Editas Medicine Announces First Quarter 2023 Results and Business Update


Editas Medicine Co., Ltd.

Editas Medicine Co., Ltd.

The company will provide a clinical update on the EDIT-301 Phase 1/2 RUBY trial in SCD at the European Hematology Association (EHA) and company-sponsored webinar in June.

RUBY trial plans to dose a total of 20 patients by the end of the year

First patient in the EDIT-301 EDITHAL trial of TDT with successful neutrophil and platelet engraftment.The company plans to provide a clinical update by the end of the year

Appointed Emma Reeve as Chairman of the Board, effective at the Annual General Meeting, and appointed Elliott Levy, MD as an Independent Director.

CAMBRIDGE, Mass., May 5, 2023 (GLOBE NEWSWIRE) — Editas Medicine, Inc. (Nasdaq: EDIT), a clinical-stage genome editing company, today announced first quarter 2023 business highlights and financial results reported.

“We are encouraged by the strong start to the year. in vivo gene editing. EDIT-301 program, including first patient dosing and transplantation in the EDITHAL trial, after his EDIT-301 clinical data in December showed it to be a competitive and potentially differentiated product has built up considerable momentum. Next month, we will share the clinical progress of EDIT-301 when we provide an update on the RUBY study, including safety and efficacy data from multiple patients, in an oral presentation at the European Hematology Congress and in a company-hosted webinar. We look forward to making this disclosure. Gilmore O’Neill, MB, MMSc., President and Chief Executive Officer of Editas Medicine, said: “Alongside our newly sharpened strategic focus, we are committed to our strategic direction, building momentum from previous clinical milestones and driving execution toward our goals, a world-class scientists and employees.”

Recent achievements and prospects

ex vivo hemoglobinopathies

Business Developments and Other Corporate Highlights

  • business development
    In January 2023, the company announced that it has entered into a definitive agreement with Shoreline Biosciences, Inc. With this, Shoreline acquired his Editas Medicine preclinical gene-editing induced pluripotent stem cell (iPSC)-derived natural killer cell (iNK) program. 202, and related manufacturing techniques. In addition, Shoreline has licensed his Editas Medicine rights to his proprietary SLEEK (selected by Essential-gene Exon Knock-in) and AsCas12a gene editing technology.

  • leadership
    Emma Reeve has been appointed Chairman of the Editas Board of Directors, effective at the Company’s Annual General Meeting of Shareholders scheduled for June 1.
    Reeve will join Editas Medicine’s board of directors in September 2021. Mr. Reeve is a seasoned biopharmaceutical executive with over 25 years of global financial experience in pharmaceutical, medical device and biopharmaceutical companies.

    Elliott Levy, MD Appointed to Editas Board of Directors as an Independent Director
    Dr. Levy is a seasoned veteran with over 20 years of global R&D expertise, including leading clinical strategy and development of multiple programs at all stages of development at global biopharmaceutical companies Amgen and Bristol Myers Squibb. I am a biopharmaceutical executive.

    Linnea Aspesi joins Editas as Chief People Officer
    Aspesi brings over 25 years of experience to Editas, including 15 years in the life sciences sector, aligning talent planning with the company’s vision, mission and values, and partnering with senior leaders to define and implement cultural change strategies. We are promoting.

First quarter 2023 financial results

Cash, cash equivalents and marketable securities as of March 31, 2023 were $401.8 million compared with $437.4 million as of December 31, 2022. The company expects existing cash, cash equivalents and securities to be used for operating expenses and capital expenditures in 2025.

  • For the three months ended March 31, 2023, net loss attributable to common shareholders was $49 million, or $0.71 per share, compared to a net loss of $50.5 million, or $0.71 per share, for the same period in 2022. It was $0.74.

  • Collaboration and other R&D revenue increased $3.1 million to $9.9 million for the three months ended March 31, 2023, compared with $6.8 million for the same period in 2022 . Acquire relevant licenses in January 2023.

  • Research and development expenses were flat at $37.8 million for the three months ended March 31, 2023, compared with $38 million for the same period in 2022.

  • For the three months ended March 31, 2023, general and administrative expenses increased $3.5 million to $23 million from $19.5 million for the same period in 2022. Decrease in stock-based compensation expense.

upcoming events

Editas Medicine plans to attend the next scientific and medical conference.

  • European Hematology Society (EHA) Congress 2023
    8-11 June 2023, Frankfurt, Germany

Editas Medicine will be attending the following investor events.

  • Bank of America Securities 2023 Healthcare Conference
    May 9-11, 2023, Las Vegas, NV

  • RBC Capital Markets Global Healthcare Conference 2023
    New York, NY May 16, 2023

Conference call
Editas Medicine management will host a conference call and webcast today at 8:00 am ET to discuss the company’s first quarter 2023 updates and financial results. Call 1-877-407-0989 to access the call. Call 1-201-389-0921 (domestic) or 1-201-389-0921 (international) to request an Editas Medicine revenue call. A live webcast of the call will also be available on the Investor Relations section of the Editas Medicine website (www.editasmedicine.com). Replays are available approximately two hours after the call ends.

almost editas medicine
Editas Medicine, a clinical-stage genome-editing company, transforms the power and potential of CRISPR/Cas9 and CRISPR/Cas12a genome-editing systems into a robust therapeutic pipeline for people suffering from serious diseases around the world is focused on. Editas Medicine seeks to discover, develop, manufacture and commercialize innovative, durable and precision genomic medicines for a wide range of diseases. Editas Medicine is the exclusive licensee of his Cas9 patent assets of the Broad Institute and Harvard University, and of his Cas12a patent assets of the Broad Institute’s Human Medicines. For the latest information and scientific presentations, please visit www.editasmedicine.com.

Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. ”Estimate” ”Expectation” ”Intention” ”May” ”Plan” ”Possibility” ”Prediction” ”Plan” ”Goal All forward-looking Although the statements do not contain these identifying terms, the words “”, “should”, “will” and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include statements regarding the initiation, timing, progress and results of our preclinical and clinical studies, including the RUBY trial, which will dose a total of 20 patients by the end of the year. contained. Data from our clinical and preclinical studies, including a clinical update from his RUBY study in June 2023, additional clinical updates through the end of the year, and clinical updates from his EDITHAL study through the end of the year receipt and presentation of , and our expectations for our product candidates, the timing or likelihood of regulatory filings and approvals, and our expectations regarding cash runway. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events may differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of a variety of important factors, including: The EDITHAL trial and clinical development of our product candidates, including EDIT-301. Availability and timing of preclinical and clinical trial results. Whether the interim results of a clinical trial predict the final results of the trial or the results of future trials. expectations for regulatory approval to conduct studies or market products, and the availability of sufficient funds to meet our foreseeable and unforeseen operating and capital expenditure requirements; These and other risks are described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and in other filings made by us. is explained in more detail. With the Securities and Exchange Commission in the future. The forward-looking statements contained in this press release represent our views as of the date of their release and should not be relied upon as representing our views as of any subsequent date. We expressly disclaim any obligation to update forward-looking statements, except as required by law.

Editas Medicine Co., Ltd.
Consolidated income statement
(1,000 shares, excluding per share data)
(unaudited)

3 months ended

March 31st

2023

2022

Collaboration and other R&D income

$

9,851

$

6,771

Operating expenses:

Research and Development

37,804

37,976

General and administration

23,008

19,545

Total project cost

60,812

57,521

operating loss

(50,961

)

(50,750

)

Other income, net:

Other expenses, 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 attributable to common shareholders, basic and diluted

$

(0.71

)

$

(0.74

)

Weighted-average common shares outstanding, basic shares, diluted shares

68,924,180

68,484,978

Editas Medicine Co., Ltd.
Main items on the consolidated balance sheet
(Thousands)
(unaudited)

march 31,

December 31

2023

2022

Cash, cash equivalents and securities

$

401,778

$

437,371

working capital

267,303

296,644

Total assets

464,105

514,321

Deferred revenue, current portion net

60,667

60,667

Total shareholders’ equity

317,473

360,680

CONTACT: Media and Investor Contact: Cristi Barnett (617) 401-0113 cristi.barnett@editasmed.com



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