Editas Medicine, Inc. ( EDIT Quick Quote EDIT - Free Report) incurred a loss of 74 cents per share in the first quarter of 2022, narrower than the Zacks Consensus Estimate of a loss of 81 cents. The company had reported a loss of 86 cents per share in the year-ago quarter.
Collaboration, and other research and development revenues, comprising the company’s top line, came in at $6.8 million in the reported quarter compared with $6.5 million in the year-ago quarter. The top line also beat the Zacks Consensus Estimate of $5 million.
In the first quarter of 2022, research and development expenses were $38 million, down 9.3% from the year-ago figure. General and administrative expenses decreased 8.8% to $19.5 million owing to lower professional service expenses.
Editas had cash, cash equivalents and investments worth $566.4 million as of Mar 31, 2022, compared with $619.9 million as of Dec 31, 2021.
Shares of Editas have plunged 46.6% in the year so far compared with the
industry’s decrease of 21.4%. Image Source: Zacks Investment Research Pipeline & Other Updates
Editas has no approved product in its portfolio at the moment. Therefore, pipeline development remains in key focus for the company.
The company is developing its lead pipeline candidate, EDIT-101, which employs CRISPR gene editing to treat Leber congenital amaurosis type 10 (LCA10) — a rare genetic illness that causes blindness.
Last month, Editas dosed the first pediatric patient in the phase I/II BRILLIANCE study evaluating its lead candidate, EDIT-101, for the treatment of blindness due to LCA10. Currently, there is no therapy approved for treating LCA10.
The company plans to complete dosing in the pediatric mid-dose cohort of the BRILLIANCE study in the first half of 2022. Dosing in the pediatric high-dose cohort is expected to begin later in 2022.
An update from the BRILLIANCE study is expected in the second half of 2022.
This apart, Editas is evaluating the safety and efficacy of another pipeline candidate, EDIT-301, for treating sickle cell disease (“SCD”).
The company is currently enrolling participants in the phase I/II RUBY study for treating SCD and expects to begin dosing in the first half of 2022. Top-line data from the same is expected by 2022-end.
In April 2022, the FDA granted Rare Pediatric Disease designation to EDIT-301, an investigational gene-edited medicine for the treatment of transfusion-dependent beta thalassemia (“TDT”).
Editas plans to begin a phase I/II study to evaluate the safety, tolerability and preliminary efficacy of EDIT-301 for treating TDT patients. Dosing in the study is expected to begin later in 2022.
Zacks Rank & Stocks to Consider
Editas currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the biotech sector are
Aligos Therapeutics, Inc. ( ALGS Quick Quote ALGS - Free Report) , Vertex Pharmaceuticals Incorporated ( VRTX Quick Quote VRTX - Free Report) and Voyager Therapeutics, Inc. ( VYGR Quick Quote VYGR - Free Report) , all carrying a Zacks Rank #2 (Buy) at present. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
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