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Editas' (EDIT) Q3 Earnings Beat Estimates, Pipeline in Focus
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Editas Medicine, Inc. (EDIT - Free Report) incurred a loss of 81 cents per share in the third quarter of 2022, narrower than the Zacks Consensus Estimate of a loss of 87 cents. The company had reported a loss of 57 cents per share in the year-ago quarter.
Collaboration, and other research and development revenues, comprising the company’s top line, were $0.04 million in the reported quarter compared with $6.2 million reported in the year-ago quarter. The Zacks Consensus Estimate for revenues was $6 million.
Please note that revenues in the 2021 period were recognized for an opt-in by Bristol Myers under EDIT’s collaboration with it while there were no such corresponding revenues recognized in the third quarter of 2022.
In third-quarter 2022, research and development expenses were $41.3 million, up 40.9% from the year-ago figure, owing to higher expenses related to clinical studies.
General and administrative expenses were $16.2 million in the third quarter, which remained flat year-over-year.
Editas had cash, cash equivalents and investments worth $478.5 million as of Sep 30, 2022 compared with $527.6 million as of Jun 30, 2022.
Shares of Editas declined 51.5% so far this year compared with the industry’s decline of 21.2%.
Image Source: Zacks Investment Research
Pipeline & Other Updates
Editas has no approved products in its portfolio at the moment. Therefore, pipeline development remains the key focus of 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.
In April 2022, 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.
An update on the BRILLIANCE study is expected later this month.
Editas’ other pipeline candidates are also progressing well.
The company is evaluating the safety and efficacy of its investigational gene-editing medicine, EDIT-301, for treating sickle cell disease (“SCD”). EDIT dosed the second patient and is currently enrolling participants in the phase I/II RUBY study evaluating EDIT-301 for treating SCD.
Initial preliminary data from the RUBY study is expected to be presented by 2022-end.
In May 2022, the FDA granted Orphan Drug designation to EDIT-301 for the treatment of transfusion-dependent beta thalassemia (“TDT”).
Editas is planning to begin the phase I/II EDITHAL study to evaluate EDIT-301 for treating TDT patients. Dosing in the study is expected to begin later in 2022.
Editas Medicine, Inc. Price, Consensus and EPS Surprise
Loss per share estimates for Akero Therapeutics narrowed 6.9% for 2022 and 4.8% for 2023 in the past 60 days.
Earnings of Akero Therapeutics surpassed estimates in three of the trailing four quarters and missed on the other occasion. AKRO delivered an earnings surprise of 7.66% on average.
Loss per share estimates for Amarin narrowed 21% for 2022 and 50% for 2023 in the past 60 days.
Earnings of Amarin surpassed estimates in two of the trailing four quarters and missed on the other two occasions. AMRN delivered a negative earnings surprise of 14.29% on average.
Loss per share estimates for Atea Pharmaceuticals narrowed 10.9% for 2022 and 9.5% for 2023 in the past 60 days.
Earnings of Atea Pharmaceuticals surpassed estimates in three of the trailing four quarters and missed on the other occasion. AVIR delivered a negative earnings surprise of 58.74% on average.
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Editas' (EDIT) Q3 Earnings Beat Estimates, Pipeline in Focus
Editas Medicine, Inc. (EDIT - Free Report) incurred a loss of 81 cents per share in the third quarter of 2022, narrower than the Zacks Consensus Estimate of a loss of 87 cents. The company had reported a loss of 57 cents per share in the year-ago quarter.
Collaboration, and other research and development revenues, comprising the company’s top line, were $0.04 million in the reported quarter compared with $6.2 million reported in the year-ago quarter. The Zacks Consensus Estimate for revenues was $6 million.
Please note that revenues in the 2021 period were recognized for an opt-in by Bristol Myers under EDIT’s collaboration with it while there were no such corresponding revenues recognized in the third quarter of 2022.
In third-quarter 2022, research and development expenses were $41.3 million, up 40.9% from the year-ago figure, owing to higher expenses related to clinical studies.
General and administrative expenses were $16.2 million in the third quarter, which remained flat year-over-year.
Editas had cash, cash equivalents and investments worth $478.5 million as of Sep 30, 2022 compared with $527.6 million as of Jun 30, 2022.
Shares of Editas declined 51.5% so far this year compared with the industry’s decline of 21.2%.
Image Source: Zacks Investment Research
Pipeline & Other Updates
Editas has no approved products in its portfolio at the moment. Therefore, pipeline development remains the key focus of 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.
In April 2022, 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.
An update on the BRILLIANCE study is expected later this month.
Editas’ other pipeline candidates are also progressing well.
The company is evaluating the safety and efficacy of its investigational gene-editing medicine, EDIT-301, for treating sickle cell disease (“SCD”). EDIT dosed the second patient and is currently enrolling participants in the phase I/II RUBY study evaluating EDIT-301 for treating SCD.
Initial preliminary data from the RUBY study is expected to be presented by 2022-end.
In May 2022, the FDA granted Orphan Drug designation to EDIT-301 for the treatment of transfusion-dependent beta thalassemia (“TDT”).
Editas is planning to begin the phase I/II EDITHAL study to evaluate EDIT-301 for treating TDT patients. Dosing in the study is expected to begin later in 2022.
Editas Medicine, Inc. Price, Consensus and EPS Surprise
Editas Medicine, Inc. price-consensus-eps-surprise-chart | Editas Medicine, Inc. Quote
Zacks Rank & Other Stocks to Consider
Editas currently carries a Zacks Rank #2 (Buy). Other stocks worth considering in the biotech sector are Akero Therapeutics, Inc. (AKRO - Free Report) , Amarin Corporation plc (AMRN - Free Report) and Atea Pharmaceuticals, Inc. (AVIR - Free Report) , all sporting the same Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Loss per share estimates for Akero Therapeutics narrowed 6.9% for 2022 and 4.8% for 2023 in the past 60 days.
Earnings of Akero Therapeutics surpassed estimates in three of the trailing four quarters and missed on the other occasion. AKRO delivered an earnings surprise of 7.66% on average.
Loss per share estimates for Amarin narrowed 21% for 2022 and 50% for 2023 in the past 60 days.
Earnings of Amarin surpassed estimates in two of the trailing four quarters and missed on the other two occasions. AMRN delivered a negative earnings surprise of 14.29% on average.
Loss per share estimates for Atea Pharmaceuticals narrowed 10.9% for 2022 and 9.5% for 2023 in the past 60 days.
Earnings of Atea Pharmaceuticals surpassed estimates in three of the trailing four quarters and missed on the other occasion. AVIR delivered a negative earnings surprise of 58.74% on average.