EDIT - Earnings call transcript Q1 2018

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Operator

Good afternoon and welcome to the Editas Medicine’s First Quarter 2018 Conference Call. [Operator Instructions] Please be advised that this call is being recorded at Editas’s request. I would now like to turn the call over to Editas team. Please go ahead.

Mark Mullikin

Good afternoon. Senior Finance Mullikin, at Investor Mark Medicine. Editas is Director and of Relations This first conference quarter our to Welcome XXXX call. be company We issued first which and our afternoon this this will updates, a press quarter release XXXX earlier covered call. on reviewing results be call Media our two of approximately the its after of on will replay Investors available A completion. website hours today’s & section After for Q&A. our prepared remarks, we will open the call

materially statements about for that differ most report with on Act the various including may of indicated factors, Securities those statements forward-looking a discussed remarks we prospects make is constitute the Form this Private and reminder, in SEC. harbor XX-K, forward-looking future recent company’s of as annual safe which call Factors these purposes on our a expectations, from the file of the results the of important those provisions result plans As during various XXXX. under Actual Reform Risk by section Litigation

statements only representing represent of date. our subsequent In as addition, any our views upon today, any as and not relied views forward-looking as be should of

to forward-looking elect be upon any so update any of obligation today. as if our to do forward-looking change. some point statements may not in specifically the to we While even views views as our disclaim statements at should future, These we these representing relied date subsequent

to Executive Katrine Officer, Chief call our I will turn over the Now, Bosley.

Katrine Bosley

us update joined Vic and Hunt, quarter Albright, to for We've Charlie a Hack, our Thanks, Mark. President Senior Cox, our today our Scientific our to and Gerry you team, of our start Officer; of Officer; first Chief joining members I on and our Corporate Chief Chief Officer; Good several executive our for Financial year strong our progress. excited Andrew everyone, Officer; corporate Tim we're you Technology Chief Affairs. by the update had Vice Medical afternoon, XXXX thank call. Myer, am including

our how our will with and including aimed collaboration pipeline review quarter. we're start Andrew build a Andrew of sustainable to update an across multiple working on creating an each results advancing of discuss which is we're how Celgene. will for business, programs, with expansion Then the financial our oncology at Charlie First, valued a will medicine. transformative

up Lastly, Albright, working that, pipeline call let organization. wrap our talking Officer, about I’ll strengthen to Scientific over the discuss Charlie we're turn to our how me Chief advancements. With to the

Charlie Albright

pipeline, EDIT-XXX, to Thanks, towards and Katrine. our with been a start treat year medicine It IND engineered medicines. productive our filing. has our continues both candidate to LCAXX to ocular medicines, ocular indeed of the cell mid-XXXX Starting track in for portfolio a

we We With studies. the we’ve Ophthalmology. additional advance In earlier these that continue in build respect pharmacology, particular, further to In our Meeting the Research at we ocular Vision of would other that of EDIT-XXX humans. machinery to gene and predicted in safe that from results that doses amounts be safe levels at therapeutic a editing able therapy manner and of mice transgenic the week this is studies, Annual we our trials our support specificity to Association These well for expanded in tolerated data sponsors. to EDIT-XXX. required therapeutic caused in tolerable and showed gene pharmacology, were deliver package translational belief in presented immunogenicity and editing

using lack unbiased regarding off methods. of We the multiple also These showed and ARVO editing presented data biased at studies EDIT-XXX target specificity. by

developing own claimed medicines, fundamental claims. from authors widespread author's we In from CRISPR/CasX a the editing off of our that comment specificity, Journal to publication I'd of the of topic the effective safe briefly conducted specificity the ago, in manuscript retraction the regarding year target on CRISPR like controversial the Since is on by analysis specificity. Nature we're mice. a Methods, and While of recent piece

panel by that published administered a if couple explained study, the or or studies, Therapy that of Methods molecule topic. purported to X/X and call, primate were of EDIT-XXX on genetic using our for Society publication. Furthermore, we immunogenicity. non-human conclude collaboration study. the pleased CasX retraction low continued by prevalence, Nature FDA a will Gene of use Cell procedure were NHP we CasX a studies experiment particularly In based likely American a non-human controls well meeting off EDIT-XXX and primates. or preexisting tolerability showed to pilot have planned that weeks study In original the we on with this with are our that to the adequate the the tests. our of and the the of the antibodies advance ASGCT, XXX we discussed In our surrogate data we we these In by our we on lacked concurrently we study the results results sample from the agreement original variation. natural donors. in of duration present in that a work, of targets EDIT-XXX tolerated human research study, clinical at last In of this found of either We in annual phase a XX% found caused instead CRISPR/CasX the In immunogenicity were less

presence either primates the productive aureus casX in AAVX of impacted induced non-human preexisting editing. to neither or immunity nor Importantly, staph

of confidence pharmacology, Taken substantial our EDIT-XXX specificity, patients. LCAXX set in tolerability comprehensive and immunogenicity data us for together, give

is to experimental the USHXA. expect accelerate program USHXA medicine Usher common we human protein a These patients. to next in for USHXA develop treat for and [indiscernible]. our a gene exon biology diseases, data Massachusetts our in at XX discovery of present exon these provide in approach our showing We a the retinal data and this these the pair cause of the editing inherited disease. from transformative and ASGCT to that restores collaborators proof vitro single we're to vitro in Eye most at partially on lacking learnings type will developing for a XA, Ear base deletion of Using data our EDIT-XXX, Syndrome the approach on medicine gene Moving XX

proof by developing I'm for in vivo momentum data medicines load to concept is infectious cornea inherited week up disease for for the CRISPR reduced encouraged data earlier a cause this viral our the in In addition first Recurrent of the blindness our HSV, X and for we infectious at type diseases, to presented standard In our model meeting. leading retinal we virus and target. XX%. by ARVO XX% by lesions up approach of early rabbit simplex herpes based gold ocular to

experimental and patients. these by encouraged optimize medicine are these We results continue for an to

cell is therapeutic medicines. focus in other Our engineered

in engineered of there studies program interrogating Disease cell or are endogenous diagnosed generation collaboration are T working CAR Celgene tumors that its to the an disease solid thalassemia. Prevention, to are in to programs this medicines a acquisition XX,XXX using engineered targeting the we therapeutics, disruption have therapies hemoglobin and HPV. levels partner is ETCR, lead the range targeting year this the engineered each also In others enhancer our model of its cell associated Centers increase plus genomic HPV collaborate a States. our novel over which HPV Juno platform. treat We're durable medicine The cell cervical erythroid Celgene of of beta Following designed or address. broadly, in for T cases T with conduct head diligently to solid to Control year plans contrast of cell been engineered optimized engineered fetal for human for cell experimental to induce neck in According expression. medicine we T excited carrying to cancer. targets we editing papillomavirus gene superior of cancers receptor receptor and with sites cell on this IND-enabling unable are newly T United discover a More to for T cancers associated the sickle hemoglobin, medicine tumors cell high BCLXXA as receptor well lead as believe to traditional next

beta-globin present cells. sites vitro results making stem that And locus at the with regulate to medicine. of these on translate in will our studies these increase to progress exciting Financial All aim financial programs a into call I conducted human blood we building our review multiple all, turn findings, the to identified potently business I and editing mobilized fetal Andrew a discuss hemoglobin in and in good Based the the believe comprehensive that on that hemoglobin. will transformative pipeline gene that, identified results. the molecules Officer, ASGCT. a from region screen science we've peripheral In progress fetal We of in up our we’re Hack of Chief to CRISPR studies, over

Andrew Hack

summarize to we've how business today. pleasure reported quarter update the my and we the past to on It's over Charlie. financial Thanks, been earlier the building results you

medicine ability for role what and advancing T Since next generation cell and T roughly years endogenous an tumors, his and carries editing us for discussed, edit on HPV associated taking with the candidate the Cell our overall. ago leading alliance is program our cancer. quickly using Charlie an has advancing of industry's developed We Celgene to broader characterize gene As established together is receptor Juno we and active Juno, believe medicines engineered is Celgene acquiring critical engaged three the solid we've which partnership platform. disruption exciting a with

receptor to additional royalty three a the expand progress of our and in streams with have our addition has payments a to milestone engineered also Celgene the an in amendment combination our $XXX together, to $XX This have milestone milestone in this of to for Cell potential of to new existing Celgene. and agreement Celgene program. royalty and arena related our new approximately additional the we result upfront payments million million in stream As and a programs XXXX in we from payments result of tiered received T agreement decided

balance We more forward of to candidate medicines direction program excited the able on the on year. we this and and progress being these over speed of share to the are truly about look

Net to in well of million XXXX cash will press filed cash cash results capitalized issuance million. at XX, shortly. and increase Turning we XXXX, in through quarter be the equivalents million operations and Net totaled an and the first cash, the from $XX.X XXXX. XX, with net $X expenditures market of from issued includes $XXX million December our securities financing XX-Q in available of Form details of hour our quarter proceeds remain ago January full summarized $XX was have March $XX provided in to of million an million financials, activities release facility. X.X as very We in million by capital our used the in our marketable $XX be

that recognized Allergan to revenue the adoption to our million related statement, million of to we with the our million Moving both The receive. XXX anticipate affected income related our Celgene. $X.X reported standard collaboration going on alliance this with of be our ASC based cash $X.X recognizing forward. $X revenue, new standards, consisting from policies on of the will and We recognition Juno should of it and accounting lumpier we revenue impact has revenues Allergan actual to but technical has alliances, that no noted revenue accounting our make it approach adoption the significantly new

our substantial be anticipate we future changes to be In previous the new in revenue our revenue of numbers. specific quarter of in recognition order shift. the the under happened Despite this will visibility report impact to may into provide accounting, shift continue impact standard reported that this these recognized this more addition, to in standard how there of would in quarters, been technical We negligible. adoption have

the development our $X.X non-cash associated expenses research the Key with compensation, the process IX of items charge and and charge depreciation. and of income for million $XX.X development million $X.X asset statement, of IX in million of in income in-process $X.X of a include Pharmaceuticals acquisition. research development and statement $X.X include non-recurring million recorded down Moving million research stock-based

to least are excited for lie months that us current drivers funding ahead business. cash value the with believe of platform that our our advance of about XX position us at our and and provide pipeline We will

And I’ll Katrine. so to that, it back with hand

Katrine Bosley

by setting and appointment with our directors Mullen. build the to year year headway signify pillar Thank Jessica took goals the our our first of acquisition. first is goals. We further and the Jim steps organization EMXX completion five in We kicked quarter with made board shaping in these of of key class good additions you, we to out Hopfield of board Andrew. our and important this best off in A the

exceptional early Jim medicines board us build medicines from His seasoned Biogen as directors. joined and Chairman of as preeminent company. been CEO Importantly, will we transformative ushering executive He's biotech a commercialization has of experience in building research companies through of having and our invaluable both Patheon. be genomic the

the our the class first us the goal medicines from to The assets goal also board The we transformative iX best furthers our brought acquisition on build advances team saw and quarter Pharmaceuticals. our to and develop acquisition when both meaningfully for first complete in organization patients. talented

you we that, thank your for interest and period. question-and-answer up open to will And As it always, all of we with support. Operator?

Operator

Our first Kasimov with of Cory comes the Instructions] line [Operator question from JPMorgan.

Cory Kasimov

guess wondering if can to, target, more technology you existing I for it you an maybe expanded provide it what can you level clinic there's terms there? regarding for you thalassemia bit is ideal And more had have or your one upregulated what more cell on this do is hemoglobin? in how beta I collaboration, first is the from another relates little of do any and program, the Celgene fetal is it detail a the of was provide an detail sickle you I then question think consider second far target

Katrine Bosley

Sure.

Andrew speak question So to Celgene the I’ll first. ask collaboration to

Andrew Hack

that that thanks really agreement sure with program's move that We're of important and Cory, is wanted but product this say going able I and it that elements the to to go program, the reality. be right is gone sure resourced make our can help Celgene. we to make fully the that what think question. the Yeah. we're enabled about excited to well a was extremely can to our and in they of expand the a We they our fully detail to intricacies not we and quickly and for lot all want do we had and be to collaboration into

Katrine Bosley

the IND But that to on course. to the do want thalassemia we’ll you talk we With regard bit about Charlie, about I’ll due to little is biology. with And intended the timing question, beta our Charlie ask biology? timing, yet regard disclosed talk haven't to a in that, do what the

Charlie Albright

program feel on medicine. our about differentiated excited to address to and the really the beta a We're Yeah. path like we’re

tell We are much our of disclose which need us be. with basing there's our of But in biology targets want wouldn't criteria. to the program lot I our human to on details the how regulation you a to up

Operator

Barclays. from the comes of question next our And with line Gena Wang

Unidentified Analyst

in to impact to actually is doesn’t think outside the for Gena. present the on you a your dialing update CasX, ASGCT what’s pre-existing the it I your any This like in Maybe mentioned is, me. organs Do One second from immunity the is regarding couple situation and [indiscernible] you efficiency. AVO the is that editing gene view think seem specific, eyes report, that? is question Europe, this IP regarding about there in the the

Katrine Bosley

to includes have parties an a steps the is IP ask portfolio, to This touch oppose there the you of which data I’ll procedure talk I’ll immunogenicity process. Then, at the was, Katrine. based about is appeal ASGCT. broad through and very the property, we European Europe earliest our for hearing Intellectual know, for question issued opportunity there were Sure. on Charlie Then some have them. a there then specific they recent as the is the way multi-faceted process. that been normal working patents, in third

So earlier we is with and sort US been European from was it -- the outcome quite this process, – process. a the has that know, an as appealed, the year, different it’s hearing all of now

have oppositions through of that that some and patents who go parties And before out. all take same all time process that plays of so will will kind it

of confidence want so as great work? to rest Charlie, talk our doesn't deal in one about the reminder, the on turn to do whole. quite a the bit any and little speak. really cards a do immunogenicity we you a a is multi-dimensional have portfolio As portfolio of It

Charlie Albright

what by immunogenicity we species. looking the part Sure. We're CasX mentioned, encouraged of obviously And we're to humans. medicine on low in find at happens people, finding translating antibodies and things really this prevalence a other we're as the primates non-human And the front. example of into preexisting as we for in

immunity said, an don't so we editing as preexisting CasX the of eye. either by see in And on or effect we the induced

speculate like all or is on not choosing be to see felt part would eye expression but of we to and what of out one reason of the it the other in limited of good tissues, our there premature might the So went strategic we rest body in that be because terms part of the was would a programs. on compartment that’s might choice

Operator

Morgan question Stanley. And comes our next with Harrison of line the Matthew from

Vikram Purohit

Vikram is Matthew. This on for

data question presented EDIT-XXX a the at ASGCT. to about preclinical be had we So

package presented the you could us entire preclinical going could presented, know going the data you that that data So let be also if that's be give if as what's would if is to of specifics some be to helpful. package, to us and

Katrine Bosley

little Charlie about So ask a talk bit I’ll to more this.

to meeting. course the presenting people have of pharmacology into we're such, at of we data, sure as than the knits IND that will quite that course, seen and data you’ve are want because we any a just talk not how bit any we've other the Do beyond package presenting more done abstracts meetings this for And at here, but of what includes Of together the work that presented lot have there? probably and well, set itself but elements what fulsome meeting, drug. presented meeting. the of a story we've itself understand to course be presented the more will help of to be do little you a particular pre-clinical be want about to I'm will but data at

Charlie Albright

give suffice can’t the the on to going we not the the by of meeting, scope we're embargo And this And data package it’s on encouraged and as of beyond and Katrine by what the but oral and platform really due we're talk to tolerability the that details additional there's and presentation. lies so present program immunogenicity data of just we say, data entire a are that data. Sure. encouraged for behind all to much said, that is the it of any

Operator

And and from our Company. Nadeau next Phil Cowen of line question with the comes

Unidentified Analyst

actually to Hi. Mark that CasX talk have antibodies relative then This ultimately public seeing bit the at non-human we the that you last should is humans. able what a and in are against June versus meeting RAC studies in talk Can the about And to to have still occur observe you you [ph] – you meeting? a up? for primate Can that titers Phil. on expect are question, that follow you maybe little of been expecting

Katrine Bosley

on touch We I’ll So part being anticipate of the of do RAC meeting. question the this RAC process.

and has think with and I speak connected make said talking need to case. just antibodies, The with are to to before when been public explicitly process to we’ve the With an the that but in another, be we're very both that expect you to can regard I’ll ask to to to folks us RAC we'll And Charlie. and gates initiate passed if have Charlie specific levels. I be along process. when set, that. remind want continue has runs a roughly date They're is that been one in date certainly that all low sure not humans that about set. to RAC that, parallel you trials IND a aware of will all

Charlie Albright

Yes, exactly.

disclose titers -- the here. ASGCT the that because Suffice less it are of one be very and pre-existing by lower don't the the than to details publication, to low either. appropriate details antibodies we into seeing them. presented to And go XX% be was not in that encouraged high going are again, say, The all than are and we're so they is at prevalence much want to I wouldn't

studies, have like encouraged encouraged fact immunity. by the any equally we're if seem primate non-human preexisting we’re by do that they So that they in make difference, even can don’t those, they

Operator

Lawson Instructions] next with [Operator question line Peter comes Our from of the SunTrust.

Peter Lawson

how points really in approach to post Just ASGCT? your question data cell, thinking your that ASGCT kind be we of and to about or at and the adds sickle around a beta cell should how

Katrine Bosley

everybody I to definitely Yeah. be going ASGCT. think should

data us this to sickle beta for meeting important our have coming an and we cell it's -- approach, why regards out have fair prior about we and a have bit shared talked have little With lot doing meetings we've that's there. and of cell we of a in We at amount certainly a in been about area. work this the data the past

aspects editing the we and certain yet today are to -- are of ASGCT there novel be to haven't not sake superior approach compared able are others can to we say we what in With what that to field product because but think the take disclosed. novelty, essentially regards I a working the meeting, field advance the we to hope of deliver as just doing, are for in profile. in a

at meeting. that's can will that's what our tuned the you Stay been imagine. story as an goal, towards. the we probably So we're evolving working It’s and share data

Peter Lawson

all then on or of just -- process RAC needed still question, do committee the committee of the for have And in the the data gathering to are that back kind you data? you a RAC

Katrine Bosley

and the The a RAC of IND data comprehensive process the bit together different RAC an IND, – feeds also it intersects for the the one set, more essentially that process. itself but is that pulls it's is from IND data a

the different So it's is slightly different. somewhat and not data, while the inherently is there different cut process a of

look, task, – what so critical it any to case thinks totally understandable the of, of making and completing the is critical those often drug as the IND clinical the that's for get what’s question question too. material, tend the other kind parallel for new run pre-clinical in critical of those completing us of the trial boring IND, one path candidates, tend a medicine, as being of to is part promote sort So, for us because we the and it's part answer

does finishing IND we the that IND RAC the process. support the file and do yet, we're work also work but support the the So really to

Peter Lawson

all so And the ASGCT? just I out there, at anything XXXX, guess tied coming really attention be finally should

Katrine Bosley

to that. to going our Technology Officer Vic ask actually to I’m speak Myer, Yes. Chief

Vic Myer

Yes.

that about Boulder So in with around site we we're [indiscernible] to our work our do talking analytics. going be

Operator

I'm back no turn And remarks. and to showing Editas to further conference questions I'd you. over the Medicine for like closing Thank

Katrine Bosley

Great.

we all for So to a great the patients. call we transformative again participating support your to in with thank for you and Thanks work evening. as that, of medicines today bring and have

Operator

in great for This thank a the Ladies Everyone, have you gentlemen, disconnect. conclude day. conference. and today's and may participating program you does all

Editas Medicine (EDIT) 3 May 182018 Q1 Earnings call transcript