operating expenses | 60,596 | 55,780 | 118,118 | 119,161 | ||||||||||||||||
Operating loss | (54,234 | ) | (55,401 | ) | (104,984 | ) | (112,283 | ) | ||||||||||||
Other income, net: | ||||||||||||||||||||
Other income(expense), net | 235 | (1 | ) | 1 | 19 | |||||||||||||||
Interest income, net | 546 | 146 | 1,015 | 280 | ||||||||||||||||
Total other income, net | 781 | 145 | 1,016 | 299 | ||||||||||||||||
Net loss | $ | (53,453 | ) | $ | (55,256 | ) | $ | (103,968 | ) | $ | (111,984 | ) | ||||||||
Net loss per share attributable | ||||||||||||||||||||
to common stockholders, | ||||||||||||||||||||
basic and diluted | $ | (0.78 | ) | $ | (0.81 | ) | $ | (1.52 | ) | $ | (1.67 | ) | ||||||||
Weighted-average common | ||||||||||||||||||||
shares outstanding, basic and | ||||||||||||||||||||
diluted | 68,640,858 | 67,877,126 | 68,563,348 | 66,939,967 | ||||||||||||||||
EDITAS MEDICINE, INC.
Selected Consolidated Balance Sheet Items
(amounts in thousands)
(Unaudited)
June 30, | December 31, | |||||
2022 | 2021 | |||||
Cash, cash equivalents, and marketable securities | $ | 527,620 | $ | 619,916 | ||
Working capital | 424,956 | 460,426 | ||||
Total assets | 580,833 | 677,483 | ||||
Deferred revenue, net of current portion | 68,888 | 60,888 | ||||
Total stockholders' equity | 465,414 | 553,642 |
Media Contact:
Cristi Barnett
(617) 401-0113
[email protected]
Investor Contact:
Ron Moldaver
(617) 401-9052
[email protected]
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