0001650664-23-000017 | 10-Q | XBRL Viewer

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following at September 30, 2023 (in thousands):


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents and marketable securities:
Government agency securities	$	171,404	$	—	$	—	$	(1,197)	$	170,207
U.S. Treasuries	143,261		—		22		(12)		143,271
Money market funds	82,537		—		—		—		82,537
Corporate notes/bonds	38,066		—		—		(254)		37,812
Commercial paper	12,598		—		—		(11)		12,587
Total	$	447,866	$	—	$	22	$	(1,474)	$	446,414

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


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair 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 September 30, 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 securities. As of September 30, 2023, the Company holds 29 securities with an aggregate fair value of $96.8 million that had remaining maturities greater than one year.

There were no realized gains or losses on available-for-sale securities during the nine months ended September 30, 2023 or 2022.

Net Loss per Share (Details) - shares	3 Months Ended		9 Months Ended
Net Loss per Share (Details) - shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Potentially dilutive securities
Anti-dilutive common stock equivalent shares (in shares)	8,105,909	6,719,806	8,105,909	6,719,806
Unvested restricted stock unit awards
Potentially dilutive securities
Anti-dilutive common stock equivalent shares (in shares)	2,105,283	1,503,682	2,105,283	1,503,682
Outstanding stock options
Potentially dilutive securities
Anti-dilutive common stock equivalent shares (in shares)	6,000,626	5,216,124	6,000,626	5,216,124

Accrued Expenses

9 Months Ended

Sep. 30, 2023

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
External research and development expenses	$	17,135	$	16,452
Employee related expenses	9,536		10,140
Intellectual property and patent related fees	1,385		1,809
Professional service expenses	943		1,260
Other expenses	1,279		1,635
Total accrued expenses	$	30,278	$	31,296

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 September 30, 2023 and 2022 are referred to as the third 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.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Gain	Other Accumulated Deficit
Balance, beginning of period (in shares) at Dec. 31, 2021		68,435,257
Balance, beginning of period at Dec. 31, 2021	$ 553,642	$ 7	$ 1,411,827	$ (493)	$ (857,699)
Statement of Stockholders' Equity (Deficit)
Exercise of stock options (in shares)		12,573
Exercise of stock options	218		218
Stock-based compensation expense	11,431		11,431
Vesting of restricted common stock awards (in shares)		154,834
Vesting of restricted common stock awards	0
Unrealized gain (loss) on marketable debt securities	(2,016)			(2,016)
Net loss	(50,515)				(50,515)
Balance, end of period (in shares) at Mar. 31, 2022		68,602,664
Balance, end of period at Mar. 31, 2022	512,760	$ 7	1,423,476	(2,509)	(908,214)
Balance, beginning of period (in shares) at Dec. 31, 2021		68,435,257
Balance, beginning of period at Dec. 31, 2021	553,642	$ 7	1,411,827	(493)	(857,699)
Statement of Stockholders' Equity (Deficit)
Unrealized gain (loss) on marketable debt securities	(3,798)
Net loss	(159,694)
Balance, end of period (in shares) at Sep. 30, 2022		68,761,729
Balance, end of period at Sep. 30, 2022	414,745	$ 7	1,436,422	(4,291)	(1,017,393)
Balance, beginning of period (in shares) at Mar. 31, 2022		68,602,664
Balance, beginning of period at Mar. 31, 2022	512,760	$ 7	1,423,476	(2,509)	(908,214)
Statement of Stockholders' Equity (Deficit)
Exercise of stock options (in shares)		20
Exercise of stock options	0
Stock-based compensation expense	6,618		6,618
Vesting of restricted common stock awards (in shares)		77,884
Vesting of restricted common stock awards	0
Issuance of common stock under employee stock purchase plan (in shares)		37,866
Issuance of common stock under employee stock purchase plan	367		367
Unrealized gain (loss) on marketable debt securities	(878)			(878)
Net loss	(53,453)				(53,453)
Balance, end of period (in shares) at Jun. 30, 2022		68,718,434
Balance, end of period at Jun. 30, 2022	465,414	$ 7	1,430,461	(3,387)	(961,667)
Statement of Stockholders' Equity (Deficit)
Exercise of stock options (in shares)		4,976
Exercise of stock options	80		80
Stock-based compensation expense	5,881		5,881
Vesting of restricted common stock awards (in shares)		38,319
Vesting of restricted common stock awards	0
Unrealized gain (loss) on marketable debt securities	(904)			(904)
Net loss	(55,726)				(55,726)
Balance, end of period (in shares) at Sep. 30, 2022		68,761,729
Balance, end of period at Sep. 30, 2022	414,745	$ 7	1,436,422	(4,291)	(1,017,393)
Balance, beginning of period (in shares) at Dec. 31, 2022		68,847,382
Balance, beginning of period at Dec. 31, 2022	360,680	$ 7	1,442,405	(3,601)	(1,078,131)
Statement of Stockholders' Equity (Deficit)
Stock-based compensation expense	4,507		4,507
Vesting of restricted common stock awards (in shares)		146,209
Vesting of restricted common stock awards	0
Unrealized gain (loss) on marketable debt securities	1,322			1,322
Net loss	(49,036)				(49,036)
Balance, end of period (in shares) at Mar. 31, 2023		68,993,591
Balance, end of period at Mar. 31, 2023	317,473	$ 7	1,446,912	(2,279)	(1,127,167)
Balance, beginning of period (in shares) at Dec. 31, 2022		68,847,382
Balance, beginning of period at Dec. 31, 2022	360,680	$ 7	1,442,405	(3,601)	(1,078,131)
Statement of Stockholders' Equity (Deficit)
Unrealized gain (loss) on marketable debt securities	2,149
Net loss	(134,345)
Balance, end of period (in shares) at Sep. 30, 2023		81,668,796
Balance, end of period at Sep. 30, 2023	360,462	$ 8	1,574,382	(1,452)	(1,212,476)
Balance, beginning of period (in shares) at Mar. 31, 2023		68,993,591
Balance, beginning of period at Mar. 31, 2023	317,473	$ 7	1,446,912	(2,279)	(1,127,167)
Statement of Stockholders' Equity (Deficit)
Issuance of common stock from public offering, net commissions, underwriting discounts and offering costs (in shares)		12,500,000
Issuance of common stock from public offering, net commissions, underwriting discounts and offering costs	117,079	$ 1	117,078
Exercise of stock options (in shares)		3,122
Exercise of stock options	11		11
Stock-based compensation expense	5,215		5,215
Vesting of restricted common stock awards (in shares)		64,492
Vesting of restricted common stock awards	0
Issuance of common stock under employee stock purchase plan (in shares)		55,704
Issuance of common stock under employee stock purchase plan	435		435
Unrealized gain (loss) on marketable debt securities	(6)			(6)
Net loss	(40,290)				(40,290)
Balance, end of period (in shares) at Jun. 30, 2023		81,616,909
Balance, end of period at Jun. 30, 2023	399,917	$ 8	1,569,651	(2,285)	(1,167,457)
Statement of Stockholders' Equity (Deficit)
Stock-based compensation expense	4,731		4,731
Vesting of restricted common stock awards (in shares)		51,887
Vesting of restricted common stock awards	0
Unrealized gain (loss) on marketable debt securities	833			833
Net loss	(45,019)				(45,019)
Balance, end of period (in shares) at Sep. 30, 2023		81,668,796
Balance, end of period at Sep. 30, 2023	$ 360,462	$ 8	$ 1,574,382	$ (1,452)	$ (1,212,476)

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets measured at fair value on a recurring basis as of September 30, 2023 were as follows (in thousands):


	September 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	82,537	$	82,537	$	—	$	—
Marketable securities:
Government agency securities	170,207		—		170,207		—
Corporate notes/bonds	37,812		—		37,812		—
Commercial paper	12,587		—		12,587		—
U.S. Treasuries	143,271		143,271		—		—
Restricted cash and other non-current assets:
Money market funds	3,877		3,877		—		—
Total financial assets	$	450,291	$	229,685	$	220,606	$	—

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


	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (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

Property and Equipment, net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

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


	September 30, 2023		December 31, 2022
Laboratory equipment	$	24,940	$	24,407
Leasehold improvements	9,648		9,761
Computer equipment	875		875
Construction-in-progress	623		1,573
Furniture and office equipment	264		264
Software	215		215
Total property and equipment	36,565		37,095
Less: accumulated depreciation	(25,006)		(21,526)
Property and equipment, net	$	11,559	$	15,569

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	195,000,000	195,000,000
Common stock, shares issued (in shares)	81,668,796	68,847,382
Common stock, shares outstanding (in shares)	81,668,796	68,847,382

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
External research and development expenses	$ 17,135	$ 16,452
Employee related expenses	9,536	10,140
Intellectual property and patent related fees	1,385	1,809
Professional service expenses	943	1,260
Other expenses	1,279	1,635
Total accrued expenses	$ 30,278	$ 31,296

Commitments and Contingencies - Licensor Expense Reimbursements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Licensor Expense Reimbursements
Commitments and contingencies
Expense for prosecution and maintenance of patent rights	$ 1.5	$ 2.2	$ 6.1	$ 6.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities
Net loss	$ (134,345)	$ (159,694)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	14,453	23,930
Depreciation	4,598	4,760
Loss on disposal of fixed assets	1,583	0
Net amortization of premiums and discounts on marketable securities	(2,720)	(226)
Changes in operating assets and liabilities:
Accounts receivable	2,723	147
Prepaid expenses and other current assets	771	307
Right-of-use assets	11,712	3,641
Other non-current assets	(502)	(719)
Accounts payable	1,102	1,674
Accrued expenses	22	(485)
Deferred revenue	0	(3,333)
Operating lease liabilities	(9,335)	(5,078)
Net cash used in operating activities	(109,938)	(135,076)
Cash flow from investing activities
Purchases of property and equipment	(3,412)	(3,494)
Proceeds from the sale of equipment	0	18
Purchases of marketable securities	(219,764)	(209,782)
Proceeds from maturities of marketable securities	156,605	354,854
Net cash (used in) provided by investing activities	(66,571)	141,596
Cash flow from financing activities
Proceeds from offering of common stock, net of issuance costs	117,079	0
Proceeds from exercise of stock options	11	298
Proceeds from issuance of common stock under employee stock purchase plan	435	367
Net cash provided by financing activities	117,525	665
Net (decrease) increase in cash, cash equivalents, and restricted cash	(58,984)	7,185
Cash, cash equivalents, and restricted cash, beginning of period	145,399	207,396
Cash, cash equivalents, and restricted cash, end of period	86,415	214,581
Supplemental disclosure of cash and non-cash activities:
Fixed asset additions included in accounts payable and accrued expenses	199	413
Cash paid in connection with operating lease liabilities	9,103	11,894
Right-of-use assets obtained in exchange of operating lease obligations	$ 1,069	$ 4,708

Stock-based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	2,571	$	3,045	$	7,182	$	9,803
General and administrative	2,160		2,836		7,271		14,127
Total stock-based compensation expense	$	4,731	$	5,881	$	14,453	$	23,930

Restricted Stock Unit Awards

The following is a summary of restricted stock unit awards activity for the nine months ended September 30, 2023:


	Shares	Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock unit awards as of December 31, 2022	1,499,070	$	18.70
Issued	1,331,578	$	8.71
Vested	(262,588)	$	19.87
Forfeited	(462,777)	$	18.86
Unvested restricted stock unit awards as of September 30, 2023	2,105,283	$	12.20

The restricted stock units issued in the nine months ended September 30, 2023 include 437,842 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 September 30, 2023, total unrecognized compensation expense related to unvested restricted stock unit awards was $13.2 million, which the Company expects to recognize over a remaining weighted-average period of 2.54 years.

Stock Options

The following is a summary of stock option activity for the nine months ended September 30, 2023:


	Shares	Weighted Average Exercise Price		Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2022	5,276,148	$	23.99	8.00	$	402
Granted	2,195,300	$	8.74
Exercised	(3,122)	$	3.38
Cancelled	(1,467,700)	$	30.95
Outstanding at September 30, 2023	6,000,626	$	16.72	7.83	$	342
Exercisable at September 30, 2023	2,449,032	$	22.72	6.34	$	279

As of September 30, 2023, total unrecognized compensation expense related to stock options was $28.1 million, which the Company expects to recognize over a remaining weighted-average period of 2.70 years.

Property and Equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property and equipment, net
Total property and equipment	$ 36,565	$ 37,095
Less: accumulated depreciation	(25,006)	(21,526)
Property and equipment, net	11,559	15,569
Laboratory equipment
Property and equipment, net
Total property and equipment	24,940	24,407
Leasehold improvements
Property and equipment, net
Total property and equipment	9,648	9,761
Computer equipment
Property and equipment, net
Total property and equipment	875	875
Construction-in-progress
Property and equipment, net
Total property and equipment	623	1,573
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 (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Receivables, Net, Current [Roll Forward]
Accounts receivable, balance at beginning of period	$ 5,145
Accounts receivable, Additions	2,277
Accounts receivable, Deductions	(5,000)
Accounts receivable, balance at end of period	2,422
Contract with Customer, Liability [Roll Forward]
Deferred revenue, balance at beginning of period	68,888
Deferred revenue, balance at end of period	$ 68,888

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
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		81,673,688
Entity Central Index Key	0001650664
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment flag	false

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	September 30, 2023		December 31, 2022
Laboratory equipment	$	24,940	$	24,407
Leasehold improvements	9,648		9,761
Computer equipment	875		875
Construction-in-progress	623		1,573
Furniture and office equipment	264		264
Software	215		215
Total property and equipment	36,565		37,095
Less: accumulated depreciation	(25,006)		(21,526)
Property and equipment, net	$	11,559	$	15,569

Net Loss per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

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, unvested restricted stock unit awards and outstanding 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:


	September 30,
	2023	2022
Unvested restricted stock unit awards	2,105,283	1,503,682
Outstanding stock options	6,000,626	5,216,124
Total	8,105,909	6,719,806

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023	Sep. 30, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Linda C. Burkly [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the quarterly period covered by this report, Linda C. Burkly, Ph.D., our Chief Scientific Officer, entered into a Rule 10b5-1 trading arrangement that is intended to qualify as an “eligible sell-to-cover transaction” (as described in Rule 10b5-1(c)(1)(ii)(D)(3) under the Exchange Act). This sell-to-cover arrangement, which was adopted on July 3, 2023, applies to restricted stock units (“RSUs”), whether vesting is based on the passage of time and/or the achievement of performance goals, granted on her start date, July 24, 2023, and any RSUs that may be granted from time to time thereafter (other than those which by their terms require us to withhold shares for tax withholding obligations in connection with vesting and settlement). This arrangement provides for the automatic sale of shares of our common stock that would otherwise be issuable on each settlement date of a covered RSU in an amount necessary to satisfy the applicable withholding obligation, with the proceeds of the sale delivered to us in satisfaction of the applicable withholding obligation. The number of shares that will be sold under this arrangement is not currently determinable as the number will vary based on the extent to which vesting conditions are satisfied, the market price of our common stock at the time of settlement and the potential future grant of additional RSUs subject to this arrangement.
Name	Linda C. Burkly, Ph.D.
Title	Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 3, 2023

Commitments and Contingencies - Lease Agreement (Details) - License and Service Agreement $ in Millions	Sep. 30, 2023 USD ($)
Leases
Remaining lease payments	$ 87.8
Lease term	10 years

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	2,571	$	3,045	$	7,182	$	9,803
General and administrative	2,160		2,836		7,271		14,127
Total stock-based compensation expense	$	4,731	$	5,881	$	14,453	$	23,930

Schedule of Changes in Unvested Restricted Stock

The following is a summary of restricted stock unit awards activity for the nine months ended September 30, 2023:


	Shares	Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock unit awards as of December 31, 2022	1,499,070	$	18.70
Issued	1,331,578	$	8.71
Vested	(262,588)	$	19.87
Forfeited	(462,777)	$	18.86
Unvested restricted stock unit awards as of September 30, 2023	2,105,283	$	12.20

Schedule of Stock Option Activity

The following is a summary of stock option activity for the nine months ended September 30, 2023:


	Shares	Weighted Average Exercise Price		Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2022	5,276,148	$	23.99	8.00	$	402
Granted	2,195,300	$	8.74
Exercised	(3,122)	$	3.38
Cancelled	(1,467,700)	$	30.95
Outstanding at September 30, 2023	6,000,626	$	16.72	7.83	$	342
Exercisable at September 30, 2023	2,449,032	$	22.72	6.34	$	279

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

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:


	September 30,
	2023	2022
Unvested restricted stock unit awards	2,105,283	1,503,682
Outstanding stock options	6,000,626	5,216,124
Total	8,105,909	6,719,806

Collaboration and Profit-Sharing Agreements

9 Months Ended

Sep. 30, 2023

Collaboration And Profit-Sharing Agreements

Collaboration and Profit-Sharing Agreements

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 September 30, 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 nine months ended September 30, 2023 (in thousands):


	Balance at December 31, 2022		Additions		Deductions		Balance at September 30, 2023
Accounts receivable	$	5,145	$	2,277	$	(5,000)	$	2,422
Contract liabilities:
Deferred revenue	$	68,888	$	—	$	—	$	68,888

During the three and nine months ended September 30, 2023, the Company did not recognize any collaboration revenue that had been allocated to deferred revenue from BMS.

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	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 June 2023, the Company completed a public offering in which it sold 12,500,000 shares of its common stock and received net proceeds of approximately $117.1 million after deducting underwriting discounts and commissions and other offering costs. 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 September 30, 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 September 30, 2023, will enable it to fund its operating expenses and capital expenditure requirements into the third quarter of 2025. The Company had an accumulated deficit of $1.2 billion at September 30, 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.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 82,537	$ 141,522
Marketable securities	267,080	202,752
Accounts receivable	2,422	5,145
Prepaid expenses and other current assets	6,564	7,335
Total current assets	358,603	356,754
Marketable securities	96,797	93,097
Property and equipment, net	11,559	15,569
Right-of-use assets	31,936	43,648
Restricted cash and other non-current assets	5,755	5,253
Total assets	504,650	514,321
Current liabilities:
Accounts payable	10,411	9,511
Accrued expenses	30,278	31,296
Deferred revenue, current	8,221	8,221
Operating lease liabilities	9,693	11,082
Total current liabilities	58,603	60,110
Operating lease liabilities, net of current portion	24,918	32,864
Deferred revenue, net of current portion	60,667	60,667
Total liabilities	144,188	153,641
Stockholders’ equity
Preferred stock, $0.0001 par value per share: 5,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.0001 par value per share: 195,000,000 shares authorized; 81,668,796 and 68,847,382 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	8	7
Additional paid-in capital	1,574,382	1,442,405
Accumulated other comprehensive loss	(1,452)	(3,601)
Accumulated deficit	(1,212,476)	(1,078,131)
Total stockholders’ equity	360,462	360,680
Total liabilities and stockholders’ equity	$ 504,650	$ 514,321

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis as of September 30, 2023 were as follows (in thousands):


	September 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	82,537	$	82,537	$	—	$	—
Marketable securities:
Government agency securities	170,207		—		170,207		—
Corporate notes/bonds	37,812		—		37,812		—
Commercial paper	12,587		—		12,587		—
U.S. Treasuries	143,271		143,271		—		—
Restricted cash and other non-current assets:
Money market funds	3,877		3,877		—		—
Total financial assets	$	450,291	$	229,685	$	220,606	$	—

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


	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (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	$	—

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net loss	$ (45,019)	$ (55,726)	$ (134,345)	$ (159,694)
Other comprehensive loss:
Unrealized gain (loss) on marketable debt securities	833	(904)	2,149	(3,798)
Comprehensive loss	$ (44,186)	$ (56,630)	$ (132,196)	$ (163,492)

- Definition

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

+ References

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+ Details

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following at September 30, 2023 (in thousands):


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents and marketable securities:
Government agency securities	$	171,404	$	—	$	—	$	(1,197)	$	170,207
U.S. Treasuries	143,261		—		22		(12)		143,271
Money market funds	82,537		—		—		—		82,537
Corporate notes/bonds	38,066		—		—		(254)		37,812
Commercial paper	12,598		—		—		(11)		12,587
Total	$	447,866	$	—	$	22	$	(1,474)	$	446,414

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


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair 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

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
External research and development expenses	$	17,135	$	16,452
Employee related expenses	9,536		10,140
Intellectual property and patent related fees	1,385		1,809
Professional service expenses	943		1,260
Other expenses	1,279		1,635
Total accrued expenses	$	30,278	$	31,296

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial Assets
Marketable securities:	$ 446,414	$ 437,371
Government agency securities
Financial Assets
Marketable securities:	170,207	159,357
Corporate notes/bonds
Financial Assets
Marketable securities:	37,812	56,883
Commercial paper
Financial Assets
Marketable securities:	12,587	29,816
U.S. Treasuries
Financial Assets
Marketable securities:	143,271	49,793
Fair Value, Recurring
Financial Assets
Total financial assets	450,291	441,248
Fair Value, Recurring \| Government agency securities
Financial Assets
Marketable securities:	170,207	159,357
Fair Value, Recurring \| Corporate notes/bonds
Financial Assets
Marketable securities:	37,812	56,883
Fair Value, Recurring \| Commercial paper
Financial Assets
Marketable securities:	12,587	29,816
Fair Value, Recurring \| U.S. Treasuries
Financial Assets
Marketable securities:	143,271	49,793
Fair Value, Recurring \| Money market funds
Financial Assets
Cash equivalents:	82,537	141,522
Restricted cash and other non-current assets:	$ 3,877	$ 3,877
Restricted cash and cash equivalents, statement of financial position [extensible enumeration]	Restricted cash and other non-current assets	Restricted cash and other non-current assets
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Total financial assets	$ 229,685	$ 195,192
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Government agency securities
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate notes/bonds
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasuries
Financial Assets
Marketable securities:	143,271	49,793
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Financial Assets
Cash equivalents:	82,537	141,522
Restricted cash and other non-current assets:	$ 3,877	$ 3,877
Restricted cash and cash equivalents, statement of financial position [extensible enumeration]	Restricted cash and other non-current assets	Restricted cash and other non-current assets
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Financial Assets
Total financial assets	$ 220,606	$ 246,056
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Government agency securities
Financial Assets
Marketable securities:	170,207	159,357
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate notes/bonds
Financial Assets
Marketable securities:	37,812	56,883
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial paper
Financial Assets
Marketable securities:	12,587	29,816
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasuries
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Financial Assets
Cash equivalents:	0	0
Restricted cash and other non-current assets:	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Financial Assets
Total financial assets	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Government agency securities
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate notes/bonds
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial paper
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasuries
Financial Assets
Marketable securities:	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Financial Assets
Cash equivalents:	0	0
Restricted cash and other non-current assets:	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (45,019)	$ (40,290)	$ (49,036)	$ (55,726)	$ (53,453)	$ (50,515)	$ (134,345)	$ (159,694)

- Definition

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

+ References

+ Details

Nature of Business (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended		29 Months Ended
Nature of Business (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022	May 31, 2021
Liquidity
Net proceeds from issuance of shares		$ 117,079	$ 0
Accumulated deficit		$ 1,212,476		$ 1,212,476	$ 1,078,131
June 2023 Offering
Liquidity
Number of common stock issued (in shares)	12,500,000
Net proceeds from issuance of shares	$ 117,100
At The Market Offering
Liquidity
Number of common stock issued (in shares)				0
Sales agreement amount of aggregate sale proceeds of common stock agreed to be issued						$ 300,000

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Cash Equivalents and Marketable Securities (Details)	9 Months Ended
Cash Equivalents and Marketable Securities (Details)	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Cash Equivalents and Marketable Securities
Amortized Cost	$ 447,866,000		$ 440,972,000
Allowance for Credit Losses	0		0
Gross Unrealized Gains	22,000		19,000
Gross Unrealized Losses	(1,474,000)		(3,620,000)
Fair Value	$ 446,414,000		437,371,000
Number of securities in an unrealized loss position for more than 12 months \| security	0
Number of noncurrent securities \| security	29
Noncurrent marketable securities	$ 96,797,000		93,097,000
Realized gains (losses) on available-for-sale securities	0	$ 0
Government agency securities
Cash Equivalents and Marketable Securities
Amortized Cost	171,404,000		161,902,000
Allowance for Credit Losses	0		0
Gross Unrealized Gains	0		11,000
Gross Unrealized Losses	(1,197,000)		(2,556,000)
Fair Value	170,207,000		159,357,000
U.S. Treasuries
Cash Equivalents and Marketable Securities
Amortized Cost	143,261,000		50,019,000
Allowance for Credit Losses	0		0
Gross Unrealized Gains	22,000		3,000
Gross Unrealized Losses	(12,000)		(229,000)
Fair Value	143,271,000		49,793,000
Money market funds
Cash Equivalents and Marketable Securities
Amortized Cost	82,537,000		141,522,000
Allowance for Credit Losses	0		0
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Fair Value	82,537,000		141,522,000
Corporate notes/bonds
Cash Equivalents and Marketable Securities
Amortized Cost	38,066,000		57,575,000
Allowance for Credit Losses	0		0
Gross Unrealized Gains	0		2,000
Gross Unrealized Losses	(254,000)		(694,000)
Fair Value	37,812,000		56,883,000
Commercial paper
Cash Equivalents and Marketable Securities
Amortized Cost	12,598,000		29,954,000
Allowance for Credit Losses	0		0
Gross Unrealized Gains	0		3,000
Gross Unrealized Losses	(11,000)		(141,000)
Fair Value	$ 12,587,000		$ 29,816,000

Stock-based Compensation - Restricted Stock and Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Restricted Stock Unit Awards
Shares
Unvested restricted stock unit awards, beginning of period (in shares)	1,499,070
Issued (in shares)	1,331,578
Vested (in shares)	(262,588)
Forfeited (in shares)	(462,777)
Unvested restricted stock unit awards, end of period (in shares)	2,105,283	1,499,070
Weighted Average Grant Date Fair Value Per Share
Balance, beginning of period (in dollars per share)	$ 18.70
Issued (in dollars per share)	8.71
Vested (in dollars per share)	19.87
Forfeited (in dollars per share)	18.86
Balance, ending of period (in dollars per share)	$ 12.20	$ 18.70
Unrecognized stock-based compensation expense	$ 13,200
Period for recognition	2 years 6 months 14 days
Performance Shares \| Share-Based Payment Arrangement, Employee
Shares
Issued (in shares)	437,842
Stock Options
Weighted Average Grant Date Fair Value Per Share
Unrecognized stock-based compensation expense	$ 28,100
Period for recognition	2 years 8 months 12 days
Shares
Outstanding, beginning of period (in shares)	5,276,148
Granted (in shares)	2,195,300
Exercised (in shares)	(3,122)
Cancelled (in shares)	(1,467,700)
Outstanding, end of period (in shares)	6,000,626	5,276,148
Exercisable (in shares)	2,449,032
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 23.99
Granted (in dollars per share)	8.74
Exercised (in dollars per share)	3.38
Cancelled (in dollars per share)	30.95
Outstanding, end of period (in dollars per share)	16.72	$ 23.99
Exercisable (in dollar per share)	$ 22.72
Stock Options Additional Disclosures
Remaining contractual life (years)	7 years 9 months 29 days	8 years
Exercisable, remaining contractual life	6 years 4 months 2 days
Aggregate intrinsic value	$ 342	$ 402
Exercisable, aggregate intrinsic value	$ 279

Collaboration and Profit-Sharing Agreements (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2023 (in thousands):


	Balance at December 31, 2022		Additions		Deductions		Balance at September 30, 2023
Accounts receivable	$	5,145	$	2,277	$	(5,000)	$	2,422
Contract liabilities:
Deferred revenue	$	68,888	$	—	$	—	$	68,888

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Collaboration and other research and development revenues	$ 5,336	$ 42	$ 18,074	$ 13,176
Revenue type	Service [Member]	Service [Member]	Service [Member]	Service [Member]
Operating expenses:
Research and development	$ 40,512	$ 41,326	$ 108,095	$ 122,960
General and administrative	14,987	16,236	55,198	52,720
Total operating expenses	55,499	57,562	163,293	175,680
Operating loss	(50,163)	(57,520)	(145,219)	(162,504)
Other income, net:
Other income (expense), net	0	1	(1,590)	4
Interest income, net	5,144	1,793	12,464	2,806
Total other income, net	5,144	1,794	10,874	2,810
Net loss	$ (45,019)	$ (55,726)	$ (134,345)	$ (159,694)
Net loss per share, basic (in dollars per share)	$ (0.55)	$ (0.81)	$ (1.81)	$ (2.33)
Net loss per share, diluted (in dollars per share)	$ (0.55)	$ (0.81)	$ (1.81)	$ (2.33)
Weighted-average common shares outstanding, basic (in shares)	81,648,250	68,736,125	74,029,645	68,621,574
Weighted-average common shares outstanding, diluted (in shares)	81,648,250	68,736,125	74,029,645	68,621,574

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the second quarter of 2023, we entered into a license and service agreement pursuant to which we will lease manufacturing space for our continued research and development activities. As of September 30, 2023, the lease has not commenced for accounting purposes and it is not expected to commence until the second quarter of 2024. The license and service agreement provides for total remaining lease payments of up to $87.8 million over a 10-year lease term. The Company may terminate the license and service agreement in its discretion upon twelve months' prior written notice. 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 $1.5 million and $6.1 million in expense during the three and nine months ended September 30, 2023, respectively, for such reimbursement. The Company incurred an aggregate of $2.2 million and $6.1 million in expense during the three and nine months ended September 30, 2022, respectively, for such reimbursement.

Stock-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,731	$ 5,881	$ 14,453	$ 23,930
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	2,571	3,045	7,182	9,803
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,160	$ 2,836	$ 7,271	$ 14,127

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details