EDIT - Earnings call transcript Q1 2020

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Operator

Good morning. Welcome to Editas Medicine's First Quarter 2020 Conference Call. All participants are in a listen-only mode. There will be a question-and-answer session at the end of this call. Please be advised that this call is being recorded at the company's request.

to of call at Finance like Mullikin, to Editas now President Vice and would turn over the Mark Medicine. I Investor Relations

Mark Mullikin

our for call. operator. quarter providing issued our you, Good and everyone. quarter release welcome Thank corporate of results updates afternoon, a press XXXX first this Earlier to conference financial morning, the we And first XXXX.

our of after of on open for the Media After section available its will call hours Investors two be our remarks, will today's approximately the A Q&A. replay website we prepared completion. & call

As Act a Harbor expectations, Safe during the XXXX. of for reminder, plans various call future the Reform make of provisions remarks under statements that company's forward-looking purposes this we the and Private constitute prospects Litigation about Securities

indicated most those the discussed on annual of forward-looking from may as statements materially our result in Form including the which Actual on results of various recent differ factors, section file by these with important is SEC. report XX-K, Factors those Risk a

In only or disclaim statements, should change. as law, as if as specifically represent by any as to upon obligation subsequent of our forward-looking our of representing required views addition, be relied and date. not we today revise Except views statements any any update any forward-looking even views our

I turn Collins. over the to call our Now, will Cindy Chief Executive Officer,

Cynthia Collins

quarter for XXXX. you, you, first us for joining Thank of corporate thank our call Good everyone, morning. the Mark. update for And

Officer. and am I Robertson, Mark, to Charlie Financial our Scientific addition by Michelle In Albright, Chief our Chief joined Officer,

The priority. thank face I The unlike of our the unprecedented a COVID-XX partners employees, and started the our their in This in safety company. them And world first patients our challenge quite resilience always out and for is to other of adversity. is has want for year modern times. any outbreak for

while while restricting policy them implementing We have employees, to and essential to lab for from a on-site employees. work home with disruptions. safe, measures public consistent includes policy business office-based and minimizing manufacturing keep health guidance taken activities This

and our successfully to We are conducting to frequently meets advance much that continue objectives. team ensure executive business our business virtually, our of we

our discussed We track, this timeline, be impact. on we uncertainty programs situation call. largely have and clarity to does to updates unfolding additional which The able potential the provide increase the further on will risk will we as rapidly been although keep further gain on is

to for medicines Now, significant of review in most provide a a historic clinical additional to for administered I color a for CRISPR in our first a Since importantly, of step promise was trial And ocular moments. landmark BRILLIANCE to in and LCAXX. lives medicine will the a transform lead disease. genetic the the EDIT-XXX, is Charlie patients of last in our the February, people on patient potential event we few the with we medicine, science, with for business. devastating of CRISPR it spoke for with this program trial the achieved turn milestone and a on vivo delivering This diseases. treatment is living will

in ever first CRISPR engineered equally for about hemoglobinopathies. differentiated, the excited vivo pioneering and pioneer to medicine are we we cancer as medicine, thrilled As are cell

priority novel candidate of cases We medicine XX% of a approximately allogeneic for solid IND-enabling cell for an represent company. for treatments recently which the tumors. NK EDIT-XXX, our cancers, studies healthy-donor solid initiated treatment tumor Advancing is oncology key for

from first to to transformative efforts. oncology emerge our EDIT-XXX expect the be medicine We

an track to for For We file remain IND-enabling hemoglobinopathies, IND studies cell by we treatment potentially toxicology are the best-in-class sickle medicine year. a for of on of this the conducting disease. end EDIT-XXXfor

as organizations, we as Clare April. I us to Chief She deep biotech in over, call to in before officer. Editas Editas will pleased Resources Finally, experience in continue brings medicine. be Clare grow building welcome am Carmichael as Human the I genomic instrumental leader turn to the joined and

me call Officer, to our to Albright, Charlie pipeline. the discuss Now, Chief turn Scientific our over let

Charles Albright

my It's pleasure Cindy. the all to Thanks, join call of you on today.

with our strategy. we along patients partner the March, announced early vivo EDIT-XXX, clinical of first treatment trial, treat first the LCAXX. therapeutic start medicines, to the our with pillar the In in Let's of Allergan, editing BRILLIANCE in

from As patient, a the to efficacy. continue. that the study endpoint reminder, the safety has review the of on safety to been of endpoints BRILLIANCE of first report the weeks assesses tolerability of secondary based measuring pleased a primary EDIT-XXX, the data first and cleared six We're

dose to the of complete plan one cohort in at dose the by mid We of patient dosing the dose to adult least and end year. cohort low adult this

up you COVID-XX including date activity. our on our keep potential will on of enrollment any progress, We to impact

next the our Usher in of EDIT-XXX for Syndrome EDIT-XXX the study ocular studies. EDIT-XXX, program Preclinical XA. is of IND-enabling treatment vivo supports advancement From into

delivered our for of development. part alliance potential As EDIT-XXX and package data a strategic Allergan, with we've licensing for

IND-enabling may studies We expect by which the after begin. third Allergan's decision quarter,

X, dominant third pigmentosa RPX, medical need. addresses or unmet our ocular retinitis significant program On autosomal a

While due need eager next medicine, practical. COVID-XX. the we've candidate We as to this make advance to delay program on every the candidate a as soon year to a to of staffing declare we reprioritize substantial made development remain effort will to progress and this by we'll declaration caused

collaboration neurology programs to vivo this AskBio continue say program we'll our also later more editing with and year. We in about to our advance have in

medicines, the Switching to other cell strategic engineered pillar of our strategy. now therapeutic

are activity meeting track an disease mentioned, our for fourth medicine an quarter. hemoglobinopathies cell begin filing on are for will sickle the potentially Preparatory for Cindy underway. IND year. And Site EDIT-XXX, selection As in the IND best-in-class this investigator remains supporting for we planning shortly.

other is in found genetic cell beta mutations patients that sickle by editing is mutations locus sickle the the locus. are contain hemoglobin derisked at beta-globin EDIT-XXX genetics causes beta-globin the in In sites. located. mutation directly since that locus disease We elevate with that humans hemoglobin some in human fetal globin where believe the contrast, elevated fetal edits cell not

all red blood superior including In fetal and shows cell addition, preclinical EDIT-XXX reconstitutes lineages precursors. that induces data hemoglobin, blood levels of

For remain treat the patients. advancing reasons, about we these EDIT-XXX disease to cell clinic enthusiastic into sickle

for growing company, medicine initiated an no apply solid we extend these area off-the-shelf investment that Finally, first can develop cancer that options today. medicines NK studies significant to gene patients to for improve that treating cell the recently of believe dramatically effective available EDIT-XXX, our patients. moving these NK to editing medicines cells is tumors. for will allogeneic of therapeutic We oncology, and we have lives an to the we them hope EDIT-XXX of IND-enabling and

make more with excellent progress the to pluripotent about changes efforts cells from to NK genetic produce later in say continuing multiple We're these stem induced our on year. We'll have to program cell.

will the Financial Now, turn Officer, our over I Chief to call Michelle Robertson.

Michelle Robertson

results. pleased call on join I'm to company's Charlie. the the to present Thanks, latest you financial today

and securities to of million cash March marketable $XXX cash, XX, as decreased XXXX. XX, XXXX, from December Our million of $XX $XXX as equivalents million

cash of in totaled non-recurring operating adjusting operating and were Cash expenses $XX include our QX, working expenses million and Our capital. depreciation the uses million. approximately quarter cash After stock-based million. exclude of $XX compensation payments cash for in changes in $XX

million. expenditures Capital the $X in quarter totaled

grew employees employees XXXX. XXX approximately increasing of to the the XXX at XX%, our size We organization end from full time by of

XX months Editas strong with more runway of the a business. is in position than fund to financial

sheet. in our our to to diligently grow while remain the strength company, the order maintaining expenses managing we committed balance Further, of

hand that, I back will Cindy. to with it And

Cynthia Collins

this has crisis of the Thank and brought The global operates. way changed year company every Michelle. beginning in that you, unprecedented Editas other

persevere confident are strong We dedicated times. will employees our trusted and that difficult leadership, partnerships these during

together confident strenuous The that And development biotechnology and we will has pandemic. global under community healthcare I circumstances. and always am progress overcome this emphasized

programs Editas we times neurological a revolutionize the As blindness, to remain of cell company, genetic incredibly about ahead. treatments sickle have disease and excited the cancer, potential the conditions.

gene in medicine, only with but first getting our work patient this CRISPR Earlier treated editing we vivo year, started. the ever an is

are expand indications, on gene technology. the to extend We promise new of our deliver CRISPR to tackle targets we reach explore the as working platform and new further editing of

We look journey employees, of broader clinicians, continuing this to forward to patients, investors. the partnership and community in with forge

you thank the continued for Q&A. of your we for up support. that, operator? interest We and call will open all With

Cynthia Collins

Great.

in call patients. for thank all we and we medicines your you new transformative bring for So, to with to as support participating that, work today's

Take safe. care and be

Operator

you Ladies for presentation. again and Thank participation. gentlemen, this concludes once your today's

now disconnect. You may

Editas Medicine (EDIT) 7 May 202020 Q1 Earnings call transcript