Editas Medicine, Inc., a clinical-stage gene editing company, reported significant financial developments in its 10-Q filing for the third quarter of 2024. As of September 30, 2024, the company had cash and cash equivalents of $95.8 million, down from $123.7 million at the end of 2023. Marketable securities also decreased to $169.3 million from $199.5 million, contributing to a total current asset decline to $271.1 million from $340.8 million. Total assets fell to $327.6 million from $499.2 million, while total stockholders' equity decreased to $175.6 million from $349.1 million.
The company reported collaboration and other research and development revenues of $61,000 for Q3 2024, a sharp decline from $5.3 million in Q3 2023. For the nine months ended September 30, 2024, revenues were $1.7 million, down from $18.1 million in the same period last year. This decline is attributed to the sale of oncology assets and reduced collaboration license activity.
Operating expenses for Q3 2024 rose to $65.7 million from $55.5 million in Q3 2023, with total operating expenses for the nine months increasing to $206.3 million from $163.3 million. The net loss for Q3 2024 was $62.1 million, compared to $45.0 million in Q3 2023, while the nine-month net loss increased to $191.7 million from $134.3 million. The net loss per share for Q3 2024 was $(0.75), up from $(0.55) in Q3 2023.
Research and development expenses for the nine months ended September 30, 2024, totaled $150.6 million, a 39% increase from $108.1 million in the prior year. This increase was driven by higher external R&D costs related to the reni-cel program, which targets sickle cell disease and transfusion-dependent beta thalassemia. General and administrative expenses remained relatively stable, increasing slightly to $55.6 million from $55.2 million.
In terms of strategic developments, Editas entered into a Purchase and Sale Agreement with DRI Healthcare Acquisitions LP in October 2024, selling future license fees for an upfront payment of $57 million. The company also initiated a global process to partner or out-license its lead program, reni-cel, to focus on in vivo pipeline development.
As of September 30, 2024, Editas had an accumulated deficit of $1.4 billion and has not generated any product revenue to date. The company anticipates that its existing cash, cash equivalents, and marketable securities will fund operations into the second quarter of 2026, contingent on various assumptions and risks.
About Editas Medicine, Inc.
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