### Editas Medicine Reports Financial Results for Q2 2024

### Editas Medicine Reports Financial Results for Q2 2024 Editas Medicine, Inc. (NASDAQ: EDIT), a clinical-stage gene editing company, reported its financial results for the second quarter of 2024, ending June 30, 2024. #### Key Financial Metrics | Metric | Q2 2024 | Q2 2023 | YoY Change | |---------------------------------------|----------------|----------------|--------------| | Total Revenue ($ millions) | 0.5 | 2.9 | -82.76% | | Earnings Per Share (EPS) ($) | (0.82) | (0.56) | N/A | | Net Loss ($ millions) | 67.6 | 40.3 | +67.75% | | Collaboration & R&D Revenue ($ mil) | 0.5 | 2.9 | -82.76% | **Financial Performance Interpretation:** Editas Medicine reported a significant decline in revenue year-over-year (YoY), primarily due to reduced drug supply activities with collaborators. The net loss widened considerably, mainly driven by increased R&D expenses related to the accelerated clinical and manufacturing efforts for reni-cel. #### Revenue Performance by Segment | Segment | Q2 2024 Revenue ($ millions) | YoY Change | |----------------------------------------|------------------------------|------------| | Collaboration and R&D | 0.5 | -82.76% | **Segment Performance Interpretation:** Revenue from collaboration and research and development decreased drastically compared to the same period last year. The decline was due to reduced drug supply activities with collaborators, aligning with the company's strategic pivot towards advancing key clinical programs. #### Key Operational Data | Operational Data | Q2 2024 | Q1 2024 | |----------------------------------------|------------------------------|-------------------------------| | Cash, cash equivalents, and securities | 318.3 million | 376.8 million | #### Comments from Company Officers Gilmore O'Neill, President and CEO of Editas Medicine, highlighted the company's significant strides in clinical development, particularly in the reni-cel program for severe sickle cell disease. O'Neill expressed confidence in reni-cel’s potential to become a best-in-class therapy, citing substantial advancements made in the first half of 2024. #### Dividends and Share Repurchase Program There was no mention of any dividends or share repurchase programs in the earnings release. #### Forward Guidance Editas Medicine is on track to present additional clinical data from its RUBY and EdiTHAL trials by the end of 2024. The company maintains a strong financial position with enough runway to fund operations through 2026. #### Stock Price Movement Following the earnings release, Editas Medicine's stock saw a decrease of 0.53%. In summary, Editas Medicine continues to invest heavily in its clinical programs, particularly for reni-cel, while managing a tight but extended financial runway. Investors should monitor upcoming clinical data presentations for further insights into the company's growth trajectory.