edit-20250930

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1 As of September 30, 2025 and September 30, 2024, restricted cash of $2,670 and $3,877 was included in Restricted cash and other non-current assets on the Consolidated Balance Sheet, respectively.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________

FORM 10-Q

_______________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ________

Commission File Number 001-37687

_______________________________

EDITAS MEDICINE, INC.

(Exact name of registrant as specified in its charter)

_______________________________


Delaware (State or other jurisdiction of incorporation or organization)						46-4097528 (I.R.S. Employer Identification No.)

11 Hurley Street Cambridge, Massachusetts (Address of principal executive offices)						02141 (Zip Code)

(617) 401-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	EDIT	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of Common Stock outstanding as of October 31, 2025 was 97,618,660.

Table of Contents

Editas Medicine, Inc.

TABLE OF CONTENTS


		Page

PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2025 and 2024	5
	Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34

PART II. OTHER INFORMATION		35

Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 5.	Other Information	37
Item 6.	Exhibits	38

Signatures		39

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Editas Medicine, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(amounts in thousands, except share and per share data)


	September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	165,648	$	131,541
Marketable securities	—		138,372
Accounts receivable	8,130		16,266
Prepaid expenses and other current assets	3,113		3,136
Total current assets	176,891		289,315

Property and equipment, net	4,287		14,497
Right-of-use assets	17,583		32,554
Restricted cash and other non-current assets	2,990		5,223
Total assets	$	201,751	$	341,589
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,163	$	5,493
Accrued expenses	47,522		45,859
Liability for sale of future revenues, current	5,000		5,000
Deferred revenue, current	—		6,221
Operating lease liabilities	6,088		14,652
Total current liabilities	61,773		77,225
Operating lease liabilities, net of current portion	13,564		20,380
Liability for sale of future revenues - non-current	54,069		52,434
Deferred revenue, net of current portion	54,204		54,204
Other non-current liabilities	4,688		3,072
Total liabilities	188,298		207,315
Stockholders’ equity
Preferred stock, $0.0001 par value per share: 5,000,000 shares authorized; no shares issued or outstanding	—		—
Common stock, $0.0001 par value per share: 390,000,000 and 195,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; 93,264,421 and 82,734,696 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	9		8
Additional paid-in capital	1,636,327		1,602,441
Accumulated other comprehensive income	—		268
Accumulated deficit	(1,622,883)		(1,468,443)
Total stockholders’ equity	13,453		134,274
Total liabilities and stockholders’ equity	$	201,751	$	341,589

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

Editas Medicine, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(amounts in thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Collaboration and other research and development revenues	$	7,543	$	61	$	15,779	$	1,710
Operating expenses:
Research and development	19,775		47,639		62,549		150,636
General and administrative	12,316		18,088		38,550		55,633
Restructuring and impairment charges	—		—		66,935		—
Total operating expenses	32,091		65,727		168,034		206,269
Operating loss	(24,548)		(65,666)		(152,255)		(204,559)
Other (expense) income, net:
Interest expense related to sale of future revenues	(2,399)		—		(6,635)		—
Interest income, net	1,831		3,530		6,634		12,861
Other expense, net	(1)		(5)		(2,184)		—
Total other (expense) income, net	(569)		3,525		(2,185)		12,861
Net loss	$	(25,117)	$	(62,141)	$	(154,440)	$	(191,698)
Net loss per share, basic and diluted	$	(0.28)	$	(0.75)	$	(1.80)	$	(2.33)
Weighted-average common shares outstanding, basic and diluted	90,090,397		82,485,199		85,878,325		82,245,679

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

Editas Medicine, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

(amounts in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net loss	$	(25,117)	$	(62,141)	$	(154,440)	$	(191,698)
Other comprehensive gain (loss):
Unrealized gain (loss) on marketable debt securities	(15)		964		(268)		324
Comprehensive loss	$	(25,132)	$	(61,177)	$	(154,708)	$	(191,374)

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

Editas Medicine, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(amounts in thousands, except share data)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2024	82,734,696	$	8	$	1,602,441	$	268	$	(1,468,443)	$	134,274
Issuance of common stock from at-the-market equity offering, net	706,236	—		1,435		—		—		$	1,435

Vesting of restricted common stock awards	268,604	—		—		—		—		—
Stock-based compensation expense	—	—		2,979		—		—		2,979
Unrealized loss on marketable debt securities	—	—		—		(180)		—		(180)
Net loss	—	—		—		—		(76,088)		(76,088)
Balance at March 31, 2025	83,709,536	$	8	$	1,606,855	$	88	$	(1,544,531)	$	62,420
Issuance of common stock from at-the-market equity offering, net	3,419,836	1		7,184		—		—		7,185

Stock-based compensation expense	—	—		2,664		—		—		2,664
Vesting of restricted common stock awards	102,894	—		—		—		—		—
Issuance of common stock under employee stock purchase plan	156,159	—		228		—		—		228
Unrealized loss on marketable debt securities	—	—		—		(73)		—		(73)
Net loss	—	—		—		—		(53,235)		(53,235)
Balance at June 30, 2025	87,388,425	$	9	$	1,616,931	$	15	$	(1,597,766)	$	19,189
Issuance of common stock from at-the-market equity offering, net	5,799,178	—		17,147		—		—		17,147
Exercise of stock options	12,130	—		21		—		—		21
Stock-based compensation expense	—	—		2,228		—		—		2,228
Vesting of restricted common stock awards	64,688	—		—		—		—		—

Unrealized loss on marketable debt securities	—	—		—		(15)		—		(15)
Net loss	—	—		—		—		(25,117)		(25,117)
Balance at September 30, 2025	93,264,421	$	9	$	1,636,327	$	—	$	(1,622,883)	$	13,453


	Common Stock			Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Accumulated Deficit			Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2023	81,767,263	$	8		$	1,580,241		$	198		$	(1,231,350)		$	349,097

Exercise of stock options	21,975	—			192			—			—			192
Vesting of restricted common stock awards	445,713	—			—			—			—			—
Stock-based compensation expense	—	—			7,585			—			—			7,585
Unrealized loss on marketable debt securities	—	—			—			(524)			—			(524)
Net loss	—	—			—			—			(61,950)			(61,950)
Balance at March 31, 2024	82,234,951	$	8		$	1,588,018		$	(326)		$	(1,293,300)		$	294,400


Stock-based compensation expense	—	—			5,010			—			—			5,010
Vesting of restricted common stock awards	121,643	—			—			—			—			—
Issuance of common stock under employee stock purchase plan	72,920	—			322			—			—			322
Unrealized loss on marketable debt securities	—	—			—			(116)			—			(116)
Net loss	—	—			—			—			(67,607)			(67,607)
Balance at June 30, 2024	82,429,514	$	8		$	1,593,350		$	(442)		$	(1,360,907)		$	232,009
Vesting of restricted common stock awards	109,110	—			—			—			—			—
Stock-based compensation expense	—	—			4,802			—			—			4,802
Unrealized gain on marketable debt securities	—	—			—			964			—			964
Net loss	—	—			—			—			(62,141)			(62,141)
Balance at September 30, 2024	82,538,624	$	8		$	1,598,152		$	522		$	(1,423,048)		$	175,634

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Editas Medicine, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(amounts in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flow from operating activities
Net loss	$	(154,440)	$	(191,698)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,871		17,397
Depreciation	4,472		4,428
Loss on disposal of fixed assets	2,193		139
Net accretion of discounts on marketable securities	(902)		(4,922)
Interest related to sale of future revenues	6,635		—
Impairment of held for sale assets	3,724		—
Other non-cash items	(390)		(415)
Changes in operating assets and liabilities:
Accounts receivable	8,136		10,061
Prepaid expenses and other current assets	175		1,607
Right-of-use assets	10,122		(2,048)
Other non-current assets	1,026		3,306
Accounts payable	(2,330)		4,713
Accrued expenses	1,728		(5,523)
Accrued interest on sale of future revenues	(2,128)		—
Deferred revenue	(6,221)		—
Operating lease liabilities	(10,531)		1,952
Other non-current liabilities	2,006		1,481
Net cash used in operating activities	$	(128,854)	$	(159,522)
Cash flow from investing activities
Purchases of property and equipment	(547)		(8,286)
Proceeds from the sale of equipment	151		—
Purchases of marketable securities	—		(86,221)
Proceeds from maturities of marketable securities	139,006		225,695
Net cash provided by investing activities	$	138,610	$	131,188
Cash flow from financing activities

Repayment on sale of future revenues	(2,872)		—
Proceeds from issuance of common stock from at-the-market equity offering, net	25,767		—
Proceeds from exercise of stock options	21		192
Proceeds from issuance of common stock under employee stock purchase plan	228		322
Net cash provided by financing activities	$	23,144	$	514
Net increase (decrease) in cash, cash equivalents, and restricted cash	32,900		(27,820)
Cash, cash equivalents, and restricted cash, beginning of period	135,418		127,529
Cash, cash equivalents, and restricted cash, end of period	$	168,318	$	99,709
Cash and cash equivalents, end of period	165,648		95,832
Restricted cash1	2,670		3,877
Cash, cash equivalents, and restricted cash, end of period	$	168,318	$	99,709

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1 As of September 30, 2025 and September 30, 2024, restricted cash of $2,670 and $3,877 was included in Restricted cash and other non-current assets on the Consolidated Balance Sheet, respectively.

Supplemental disclosure of cash and non-cash activities:
Fixed asset additions included in accounts payable and accrued expenses	$	—	$	134

Cash paid in connection with operating lease liabilities	$	12,992	$	12,565
Remeasurement of operating lease liabilities and right-of-use assets due to lease modification	$	766	$	794
Commencement of right-of-use asset	$	—	$	7,844
Modification of right-of-use asset	$	—	$	1,954
Non-cash termination of right-of-use asset	$	4,849	$	—

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Editas Medicine, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Nature of Business

Editas Medicine, Inc. (the “Company”) is a pioneering gene editing company dedicated to developing 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 the Bristol-Myers Squibb Company (“BMS”), through its wholly owned subsidiary Juno Therapeutics, Inc. (“Juno Therapeutics”), payments received under its former strategic alliance with Allergan Pharmaceuticals International Limited (together with its affiliates, “Allergan”), which was terminated in August 2020, payments received under a purchase and sale agreement with DRI Healthcare Acquisitions LP (“DRI”), and payments received under the Company’s license agreement with Vertex Pharmaceuticals, Inc (“Vertex”, and such agreement, the “Vertex License Agreement”).

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

As of September 30, 2025, the Company has raised an aggregate of $1.0 billion in net proceeds through the sale of shares of its common stock in public offerings and at-the-market offerings. The Company also has funded its business from payments received under its purchase and sale agreement with DRI, payments received under the Vertex License Agreement, its research collaboration with BMS through its wholly owned subsidiary Juno Therapeutics and its former strategic alliance with Allergan (which was terminated in August 2020). As of September 30, 2025, the Company had cash, cash equivalents and marketable securities of $165.6 million.

In May 2021, the Company entered into a common stock sales agreement with TD Securities (USA) LLC (as successor to Cowen and Company, LLC) (“TD Cowen”), under which the Company from time to time can issue and sell shares of the Company’s common stock through TD Cowen in at-the-market offerings for aggregate gross sale proceeds of up to $300.0 million. The Company amended the common stock sales agreement with TD Cowen in February 2024 in connection with filing a new registration statement. In March 2025, the Company further amended its common stock sales agreement with TD Cowen in connection with amending its existing shelf registration statement following the loss of the Company’s status as a “well-known seasoned issuer” (as defined under Rule 405 of the Securities Act of 1933, as amended), reducing the amount of shares of common stock the Company may issue and sell through TD Cowen to aggregate gross sale proceeds of up to $150.0 million (the “ATM Facility”). As of September 30, 2025, the Company has sold 9,925,250 shares of common stock under the ATM Facility for gross proceeds of $26.4 million and has $123.6 million of shares of common stock remaining available for issuance and sale under the ATM Facility.

The Company has incurred annual net operating losses in every year since its inception. As of November 10, 2025, the issuance date of the condensed consolidated financial statements, the Company expects that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into the third quarter of 2027. The Company had an accumulated deficit of $1.6 billion at September 30, 2025, 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.

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2. 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 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, 2024 (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, 2025 and 2024 are referred to as the third quarter of 2025 and 2024, 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 with the exception of the following:

Restructuring

The Company records liabilities for costs associated with restructuring activities in the period in which the liability is incurred. Typical costs associated with restructuring activities include, employee termination benefits, contract termination costs and on-going contract costs for which there is no economic benefit. For costs associated with employee terminations in which the employee is subject to an existing benefit arrangement, the post-employment benefits are recognized when probable and estimable. Other employee termination costs are measured and recognized on the communication date, unless there is a required future service period, in which case, the expense is recognized over the service period. Contract termination costs are recognized upon termination of the contract and costs for on-going contracts for which there is no future benefit, are recognized at fair value on the cease-use date.

The Company has made estimates and judgments regarding the amount and timing of its restructuring expense and liability, including current and future period termination benefits and other exit costs to be incurred when related actions take place. Restructuring charges are reflected in the Company's condensed consolidated statements of operations. Actual results may differ from these estimates. Refer to Note 12, “Restructuring and Impairment Charges” for further information.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance is intended to enhance the transparency and decision-usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to disclosure regarding rate reconciliation and income taxes paid both in the United States and in foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company will incorporate the changes in disclosure requirements in its financial statements included in its 2025 Annual Report.

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Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve the disclosure of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied either prospectively or retrospectively. The Company has not early adopted this ASU and is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

3. Cash Equivalents and Marketable Securities

Cash equivalents consisted of the following at September 30, 2025 (in thousands):


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:


Money market funds	165,648		—		—		—		165,648


Total	$	165,648	$	—	$	—	$	—	$	165,648

Cash equivalents and marketable securities consisted of the following at December 31, 2024 (in thousands):


	Amortized Cost	Allowance for Credit Losses	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Cash equivalents and marketable securities:

Money market funds	131,541	—	—	—	131,541
Corporate notes/bonds	6,522	—	—

SEC Form 10-Q filed by Editas Medicine Inc.