Editas Medicine Inc (NASDAQ:EDIT) Outlines Recent Financial Performance

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Editas Medicine Inc (NASDAQ:EDIT), a major genome editing firm, posted financial report for the fourth quarter closed 2017. The firm outlined its recent achievements and expected progress as well as long- and short-term goals. For the quarter closed December 31, 2017, net loss came at $36.2 million compared to $39.4 million for the comparable period in 2016.

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Collaboration and other R&D revenues came at $3.7 million for the quarter closed December 31, 2017, versus $0.9 million for the comparable period in 2016. The $2.8 million jump was mainly due to a $3.2 million jump in revenue recognized following Editas strategic association with Allergan, partly offset by a $0.4 million drop in reimbursable R&D expenses.

Katrine Bosley, the CEO and President of Editas Medicine, expressed that their accomplishments in 2017 offer strong momentum into this year and beyond as they work to bring transformative drugs to patients. They developed their lead experimental drug, EDIT-101, toward the clinic, made vital progress on several additional ocular, as well as engineered cell medicine plans, and further strengthened their business with major new team members and strategic business growth. They are well positioned to record their EM22 five-year objectives, which comprise having five drugs in clinical development in 2022.

R&D expenses came at $26.4 million for the quarter closed December 31, 2017 compared to $26.8 million for the comparable period in 2016. This $0.4 million drop was mainly related to a $16.5 million drop in license fees mainly related to payments following under certain licensing deals that were finalized in 2016, and a $0.2 million drop in other expenses counting facility-related expenses, partly offset by a $9.5 million jump in success payments due to prompting several success payments under the earlier reported license deals, a $3.4 million jump in stock-based compensation cost, a $2.6 million jump in process and platform development expenses, and a $0.8 million jump in employee related costs.

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