In the second quarter, Editas Medicine (EDIT) reported revenues of $7.3 million from collaborations and other R&D (research and development) activities. In comparison, the company’s revenues reached $3.1 million in the second quarter of 2017.
The license agreement with Beam Therapeutics primarily contributed to EDIT’s $4.3 million increase in its second-quarter collaboration revenues. Editas Medicine’s collaboration with Celgene (CELG) also contributed ~$2.8 million in revenues. Wall Street analysts expect Editas Medicine to generate net revenues of $7.9 million in the third quarter.
In the second quarter, Editas Medicine reported R&D and G&A (general and administrative) expenses of $32.7 million and $14.3 million, respectively. Editas Medicine’s R&D and G&A expenses totaled $17.3 million and $11.9 million, respectively, in the second quarter of 2017.
The payment of sub-license fees led to the increase in the company’s R&D expenses in the second quarter. Wall Street analysts expect Editas Medicine’s third-quarter R&D expenditures to be ~$28.72 million.
In the second quarter, Editas Medicine reported net income and EPS of -$38.7 million and -$0.82, respectively, compared to net income and EPS of -$26.4 million and -$0.65 in the second quarter of 2017. Analysts expect Editas Medicine to report net income of -$38.72 million in the third quarter.
Among Editas Medicine’s peers in the gene editing therapy market, CRISPR Therapeutics (CRSP) and Intellia Therapeutics (NTLA) reported revenues of $1.09 million and $7.68 million, respectively, in the second quarter.
Editas Medicine’s product pipeline
Editas Medicine (EDIT) is researching the development of a novel product for Usher Syndrome type 2A (or USH2A). Editas Medicine is also broadening its research pipeline by pursuing product candidates for ocular herpes simplex virus type 1 (or HSV-1).
In May, Editas Medicine expanded its collaboration agreement with Celgene (CELG) for the development and commercialization of T Cell medicines for cancer therapy.
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