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Dec 31, 2024
Editas Q4 2024 Earnings Report
Editas Medicine reported a net loss of $45.4 million for the fourth quarter of 2024, with revenues decreasing to $30.6 million.
Key Takeaways
Editas Medicine reported a net loss of $45.4 million for the fourth quarter of 2024, or $0.55 per share, compared to a net loss of $18.9 million, or $0.23 per share, for the same period in 2023. Revenues decreased to $30.6 million from $60.0 million in the prior year, primarily due to lower revenue from a license agreement with Vertex. The company ended development of reni-cel, leading to restructuring charges and a significant reduction in headcount.
Net loss increased to $45.4 million in Q4 2024 from $18.9 million in Q4 2023.
Revenue decreased by nearly 50% to $30.6 million in Q4 2024, primarily due to a decrease in collaboration revenue.
Research and development expenses decreased by $21.0 million, while general and administrative expenses increased by $1.9 million.
The company incurred $12.2 million in restructuring charges related to the discontinuation of the reni-cel program and workforce reduction.
Editas
Editas
Editas Revenue by Segment
Revenue by Segment
Collab & R&D Rev Revenue
CapyFin.com Forward Guidance
Editas Medicine expects to declare two in vivo editing development candidates by mid-2025 and establish an additional target cell type/tissue by year-end 2025. The company anticipates its cash runway will extend into the second quarter of 2027.
Positive Outlook
- On track to declare two in vivo editing development candidates via gene upregulation (one in HSCs, one in liver) in mid-2025.
- Company to present further in vivo HSC preclinical data and further in vivo preclinical data in one liver indication by year-end.
- On track to establish one additional target cell type/tissue by year-end.
- Strong cash position with operational runway into the second quarter of 2027.
- Ability to provide in vivo gene editing via gene upregulation holds potential to significantly expand addressable therapeutic possibilities.
Challenges Ahead
- Uncertainties inherent in the initiation and completion of preclinical studies.
- Availability and timing of results from preclinical studies.
- Expectations for regulatory approvals to conduct trials.
- Availability of funding sufficient for operating expenses and capital expenditure requirements.
- Actual results or events could differ materially from plans, intentions, or expectations disclosed in forward-looking statements.