Editas Posts Narrower Loss In Q2, Expects Phase 1/2 Data For EDIT-401 In Q1 Of '27; Stock Up
(RTTNews) - Editas Medicine, Inc. (EDIT) a clinical-stage gene editing company developing in vivo CRISPR gene-editing medicines for genetic diseases, reported a narrower net loss for the second quarter, primarily attributable to higher collaboration and other research and development revenues.
The company's lead candidate EDIT-401, is an investigational in vivo CRISPR gene-editing therapy being developed to treat hyperlipidemia and atherosclerotic cardiovascular disease by durably lowering LDL cholesterol.
For the second quarter ended June 30, 2026, net loss narrowed to $18.23 million, or $0.15 per share, from loss of $53.23 million, or $0.63 per share in the prior year.
Collaboration and other research and development revenue increased to $11.89 million in the second quarter from $3.58 million a year earlier, primarily driven by the recognition of deferred revenue following the expiration of certain rights to opt in to additional research programs under the company's collaboration with Bristol Myers Squibb Co.
As of June 30, 2026, cash and cash equivalents totaled approximately $211.64 million, and the company expects its current cash resource to support continued advancement of EDIT-401 program into the second half of 2028.
Editas presented new preclinical data for EDIT-401, the study demonstrated durable reductions of about 90% or more in LDL cholesterol, lipoprotein(a), and apolipoprotein B following a single dose in non-human primates, with no adverse clinical observations reported.
The company said it remains on track to submit a Clinical Trial Notification in Australia and plans to initiate a Phase 1/2 trial of EDIT-401 in patients with heterozygous familial hypercholesterolemia.
Editas expects to report an initial data update in the first quarter of 2027, with topline Phase 1/2 dose-finding data anticipated in 2027.
EDIT has traded between $1.66 and $4.53 over the past 52-weeks.
Editas shares closed Thursday up 5.45% at $2.90.
EDIT is trading up 4.66% at $3.03.
