Editas Medicine Reports Fourth Quarter and Full Year 2015 Financial Results
Well-positioned to advance multiple programs and continue expansion of genome editing platform
Cash balance of approximately
Executive team and board of directors expanded to strengthen leadership
"Over the past year we significantly advanced our programs, expanded our genome editing platform, further built our executive team, and deepened the capital foundation of Editas," said
Key Achievements
- Deepened the capital foundation of the Company with over
$200 million raised through a significant private financing of$120.0 million inAugust 2015 and successful completion of the initial public offering of common stock inFebruary 2016 , including the underwriters' full exercise of their overallotment option, which generated$97.8 million in net proceeds. - Expanded the executive team with the appointments of
Vic Myer , Ph.D., as Chief Technology Officer inApril 2015 ,Andrew Hack , M.D., Ph.D., as Chief Financial Officer inJuly 2015 ,Timothy Hunt as Senior Vice President of Corporate Affairs inJanuary 2016 ,Haiyan Jiang , Ph.D., as Vice President of Preclinical Science inJanuary 2016 , andPamela Stetkiewicz , Ph.D., as Vice President of Program and Alliance Management inFebruary 2016 . - Expanded the board of directors in
January 2016 with the appointment ofJohn D. Mendlein , Ph.D., CEO ofaTyr Pharma . - Established strategic alliance with
Juno Therapeutics, Inc. , a leader in cancer immunotherapy, inMay 2015 to create next-generation CAR-T and engineered TCR therapies. - Continued to advance and broaden the intellectual property foundation of the Company, which, as of
February 29, 2016 , included 24 issued U.S. and European patents and over 330 pending patent applications covering a wide range of genome editing technologies. - Recognized as 2015 Technology Pioneer by the
World Economic Forum .
Upcoming Events
- Editas scientists will present an abstract with data from the Company's LCA10 program at the
Association for Research in Vision and Ophthalmology 2016 Annual Meeting to be heldMay 1-5 inSeattle, WA. - Editas scientists will present five abstracts, including one oral presentation, at the
American Society of Gene and Cell Therapy 2016 Annual Meeting to be heldMay 4-7 inWashington, DC .
Fourth Quarter and Full Year 2015 Financial Results
Cash and cash equivalents at
For the fourth quarter 2015, net loss attributable to common stockholders was
- Research and development expenses for the fourth quarter 2015 were approximately
$5.8 million , compared to$2.4 million for the same period in 2014. The increase was largely due to employee and contractor compensation, as well as process and platform development costs. - General and administrative expenses were
$7.3 million for the fourth quarter 2015, compared to$2.8 million for the same period in 2014. The increase was largely due to patent-related fees, as well as employee and contractor compensation.
For the full year 2015, net loss attributable to common stockholders was
- Research and development expenses for the full year 2015 were approximately
$18.8 million , compared to$5.1 million for the same period in 2014. The increase was largely due to employee and contractor compensation, sub-license fees and expenses triggered by entry into the collaboration agreement withJuno Therapeutics, Inc. , as well as process and platform development costs. - General and administrative expenses were
$18.1 million for the full year 2015, compared to$7.6 million for the same period in 2014. The increase was largely due to patent-related fees, as well as employee and contractor compensation. - Other expense, net for the full year 2015 was approximately
$37.4 million , compared to$0.9 million for the same period in 2014. The increase was largely due to non-cash charges associated with the tranche rights and anti-dilution provisions of the Company's Series A Preferred Stock.
About
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. 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 preclinical studies and clinical trials and clinical development of the Company's product candidates; availability and timing of results from preclinical 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 Annual Report on Form 10-K, which is on file with the
EDITAS MEDICINE, INC. | ||||||||||||||||
Consolidated Statement of Operations | ||||||||||||||||
(amounts in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Collaboration revenue | $ | 792 | $ | - | $ | 1,629 | $ | - | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 5,826 | 2,395 | 18,846 | 5,073 | ||||||||||||
General and administrative | 7,339 | 2,793 | 18,095 | 7,650 | ||||||||||||
Total operating expenses | 13,165 | 5,188 | 36,941 | 12,723 | ||||||||||||
Operating loss | (12,373) | (5,188) | (35,312) | (12,723) | ||||||||||||
Other expense, net: | ||||||||||||||||
Other expense, net | (226) | (206) | (37,445) | (928) | ||||||||||||
Interest expense, net | (34) | (17) | (143) | (34) | ||||||||||||
Total other expense, net | (260) | (223) | (37,588) | (962) | ||||||||||||
Net loss and comprehensive loss | $ | (12,633) | $ | (5,411) | $ | (72,900) | $ | (13,685) | ||||||||
Accretion of redeemable convertible | ||||||||||||||||
preferred stock to redemption value | (99) | (96) | (394) | (309) | ||||||||||||
Net loss attributable to common | $ | (12,732) | $ | (5,507) | $ | (73,294) | $ | (13,994) | ||||||||
stockholders | ||||||||||||||||
Net loss per share attributable to common | ||||||||||||||||
stockholders, basic and diluted | $ | (4.05) | $ | (3.50) | $ | (28.55) | $ | (12.46) | ||||||||
Weighted-average common shares | ||||||||||||||||
outstanding, basic and diluted | 3,145,380 | 1,575,641 | 2,566,916 | 1,123,098 | ||||||||||||
EDITAS MEDICINE, INC. | ||||||||
Selected Balance Sheet Items | ||||||||
(amounts in thousands) | ||||||||
(Unaudited) | ||||||||
December 31, | ||||||||
2015 | 2014 | |||||||
Cash and cash equivalents | $ | 143,180 | $ | 10,623 | ||||
Working capital | 138,060 | 4,555 | ||||||
Total assets | 149,363 | 12,188 | ||||||
Deferred revenue | 25,321 | - | ||||||
Redeemable convertible preferred stock | 199,915 | 20,772 | ||||||
Total stockholders' deficit | (83,114) | (15,292) | ||||||
Media Contact
Dan Budwick
Pure Communications, Inc.
(973) 271-6085
dan@purecommunicationsinc.com
Investor ContactJesse Baumgartner
Stern Investor Relations, Inc
(212) 362-1200jesse@sternir.com