Editas Medicine (EDIT) Q2 2024 Earnings Report

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Previous Report: Q1 2024

Next Report: Q3 2024

EDIT Q2 2024 EPS Results

Actual EPS-$0.82

Consensus EPS-$0.70

Beat/MissMissed by -$0.12

One Year Ago EPS-$0.56

EDIT Q2 2024 Revenue Results

Actual Revenue$513.00K

Expected Revenue$4.78M

Beat/MissMissed by -$4.27M

YoY Revenue Growth-82.23%

Earnings Announcement Details

QuarterQ2 2024

Date08/07/2024

TimeBefore Open

Conference CallWednesday, August 7, 2024

EDIT Upcoming Earnings

Editas Medicine's next earnings date is estimated for November 9, 2026, based on past reporting schedules.

Q2 2024 Earnings Call Audio

EDIT Q2 2024 Earnings Call

0:00 / 0:00

Q2 2024 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2024 Earnings Call Summary

Q2 2024

Earnings Call Date:Aug 07, 2024|

% Change Since:

Earnings Call Sentiment|Positive

The call highlighted significant progress in both clinical trials and in vivo pipeline development. Financial stability was assured despite a higher burn rate. However, challenges such as increased expenses and regulatory issues around fertility support present hurdles. Overall, the company's advancements in gene editing and robust clinical trial outcomes provide a positive outlook.

Company Guidance

During the Editas Medicine Q2 2024 earnings call, CEO Gilmore O'Neill outlined the company's strategic progress, emphasizing three main pillars: advancing reni-cel towards BLA and commercialization, building a differentiated in vivo editing pipeline, and enhancing business development with a focus on intellectual property. The RUBY trial data for sickle cell disease showed promising results, with 18 patients having follow-up periods ranging from 2.4 to 22.8 months and demonstrating robust anemia correction. The EdiTHAL trial for beta-thalassemia included data from 7 patients with 4.1 to 12.8 months follow-up. Financially, Editas reported cash, cash equivalents, and marketable securities totaling $318 million as of June 30, 2024, with a burn rate increase due to R&D expenses. They expect to fund operations into 2026. The company is also on track to establish in vivo preclinical proof of concept by year-end, with a focus on leveraging indel technology for gene upregulation, targeting rare and orphan diseases initially.

Reni-cel Clinical Trials Progress

Completed adolescent cohort enrollment for the RUBY trial, and adult cohort enrollment in the EdiTHAL trial. Clinical data from RUBY and EdiTHAL trials show promising results with all patients free from vaso-occlusive events and a high level of fetal hemoglobin.

In Vivo Pipeline Advancements

On track to establish in vivo preclinical proof of concept for an undisclosed indication by the end of the year. Strengthening in vivo discovery capabilities and pursuing a differentiated strategy for gene editing.

Financial Position

Cash, cash equivalents, and marketable securities as of June 30 were $318 million, expected to fund operations into 2026.

Manufacturing Improvements

Robust manufacturing process for reni-cel with a low failure rate, potentially reducing patient burden and cost.

EDIT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 09, 2026	2026 (Q3)	-0.19 / -	-0.28	―
Aug 05, 2026	2026 (Q2)	-0.27 / -0.15	-0.63	76.19% (+0.48)
May 05, 2026	2026 (Q1)	-0.26 / -0.26	-0.92	71.74% (+0.66)
Mar 09, 2026	2025 (Q4)	-0.23 / -0.06	-0.55	89.09% (+0.49)
Nov 10, 2025	2025 (Q3)	-0.30 / -0.28	-0.75	62.67% (+0.47)
Aug 12, 2025	2025 (Q2)	-0.39 / -0.63	-0.82	23.17% (+0.19)
May 12, 2025	2025 (Q1)	-0.56 / -0.92	-0.76	-21.05% (-0.16)
Mar 05, 2025	2024 (Q4)	-0.38 / -0.55	-0.23	-139.13% (-0.32)
Nov 04, 2024	2024 (Q3)	-0.75 / -0.75	-0.55	-36.36% (-0.20)
Aug 07, 2024	2024 (Q2)	-0.70 / -0.82	-0.56	-46.43% (-0.26)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed