0001558370-23-008308 | 10-Q | XBRL Viewer

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 129,021	$ 141,522
Marketable securities	189,418	202,752
Accounts receivable	242	5,145
Prepaid expenses and other current assets	5,777	7,335
Total current assets	324,458	356,754
Marketable securities	83,339	93,097
Property and equipment, net	13,211	15,569
Right-of-use assets	36,344	43,648
Restricted cash and other non-current assets	6,753	5,253
Total assets	464,105	514,321
Current liabilities:
Accounts payable	9,047	9,511
Accrued expenses	31,560	31,296
Deferred revenue, current	8,221	8,221
Operating lease liabilities	8,327	11,082
Total current liabilities	57,155	60,110
Operating lease liabilities, net of current portion	28,810	32,864
Deferred revenue, net of current portion	60,667	60,667
Total liabilities	146,632	153,641
Stockholders' equity
Preferred stock, $0.0001 par value per share: 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.0001 par value per share: 195,000,000 shares authorized; 68,993,591 and 68,847,382 shares issued, and 68,993,591 and 68,847,382 shares outstanding at March 31, 2023 and December 31, 2022, respectively	7	7
Additional paid-in capital	1,446,912	1,442,405
Accumulated other comprehensive loss	(2,279)	(3,601)
Accumulated deficit	(1,127,167)	(1,078,131)
Total stockholders' equity	317,473	360,680
Total liabilities and stockholders' equity	$ 464,105	$ 514,321

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses
External research and development expenses	$ 21,761	$ 16,452
Employee related expenses	5,956	10,140
Intellectual property and patent related fees	2,168	1,809
Professional service expenses	1,566	1,260
Other expenses	109	1,635
Total accrued expenses	$ 31,560	$ 31,296

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-37687
Entity Registrant Name	EDITAS MEDICINE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4097528
Entity Address, Address Line One	11 Hurley Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02141
City Area Code	617
Local Phone Number	401-9000
Title of 12(b) Security	Common Stock
Trading Symbol	EDIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		68,995,606
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001650664
Amendment Flag	false

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Operations
Collaboration and other research and development revenues	$ 9,851	$ 6,771
Revenue type	us-gaap:ServiceMember	us-gaap:ServiceMember
Operating expenses:
Research and development	$ 37,804	$ 37,976
General and administrative	23,008	19,545
Total operating expenses	60,812	57,521
Operating loss	(50,961)	(50,750)
Other income, net:
Other expense, net	(1,584)	(234)
Interest income, net	3,509	469
Total other income, net	1,925	235
Net loss	$ (49,036)	$ (50,515)
Net loss per share, basic (in dollars per share)	$ (0.71)	$ (0.74)
Net loss per share, diluted (in dollars per share)	$ (0.71)	$ (0.74)
Weighted-average common shares outstanding, basic (in shares)	68,924,180	68,484,978
Weighted-average common shares outstanding, diluted (in shares)	68,924,180	68,484,978

Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property and equipment, net
Total property and equipment	$ 35,170	$ 37,095
Less: accumulated depreciation	(21,959)	(21,526)
Property and equipment, net	13,211	15,569
Laboratory equipment
Property and equipment, net
Total property and equipment	23,813	24,407
Leasehold improvements
Property and equipment, net
Total property and equipment	9,634	9,761
Construction-in-progress
Property and equipment, net
Total property and equipment	369	1,573
Computer equipment
Property and equipment, net
Total property and equipment	875	875
Furniture and office equipment
Property and equipment, net
Total property and equipment	264	264
Software
Property and equipment, net
Total property and equipment	$ 215	$ 215

Collaboration and Profit-Sharing Agreements

3 Months Ended

Mar. 31, 2023

Collaboration and Profit-Sharing Agreements

Collaboration and Profit-Sharing Agreements

8. Collaboration and Profit-Sharing Agreements

The Company has entered into multiple collaborations, out-licenses and strategic alliances with third parties that typically involve payments to or from the Company, including up-front payments, payments for research and development services, option payments, milestone payments and royalty payments to or from the Company. The terms and conditions as well as the accounting analysis for the Company’s significant collaborations, out-licenses and strategic alliances are described in Note 9, “Collaboration and Profit-Sharing Agreements” to the consolidated financial statements included in the Annual Report. There have been no material changes to the terms and conditions, or the accounting conclusions, previously disclosed in the Annual Report.

Collaboration Revenue

As of March 31, 2023, the Company’s contract liabilities were primarily related to the Company’s collaboration with BMS. The following table presents changes in the Company’s accounts receivable and contract liabilities for the three months ended March 31, 2023 (in thousands):


For the three months ended March 31, 2023	Balance at December 31, 2022		Additions		Deductions		Balance at March 31, 2023
Accounts receivable	$	5,145	$	97	$	(5,000)	$	242
Contract liabilities:
Deferred revenue	$	68,888	$	—	$	—	$	68,888

During the three months ended March 31, 2023, the Company recognized the following collaboration revenue (in thousands):


	Three Months Ended
Revenue recognized in the period from:	March 31, 2023
Amounts included in deferred revenue at the beginning of the period	$	—
Performance obligations satisfied in previous periods	$	—

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2023

Net Loss per Share

Schedule of anti-dilutive common stock equivalents

The following common stock equivalents were excluded from the calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive:


	Three months ended
	March 31,
	2023	2022
Unvested restricted stock and restricted stock unit awards	1,989,201	1,233,218
Outstanding stock options	6,159,208	3,920,083
Total	8,148,409	5,153,301

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Stock-based Compensation

Schedule of stock-based compensation expense

Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands):




	Three Months Ended
	March 31,
	2023		2022
Research and development	$	2,086	$	3,695
General and administrative		2,421		7,736
Total stock-based compensation expense	$	4,507	$	11,431

Schedule of changes in unvested restricted stock

The following is a summary of restricted stock unit awards activity for the three months ended March 31, 2023:


		Weighted
		Average
		Grant Date
		Fair Value
	Shares	Per Share
Unvested restricted stock unit awards as of December 31, 2022	1,499,070	$	18.70
Issued	884,867	$	8.64
Vested	(146,209)	$	19.52
Forfeited	(248,527)	$	21.97
Unvested restricted stock unit awards as of March 31, 2023	1,989,201	$	13.76

Schedule of stock option activity

The following is a summary of stock option activity for the three months ended March 31, 2023:


		Weighted Average		Remaining	Aggregate Intrinsic
	Shares	Exercise Price		Contractual Life (years)	Value (in thousands)
Outstanding at December 31, 2022	5,276,148	$	23.99	8.0	$	401,529
Granted	1,209,494	$	8.64
Exercised	—	$	—
Cancelled	(326,434)	$	24.56
Outstanding at March 31, 2023	6,159,208	$	20.95	7.9	$	236,504
Exercisable at March 31, 2023	2,168,910	$	30.18	6.0	$	236,504

Net Loss per Share

3 Months Ended

Mar. 31, 2023

Net Loss per Share

Net Loss per Share

10. Net Loss per Share

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury stock and if converted methods. Contingently issuable shares are included in the calculation of basic loss per share as of the beginning of the period in which all the necessary conditions have been satisfied. Contingently issuable shares are included in diluted loss per share based on the number of shares, if any, that would be issuable under the terms of the arrangement if the end of the reporting period was the end of the contingency period, if the results are dilutive.

For purposes of the diluted net loss per share calculation, stock options are considered to be common stock equivalents, but they were excluded from the Company’s calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders were the same for all periods presented.

The following common stock equivalents were excluded from the calculation of diluted net loss per share allocable to common stockholders because their inclusion would have been anti-dilutive:


	Three months ended
	March 31,
	2023	2022
Unvested restricted stock and restricted stock unit awards	1,989,201	1,233,218
Outstanding stock options	6,159,208	3,920,083
Total	8,148,409	5,153,301

Stock-based Compensation

3 Months Ended

Mar. 31, 2023

Stock-based Compensation

Stock-based Compensation

9. Stock-based Compensation

Total compensation cost recognized for all stock-based compensation awards in the condensed consolidated statements of operations was as follows (in thousands):




	Three Months Ended
	March 31,
	2023		2022
Research and development	$	2,086	$	3,695
General and administrative		2,421		7,736
Total stock-based compensation expense	$	4,507	$	11,431

Restricted Stock Unit Awards

The following is a summary of restricted stock unit awards activity for the three months ended March 31, 2023:


		Weighted
		Average
		Grant Date
		Fair Value
	Shares	Per Share
Unvested restricted stock unit awards as of December 31, 2022	1,499,070	$	18.70
Issued	884,867	$	8.64
Vested	(146,209)	$	19.52
Forfeited	(248,527)	$	21.97
Unvested restricted stock unit awards as of March 31, 2023	1,989,201	$	13.76

The restricted stock units issued in the three months ended March 31, 2023 include 253,100 units granted to certain employees that contain performance-based vesting provisions. The Company recognizes the fair value of the performance-based units through the expected achievement date if the performance-based vesting provisions are deemed probable.

As of March 31, 2023, total unrecognized compensation expense related to unvested restricted stock unit awards was $15.4 million, which the Company expects to recognize over a remaining weighted-average period of 2.85 years.

Stock Options

The following is a summary of stock option activity for the three months ended March 31, 2023:


		Weighted Average		Remaining	Aggregate Intrinsic
	Shares	Exercise Price		Contractual Life (years)	Value (in thousands)
Outstanding at December 31, 2022	5,276,148	$	23.99	8.0	$	401,529
Granted	1,209,494	$	8.64
Exercised	—	$	—
Cancelled	(326,434)	$	24.56
Outstanding at March 31, 2023	6,159,208	$	20.95	7.9	$	236,504
Exercisable at March 31, 2023	2,168,910	$	30.18	6.0	$	236,504

As of March 31, 2023, total unrecognized compensation expense related to stock options was $32.6 million, which the Company expects to recognize over a remaining weighted-average period of 3.1 years.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow from operating activities
Net loss	$ (49,036)	$ (50,515)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	4,507	11,431
Depreciation	1,544	1,558
Loss on disposal of fixed assets	1,583
Other non-cash items, net	(693)	234
Changes in operating assets and liabilities:
Accounts receivable	4,903	(1,105)
Prepaid expenses and other current assets	1,558	(99)
Right-of-use assets	7,304	2,716
Other non-current assets	(1,500)	(505)
Accounts payable	(557)	(229)
Accrued expenses	1,427	(3,982)
Deferred revenue		(5,516)
Operating lease liabilities	(6,808)	(3,215)
Net cash used in operating activities	(35,768)	(49,227)
Cash flow from investing activities
Purchases of property and equipment	(1,840)	(2,248)
Purchases of marketable securities	(40,798)	(60,381)
Proceeds from maturities of marketable securities	65,905	119,000
Net cash provided by investing activities	23,267	56,371
Cash flow from financing activities
Proceeds from exercise of stock options		218
Net cash provided by financing activities		218
Net (decrease) increase in cash, cash equivalents, and restricted cash	(12,501)	7,362
Cash, cash equivalents, and restricted cash, beginning of period	145,399	207,396
Cash, cash equivalents, and restricted cash, end of period	132,898	214,758
Supplemental disclosure of cash and non-cash activities:
Fixed asset additions included in accounts payable and accrued expenses	370	199
Cash paid in connection with operating lease liabilities	3,897	$ 3,746
Remeasurement of operating lease liabilities and right-of-use assets due to lease modification	$ (3,781)

Commitments and Contingencies - Licensor Expense Reimbursements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Licensor Expense Reimbursements
Commitments and contingencies
Expense for prosecution and maintenance of patent rights	$ 3.0	$ 2.1

Stock-based Compensation - Restricted Stock and Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs)
Changes in unvested restricted stock
Unvested restricted shares, beginning of period (in shares)	1,499,070
Issued (in shares)	884,867
Vested (in shares)	(146,209)
Forfeited (in shares)	(248,527)
Unvested restricted shares, end of period(in shares)	1,989,201	1,499,070
Weighted Average Grant Date Fair Value
Balance, beginning of period	$ 18.70
Issued (in dollars per share)	8.64
Vested (in dollars per share)	19.52
Forfeited (in dollars per share)	21.97
Balance, ending of period	$ 13.76	$ 18.70
Unrecognized stock-based compensation expense	$ 15,400
Period for recognition	2 years 10 months 6 days
Performance based awards \| Employees
Changes in unvested restricted stock
Issued (in shares)	253,100
Stock options
Weighted Average Grant Date Fair Value
Unrecognized stock-based compensation expense	$ 32,600
Period for recognition	3 years 1 month 6 days
Changes in unvested stock options
Outstanding, beginning of period (in shares)	5,276,148
Granted (in shares)	1,209,494
Cancelled (in shares)	(326,434)
Outstanding, end of period (in shares)	6,159,208	5,276,148
Exercisable (in shares)	2,168,910
Outstanding, beginning of period (in dollars per share)	$ 23.99
Granted (in dollars per share)	8.64
Cancelled (in dollars per share)	24.56
Outstanding, end of period (in dollars per share)	20.95	$ 23.99
Exercisable (in dollar per share)	$ 30.18
Remaining contractual life	7 years 10 months 24 days	8 years
Exercisable, remaining contractual life	6 years
Aggregate intrinsic value	$ 236,504	$ 401,529
Exercisable, aggregated intrinsic value	$ 236,504

Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2023

Cash Equivalents and Marketable Securities

Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following at March 31, 2023 (in thousands):


			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
March 31, 2023	Cost		Losses		Gains		Losses		Value
Cash equivalents and marketable securities:
Government agency securities	$	176,982	$	—	$	42	$	(1,757)	$	175,267
Money market funds		129,021		—		—		—		129,021
Corporate notes/bonds		55,876		—		24		(477)		55,423
Commercial paper		29,809		—		—		(63)		29,746
U.S. Treasuries		12,369		—		—		(48)		12,321
Total	$	404,057	$	—	$	66	$	(2,345)	$	401,778

Cash equivalents and marketable securities consisted of the following at December 31, 2022 (in thousands):


			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
December 31, 2022	Cost		Losses		Gains		Losses		Value
Cash equivalents and marketable securities:
Government agency securities	$	161,902	$	—	$	11	$	(2,556)	$	159,357
Money market funds		141,522		—		—		—		141,522
Corporate notes/bonds		57,575		—		2		(694)		56,883
U.S. Treasuries		50,019		—		3		(229)		49,793
Commercial paper		29,954		—		3		(141)		29,816
Total	$	440,972	$	—	$	19	$	(3,620)	$	437,371

As of March 31, 2023, the Company did not hold any marketable securities that had been in an unrealized loss position for more than twelve months. Furthermore, the Company has determined that there were no material changes in the credit risk of the debt securities. As of March 31, 2023, the Company holds 56 securities with an aggregate fair value of $83.3 million that had remaining maturities greater than one year.

There were no realized gains or losses on available-for-sale securities during the three months ended March 31, 2023 and 2022.

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (49,036)	$ (50,515)
Other comprehensive loss:
Unrealized gain (loss) on marketable debt securities	1,322	(2,016)
Comprehensive loss	$ (47,714)	$ (52,531)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property and Equipment, net

Schedule of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	As of
	March 31,		December 31,
	2023		2022
Laboratory equipment	$	23,813	$	24,407
Leasehold improvements		9,634		9,761
Computer equipment		875		875
Construction-in-progress		369		1,573
Furniture and office equipment		264		264
Software		215		215
Total property and equipment		35,170		37,095
Less: accumulated depreciation		(21,959)		(21,526)
Property and equipment, net	$	13,211	$	15,569

Property and Equipment, net

3 Months Ended

Mar. 31, 2023

Property and Equipment, net

Property and Equipment, net

6. Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	As of
	March 31,		December 31,
	2023		2022
Laboratory equipment	$	23,813	$	24,407
Leasehold improvements		9,634		9,761
Computer equipment		875		875
Construction-in-progress		369		1,573
Furniture and office equipment		264		264
Software		215		215
Total property and equipment		35,170		37,095
Less: accumulated depreciation		(21,959)		(21,526)
Property and equipment, net	$	13,211	$	15,569

Nature of Business (Details) - USD ($) $ in Thousands	3 Months Ended
Nature of Business (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	May 31, 2021
Liquidity
Accumulated deficit	$ 1,127,167	$ 1,078,131
At The Market Offering
Liquidity
Number of common stock issued	0
Sales agreement amount of aggregate sale proceeds of common stock agreed to be issued			$ 300,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Other Accumulated Deficit	Total
Balance, beginning of period at Dec. 31, 2021	$ 7	$ 1,411,827	$ (493)	$ (857,699)	$ 553,642
Balance, beginning of period (in shares) at Dec. 31, 2021	68,435,257
Statement of Stockholders' Equity (Deficit)
Exercise of stock options		218			218
Exercise of stock options (in shares)	12,573
Vesting of restricted common stock awards (in shares)	154,834
Stock-based compensation expense		11,431			11,431
Unrealized gain (loss) on marketable debt securities			(2,016)		(2,016)
Net loss				(50,515)	(50,515)
Balance, end of period at Mar. 31, 2022	$ 7	1,423,476	(2,509)	(908,214)	512,760
Balance, end of period (in shares) at Mar. 31, 2022	68,602,664
Balance, beginning of period at Dec. 31, 2022	$ 7	1,442,405	(3,601)	(1,078,131)	360,680
Balance, beginning of period (in shares) at Dec. 31, 2022	68,847,382
Statement of Stockholders' Equity (Deficit)
Vesting of restricted common stock awards (in shares)	146,209
Stock-based compensation expense		4,507			4,507
Unrealized gain (loss) on marketable debt securities			1,322		1,322
Net loss				(49,036)	(49,036)
Balance, end of period at Mar. 31, 2023	$ 7	$ 1,446,912	$ (2,279)	$ (1,127,167)	$ 317,473
Balance, end of period (in shares) at Mar. 31, 2023	68,993,591

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

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+ Details

Nature of Business

3 Months Ended

Mar. 31, 2023

Nature of Business

Nature of Business

1. Nature of Business

Editas Medicine, Inc. (the “Company”) is a clinical stage genome editing company dedicated to developing potentially transformative genomic medicines to treat a broad range of serious diseases. The Company was incorporated in the state of Delaware in September 2013. Its principal offices are in Cambridge, Massachusetts.

Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital. The Company has primarily financed its operations through various equity financings, payments received under a research collaboration with Juno Therapeutics, Inc., a wholly-owned subsidiary of the Bristol-Myers Squibb Company (“BMS”), and payments received under a strategic alliance and option agreement with Allergan Pharmaceuticals International Limited, which was terminated in August 2020.

The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and ability to transition from pilot-scale manufacturing to large-scale production of products.

Liquidity

In May 2021, the Company entered into a common stock sales agreement with Cowen and Company, LLC (“Cowen”), under which the Company from time to time can issue and sell shares of its common stock through Cowen in at-the-market offerings for aggregate gross sale proceeds of up to $300.0 million (the “ATM Facility”). As of March 31, 2023, the Company has not sold any shares of its common stock under the ATM Facility.

The Company has incurred annual net operating losses in every year since its inception. The Company expects that its existing cash, cash equivalents and marketable securities at March 31, 2023 will enable it to fund its operating expenses and capital expenditure requirements into 2025. The Company had an accumulated deficit of $1.1 billion at March 31, 2023, and will require substantial additional capital to fund its operations. The Company has never generated any product revenue. There can be no assurance that the Company will be able to obtain additional debt or equity financing or generate product revenue or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

7. Commitments and Contingencies

The Company is a party to a number of license agreements under which the Company licenses patents, patent applications and other intellectual property from third parties. As such, the Company is obligated to pay licensors for various costs including upfront licenses fees, annual license fees, certain licensor expense reimbursements, success payments, research funding payments, and milestones triggerable upon certain development, regulatory, and commercial events as well as royalties on future products. These contracts are generally cancellable, with notice, at the Company’s option and do not have significant cancellation penalties. The terms and conditions as well as the accounting analysis for the Company’s significant commitments and contingencies are described in Note 8, “Commitments and Contingencies” to the consolidated financial statements included in the Annual Report. There have been no material changes to the terms and conditions, or the accounting conclusions, previously disclosed in the Annual Report.

Licensor Expense Reimbursement

The Company is obligated to reimburse The Broad Institute, Inc. (“Broad”) and the President and Fellows of Harvard College (“Harvard”) for expenses incurred by each of them associated with the prosecution and maintenance of the patent rights that the Company licenses from them pursuant to the license agreement by and among the Company, Broad and Harvard, including the interference and opposition proceedings involving patents licensed to the Company under the license agreement, and other license agreements between the Company and Broad. As such, the Company anticipates that it has a substantial commitment in connection with these proceedings until such time as these proceedings have been resolved, but the amount of such commitment is not determinable. The Company incurred an aggregate of $3.0 million and $2.1 million in expense during the three months ended March 31, 2023 and 2022, respectively, for such reimbursement.

Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2023

Cash Equivalents and Marketable Securities

Schedule of cash equivalents and marketable securities

Cash equivalents and marketable securities consisted of the following at March 31, 2023 (in thousands):


			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
March 31, 2023	Cost		Losses		Gains		Losses		Value
Cash equivalents and marketable securities:
Government agency securities	$	176,982	$	—	$	42	$	(1,757)	$	175,267
Money market funds		129,021		—		—		—		129,021
Corporate notes/bonds		55,876		—		24		(477)		55,423
Commercial paper		29,809		—		—		(63)		29,746
U.S. Treasuries		12,369		—		—		(48)		12,321
Total	$	404,057	$	—	$	66	$	(2,345)	$	401,778

Cash equivalents and marketable securities consisted of the following at December 31, 2022 (in thousands):


			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
December 31, 2022	Cost		Losses		Gains		Losses		Value
Cash equivalents and marketable securities:
Government agency securities	$	161,902	$	—	$	11	$	(2,556)	$	159,357
Money market funds		141,522		—		—		—		141,522
Corporate notes/bonds		57,575		—		2		(694)		56,883
U.S. Treasuries		50,019		—		3		(229)		49,793
Commercial paper		29,954		—		3		(141)		29,816
Total	$	440,972	$	—	$	19	$	(3,620)	$	437,371

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	195,000,000	195,000,000
Common stock, shares issued	68,993,591	68,847,382
Common stock, shares outstanding	68,993,591	68,847,382

Stock-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-based compensation disclosures
Compensation expense	$ 4,507	$ 11,431
Research and development
Stock-based compensation disclosures
Compensation expense	2,086	3,695
General and administrative
Stock-based compensation disclosures
Compensation expense	$ 2,421	$ 7,736

Cash Equivalents and Marketable Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) security	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Cash Equivalents and Marketable Securities
Amortized Cost	$ 404,057		$ 440,972
Gross Unrealized Gains	66		19
Gross Unrealized Losses	(2,345)		(3,620)
Fair Value	$ 401,778		437,371
Number of securities in an unrealized loss position for more than 12 months \| security	0
Number of noncurrent securities \| security	56
Noncurrent marketable securities	$ 83,339		93,097
Realized gains (losses) on available-for-sale securities	0	$ 0
Government agency securities.
Cash Equivalents and Marketable Securities
Amortized Cost	176,982		161,902
Gross Unrealized Gains	42		11
Gross Unrealized Losses	(1,757)		(2,556)
Fair Value	175,267		159,357
Money market funds
Cash Equivalents and Marketable Securities
Amortized Cost	129,021		141,522
Fair Value	129,021		141,522
Corporate notes/bonds
Cash Equivalents and Marketable Securities
Amortized Cost	55,876		57,575
Gross Unrealized Gains	24		2
Gross Unrealized Losses	(477)		(694)
Fair Value	55,423		56,883
Commercial paper
Cash Equivalents and Marketable Securities
Amortized Cost	29,809		29,954
Gross Unrealized Gains			3
Gross Unrealized Losses	(63)		(141)
Fair Value	29,746		29,816
U.S. Treasuries
Cash Equivalents and Marketable Securities
Amortized Cost	12,369		50,019
Gross Unrealized Gains			3
Gross Unrealized Losses	(48)		(229)
Fair Value	$ 12,321		$ 49,793

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Measurements

Schedule of assets measured at fair value on a recurring basis

Assets measured at fair value on a recurring basis as of March 31, 2023 were as follows (in thousands):


			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
Financial Assets	2023		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	129,021	$	129,021	$	—	$	—
Marketable securities:
Government agency securities		175,267		—		175,267		—
Corporate notes/bonds		55,423		—		55,423		—
Commercial paper		29,746		—		29,746		—
U.S. Treasuries		12,321		12,321		—		—
Restricted cash and other non-current assets:
Money market funds		3,877		3,877		—		—
Total financial assets	$	405,655	$	145,219	$	260,436	$	—

Assets measured at fair value on a recurring basis as of December 31, 2022 were as follows (in thousands):


			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
Financial Assets	2022		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	141,522	$	141,522	$	—	$	—
Marketable securities:
Government agency securities		159,357		—		159,357		—
Corporate bonds		56,883		—		56,883		—
U.S. Treasuries		49,793		49,793		—		—
Commercial paper		29,816		—		29,816		—
Restricted cash and other non-current assets:
Money market funds		3,877		3,877		—		—
Total financial assets	$	441,248	$	195,192	$	246,056	$	—

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Measurements

Fair Value Measurements

4. Fair Value Measurements

Assets measured at fair value on a recurring basis as of March 31, 2023 were as follows (in thousands):


			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
Financial Assets	2023		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	129,021	$	129,021	$	—	$	—
Marketable securities:
Government agency securities		175,267		—		175,267		—
Corporate notes/bonds		55,423		—		55,423		—
Commercial paper		29,746		—		29,746		—
U.S. Treasuries		12,321		12,321		—		—
Restricted cash and other non-current assets:
Money market funds		3,877		3,877		—		—
Total financial assets	$	405,655	$	145,219	$	260,436	$	—

Assets measured at fair value on a recurring basis as of December 31, 2022 were as follows (in thousands):


			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
Financial Assets	2022		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	141,522	$	141,522	$	—	$	—
Marketable securities:
Government agency securities		159,357		—		159,357		—
Corporate bonds		56,883		—		56,883		—
U.S. Treasuries		49,793		49,793		—		—
Commercial paper		29,816		—		29,816		—
Restricted cash and other non-current assets:
Money market funds		3,877		3,877		—		—
Total financial assets	$	441,248	$	195,192	$	246,056	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Collaboration and Profit-Sharing Agreements (Tables)

3 Months Ended

Mar. 31, 2023

Collaboration and Profit-Sharing Agreements

Schedule of accounts receivable and contract liabilities

The following table presents changes in the Company’s accounts receivable and contract liabilities for the three months ended March 31, 2023 (in thousands):


For the three months ended March 31, 2023	Balance at December 31, 2022		Additions		Deductions		Balance at March 31, 2023
Accounts receivable	$	5,145	$	97	$	(5,000)	$	242
Contract liabilities:
Deferred revenue	$	68,888	$	—	$	—	$	68,888

Schedule of change in contract assets and contract liabilities

During the three months ended March 31, 2023, the Company recognized the following collaboration revenue (in thousands):


	Three Months Ended
Revenue recognized in the period from:	March 31, 2023
Amounts included in deferred revenue at the beginning of the period	$	—
Performance obligations satisfied in previous periods	$	—

Collaboration and Profit-Sharing Agreements - Revenue Recognition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounts receivable
Accounts receivable, Balance at Beginning of Period	$ 5,145
Accounts Receivable, Additions	97
Accounts Receivable, Deductions	(5,000)
Accounts receivable, Balance at End of Period	242
Contract liabilities:
Deferred Revenue, Balance at Beginning of Period	68,888
Deferred Revenue, Balance at End of Period	$ 68,888

Net Loss per Share - Anti-dilutive (Details) - shares	3 Months Ended
Net Loss per Share - Anti-dilutive (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	8,148,409	5,153,301
Restricted Stock
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	1,989,201	1,233,218
Stock options
Potentially dilutive securities
Anti-dilutive common stock equivalent shares	6,159,208	3,920,083

Accrued Expenses

3 Months Ended

Mar. 31, 2023

Accrued Expenses

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of
	March 31,		December 31,
	2023		2022
External research and development expenses	$	21,761	$	16,452
Employee related expenses		5,956		10,140
Intellectual property and patent related fees		2,168		1,809
Professional service expenses		1,566		1,260
Other expenses		109		1,635
Total accrued expenses	$	31,560	$	31,296

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Unaudited Interim Financial Information

The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Annual Report”).

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Editas Securities Corporation and Editas Medicine, LLC. All intercompany transactions and balances of the subsidiaries have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The three months ended March 31, 2023 and 2022 are referred to as the first quarter of 2023 and 2022, respectively. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Annual Report. There have been no material changes to the significant accounting policies previously disclosed in the Annual Report.

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial Assets
Marketable securities	$ 401,778	$ 437,371
Money market funds
Financial Assets
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Corporate notes/bonds
Financial Assets
Marketable securities	$ 55,423	$ 56,883
U.S. Treasuries
Financial Assets
Marketable securities	12,321	49,793
Commercial paper
Financial Assets
Marketable securities	$ 29,746	$ 29,816
Level 1 \| Money market funds
Financial Assets
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Recurring
Financial Assets
Total financial assets	$ 405,655	$ 441,248
Recurring \| Money market funds
Financial Assets
Cash and cash equivalents	129,021	141,522
Restricted cash	3,877	3,877
Recurring \| Government agency securities
Financial Assets
Marketable securities	175,267	159,357
Recurring \| Corporate notes/bonds
Financial Assets
Marketable securities	55,423	56,883
Recurring \| U.S. Treasuries
Financial Assets
Marketable securities	12,321	49,793
Recurring \| Commercial paper
Financial Assets
Marketable securities	29,746	29,816
Recurring \| Level 1
Financial Assets
Total financial assets	145,219	195,192
Recurring \| Level 1 \| Money market funds
Financial Assets
Cash and cash equivalents	129,021	141,522
Restricted cash	3,877	3,877
Recurring \| Level 1 \| U.S. Treasuries
Financial Assets
Marketable securities	12,321	49,793
Recurring \| Level 2
Financial Assets
Total financial assets	260,436	246,056
Recurring \| Level 2 \| Government agency securities
Financial Assets
Marketable securities	175,267	159,357
Recurring \| Level 2 \| Corporate notes/bonds
Financial Assets
Marketable securities	55,423	56,883
Recurring \| Level 2 \| Commercial paper
Financial Assets
Marketable securities	$ 29,746	$ 29,816

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Expenses

Schedule of accrued expenses

Accrued expenses consisted of the following (in thousands):


	As of
	March 31,		December 31,
	2023		2022
External research and development expenses	$	21,761	$	16,452
Employee related expenses		5,956		10,140
Intellectual property and patent related fees		2,168		1,809
Professional service expenses		1,566		1,260
Other expenses		109		1,635
Total accrued expenses	$	31,560	$	31,296