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Dec 31, 2022
Editas Q4 2022 Earnings Report
Editas Medicine's Q4 2022 results reflected increased research and development expenses and a decrease in collaboration revenue, leading to a higher net loss compared to the same period in 2021.
Key Takeaways
Editas Medicine reported a net loss of $60.7 million, or $0.88 per share, for the fourth quarter of 2022. Collaboration and other research and development revenues decreased, while research and development expenses increased due to investments in the EDIT-301 program.
Parallel patient dosing commenced in the EDIT-301 RUBY trial for SCD.
Clinical update for RUBY trial expected by mid-2023, with plans to dose 20 total patients by year-end.
First patient dosing in EDIT-301 EDITHAL trial for TDT is on track for Q1 2023, with a clinical update expected by year-end.
Agreement reached to sell iNK cell franchise and out-license gene editing technologies to Shoreline Biosciences.
Forward Guidance
Editas Medicine is focused on advancing its EDIT-301 program for SCD and TDT, with key milestones expected in 2023. The company also aims to sharpen its focus, strengthen its technology, and expand business development efforts.
Positive Outlook
- On track to provide clinical update for RUBY trial by mid-2023 and dose 20 total patients by year-end.
- On track to dose first patient in EDIT-301 EDITHAL trial for TDT in Q1 2023 and provide clinical update by year-end.
- Entering 2023 with the objective of positioning Editas as a leader in programable in vivo gene editing.
- Bristol Myers Squibb (BMS) recently opted into three additional gene editing programs under the collaboration agreement with Editas Medicine
- Existing cash, cash equivalents and marketable securities will fund operating expenses and capital expenditures into 2025.
Challenges Ahead
- Pausing enrollment in the BRILLIANCE trial and seeking a collaboration partner.
- Net loss attributable to common stockholders was $60.7 million, or $0.88 per share
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