Editas Medicine (EDIT) 8 May 242024 Q1 Earnings call transcript

Good morning, and welcome to the Editas Medicine First Quarter 2024 Conference Call. 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. I would now like to turn the call over to Cristi Barnett, Corporate Communications and Investor Relations at Editas Medicine.

Good morning, everyone, and welcome to our first quarter 2024 conference call. Earlier this morning, we issued a press release providing our financial results and recent corporate updates. open call website available its approximately prepared we today's section the completion. After of Q&A. remarks, our for of X will replay will in be Investors our A call the hours after

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

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

Now I CEO, O'Neill. our over will call the to Gilmore turn

Thank Lucera, First Officer, Thanks, of With Chief Financial Strategy Officer, Officer, morning, joining Chief good Officer, Mei; everyone. Deardorf. on Medical executive Chief Baisong team, Editas' Caren Editas our Linda our Erick for our the Scientific Christi, today Commercial today are Quarter and us Call. Earnings members Burkley; XXXX you me and X and our Chief

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Mei, Chief Baisong our to over Medical Officer. call the turn will I Now

Good morning, everyone.

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trial clinical call, aligned is trial BLA. I/II/III February earnings with As RUBY we FDA a that shared we the Phase now considered for our on

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Now call Chief over Scientific our I'll to Officer. turn the Linda,

vivo be about progress this to will everyone. vivo curative strategy genetically our good and a an more take with like Baisong, believe history in transformative disruptive morning, our in remind you in be medical we to why Thanks, diseases building pipeline. with to to medicines outcomes and morning the I to to potential for durable a would vivo moment share determined talking address in and towards development happy patients. you details I'm

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of will the differentiated treatments of therapeutic that have standard give development a advantage of will from current clearly editing it that leverage unique said We are we modalities. that CRISPR target care aspects and that first over other the

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

morning, to our property you, be I'm to happy Linda, first on you, business intellectual the and Thank excited speaking for results good updates development quarter and to achievements, financial everyone. of and XXXX. provide I'm

[ First, Squibb regard we alpha-beta and March, and the ] a T develop Gilmore to medicines development, collaboration to cancer of commercialize with to Bristol-Myers autoimmune for allogeneic in cell business and X-year autologous diseases. announced treatment mentioned, in extension the research, as

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experimental Bristol-Myers pay Medicine Squibb into milestone [ using medicine opted editing Editas Squibb develops Bristol-Myers new reminder, [ that future ] tools, for commercializes each a and ] As genome will payments. potential

also Medicine approval on receive tiered any to is sales. Editas the of Following royalties from products collaboration, resulting the eligible net

oral the U.S. for are and Appeals future be the CRISPR/CasX has patents proved the to We yesterday, regarding that access we gene mentioned, arguments in were partnership are Federal the editing. for that a of Gilmore held partnerships PTAB's the pleased for and before Circuit committed will and of our in involving advancement appeal as IP, the continued Court productive Bristol-Myers editing to of collaborations CVC's cells. human collaboration allow And decision

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will case of the confident second half on decision a expect prevail. remain in We the XXXX. that broad the We again once

press our discussions. And release evidenced by forward our today future issued you financial for X fourth summary the in as for look international of quarters. majority by development and represent few foundational meaningful to with more CasXX in deals a value there to I'll by worldwide, the to as to programs than for being IP believe items of XXX quarter. a programs that this non-dilutive review are we patents and of the medicines companies. We our take of of first covering human source portfolio globally, in runway opportunity these like potential of CasXXa a deal capital refer briefly a the are I'd the our CasX quarter extended potential material XX developed used now source believe XXXX cash XXXX. quarter earlier U.S. Our of CasX We that results

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

the wholly XXXX. first and We assets the and compared XXXX XXXX. Revenue our operating of securities, to first expenses under Editas related of programs first in support obligations. expense incur attributable to million sublicense continue initiatives the and related were the costs This million for Vertex in a types financial advance the into The to the as increase fees service remains fund reduced expect quarter contingent attributable runway the for marketable our and payments million existing this near-term certain the is the to payments with BD oncology payable space. G&A agreement in $X.X expenditures XXXX these license upfront cash quarter patent and as by quarter XXXX The expenses increase together to a which equivalents with in into for decreased capital will to annual was of progression of well and payment million XXXX. 'XX. onetime $XX $XX collaboration our period license $X.X same of to in The position. quarter strategic increased also relates quarter from activity to company's program. million the to related million, additional clinical $XX $XX primarily first licenses. R&D in XXXX, reticle January strong and license IT company's and decrease Editas cash the manufacturing that expenses to XXXX and as sale owned gene development is onetime relates business activities continued license expenses and decrease editing of the professional onetime legal our our we partners of and costs. With

support advancement opportunities. With for leverage ample pipeline development position the have the our strong to hand in the Reni-cel of back We call progression IP Gilmore. our capabilities develop will continue vivo licensing and program business that, I our additional of resources to to our and

XXXX. continuing to to are and in accelerate look quarter the the progress of our first XXXX, forward in momentum proud we We of

commercial-stage sharing continuing transformation look our As from you. company edging gene platform forward development-stage progress we our company. to technology and a with We a evolve into continue to

of Reni-cel, strategic reminder transfusion-dependent the thalassemia XXXX will a sickle objectives, beta a in disease severe the clinical trial and edited provide update trial XXXX. year-end RUBY from As for for our we and Reni-cel for cell mid-XXXX

We completed cohort have adolescent in adult enrollment have the enrolling now the in started RUBY. cohort patients and

both dosing also will We and enrollment in trials. continue DL in

portfolio our complement an robust of editing For for we leverage capabilities. development technology we will capabilities value in BD, concept proof in drive will business vivo for and establish IP gene undisclosed our indication. And pipeline, core vivo to preclinical and

in XXXX this the As we significant all commercial am X clinically and shared and including towards our today, of great people with intellectual strategy of company entered development, progress Reni-cel, differentiated Editas teams we proud untreatable momentum, living property. We making I significant on are and on previously progress including business with for quarter, pillars becoming developing serious diseases. a vivo transformational stage medicines

we corporate Editas, caregivers, you. you. objectives we're much partners employees, support for answer very patients, not and could always, As without achieve Thanks investigators, interest our our your questions. happy of in Thank to and

question first We Citi. Semino will a now Instructions] Our question-and-answer be from Samantha comes conducting from session. [Operator

I'm of of you're in wondering about bar the proof for success looking you're be concept program? what and your this that expecting in this the by that for vivo pipeline end year. the would

to Thanks going Linda very address that. ask I'm to Samantha. much,

to of looking for will concept this of that ability vivo proof preclinical confidence in editing We in targeted in are our delivery for give target for the interest us target high interest. our efficiency and POC

information be We future on this a at date. Thank you sharing for more the going are question. to

Tourist question Securities. from from Joon Lee comes So next Our

a comment approach to example, the the the in collagen peers new is of for is allow progress. recombinant your many also able interesting disclosure of a large starting implies Does in tasting. developing sort coding update some to out ], [ your ] of the your identify the are -- it vivo question of [ size are mediated of for that on matting on whether your recombinants, on serine aspirations? some Congrats call plan which and many you regarding DMD to sequence dystrophin, for insertion An

very Thanks going much, have Jon. I'm Linda. to

disclosing we're that about excited We're here.

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Kate comes Davis Bank from ] of question [ Mary America. from next Our

looking Looking guys at program sell update any the are to sell you how the compared here. ready the update here, at year-end midyear

look and should what efficacy patients progresses, moving follow-up treated of safety As time forward. in from for we terms

that is take Baisong one. to going

middle XX XX feel exposure. With ] So direction data of fee will the of months meaningful months another at of for increase very global events. the patients that, the X perspective, RUBY them and on have for XX of to and in the X efficacy longer, have of impact [indiscernible] the is with XX and exposure this XX X but globin globin, data this X of we year expect months to from an to see not the X And X will and the we of release, least patient exposure, increase the to durability normalization example, to only have tourism also plus study study. XX-month [ [indiscernible] within and

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So better. that data to substantial help more understand us will [indiscernible]

from Baird. comes next Allen Jack Our from question

comments Congratulations progress dosing I hoping to with on can color cohort. know program. cohort commented relates some the very to pivotal with on and can the on stay fully you you've to of patients the the adult it provide therapy, would I'm but size the provide team you regulators those going all as of that have was cohort the being I the helpful. Reni-cel agreed any to enrolled, received other be you've

maybe Thanks color very give Baisong, little interactions. a pass much, Jack. it I'll then and first to regulatory answer part to the more

approved have we're very We is X actually the least of that because in enrollment, adult not therapies. obviously the completed about, which context excited

program our a advocacy patient health investigators very sites really groups. his reflection described, indeed with it So and and increasing of found has conversations enthusiasm care providers concrete indeed, enthusiasm to with and visits that the is about [indiscernible] with

just to patients the those might at give for Baisong, color, progress further a share maybe dosing of think, we'll want already with regard more there. dosing, on updates of the I many scheduled regulatory you to you little and have a And later We date.

Yes.

a shared on of I/II/III alignment with regulatory, have FDA sample study the that we Phase design study also file. BLA as And have is the RUBY alignment and for duration we that. the we study For that size,

we have about further on So continue to program. the this discussion

next comes Gena Barclays. from question Our from Wang

If very may, quick I X questions.

ASGCT But look your for read bit. And the we a approved we little into should therapy also glaucoma? when presentation for First, ] at I you [ second, current know genomic in mentioned sickle What still patient cell, VLV is look key we think have factors durability relapsed potentially XXX% a with we events. do into differentiated the with hopefully you XX% for that the should controlling.

ask part I'm seeing the ASGCT to Linda question, can around Baisong going durability, to about handle then first and of the today. your talk we're

proprietary ] glaucoma showcase to And we studies to vivo those open-angle of conducted proven in editing to Primary capabilities our editing ability really demonstrate preclinical we ASKs that gene components: of gene able, [ our and not our in that, are currently enzyme, with to studies is those high were to of indication, we our modifications area vivo but respect capability obviously XXX X because guide through enhance nanoparticles and intensive with need. deliver an our pursuing cargo, potency. very a lipid unmet POC our while vivo editing

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[ for up the I will ] sickle the patients. about cell BOE take on question relapse

entire the including the I approval treating sequence want I field of disease, of effort recent the congratulate would the X for to say, molecules. First,

with the we collect cell improve continue is sickle the transform to continuing of we see all of continued clinical still that are treatment for we effort patients. With and I to disease so Reni-cel, think the data. us, and And will what

-- Tulpulobian normalization correction [ of expect I different the this only the a with is As competitive we differentiated mentioned, ] and not of [indiscernible]. molecule. but

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Mani from next Our Partners. Foroohar Leerink from comes question

on This CJ for is Mani.

is the are just monetization you with about Ours Vertex how thinking agreement following opportunities? year, future IP last

to ask Erick going question. that to I'm address

and potential licensing we well important as view royalty future very the the activities as nondilutive of we and Obviously, monetization capital. transcript, in source said

As everybody's we as you foundational And soon projects to conversations CasX, have about in can. as which those we with XX. are applied know, IP as are to these expect in patents folks just

comes question from next Brian ] Our JPMorgan. from Cheng [

the Can midyear, latest the on sickle you regulators on us be data you're productive that discussion any regulators timing with around would a holding your the conversation appreciated. ; thinking timing of and updates remind of holding just with and cell, present just going what's given to color

to to ask with questions and the regulators. data which X that about in is discussions integrate Baisong the of what I going about I'm how of talk our with year sort middle they really, the your think are

Yes.

part are with So we're we the is Brian, very to and much middle good year of set as direction I also mentioned, us which will pleased we get data to the data going how for release data engagement. and to the in substantive and give have, example, a and GB for amount about regulatory We're example, filing, Cash happy see is then of right? So of that. outcome thing from patient [ the the the the one very BLA that's other And the to equivalent have ] to data. the

then support III with have POA have line and engagement As I mentioned, to we Phase of continued we FDA. a this the already study

help We unmet the have designation details agency. not a which all and of and to high-level course, yet. opportunity review And interaction disclosed have give the reminder, of a interaction with But have we allow priority rolling for also as this, agency, us with submission. frequent potential but us with interaction

very FDA. So with engagement to the continue collaboration and on direction. we're have We'll excited

from Schmidt Fitzgerald. Eric from comes question next Cantor Our

that like who centers to the enrollment product in Editas number approximate maybe driving I able have it study Are give trial you in talk over patients despite the able the then in And progress been of the to you've the availability experimental progress. just on cell make wondering others. the are RUBY what's with and pretty a to enrolled bit [indiscernible] available, sickle sounds disease? decision both little good use commercial about Baisong of therapies. therapy that commercial could at was if cell cell

obviously, so update in commercial the build on of in a and why set doing ] [indiscernible] on we're therapies being target you then context even [ our available. for cohort with enrollment our clinicaltrials.gov us the of well Based perceptions on his trial

the are Etalcohort now cohort. for ] in more We those all very XX give visit pleased we in on then I'm the to than the on And believe we investigators momentum enrollment size. the enrolled there, And feel is and adolescent the we working to both slightly of data continued and by the February, mentioned, sickle that the sickle entire cohort, share also with we been Reni-cel cell our for [ that shared patients increased now that they therefore, road time credit lesion a the based Then patients. based in have at the cohort, multiple very the that. -- on that. I with study the at the this the And cell closed disease. for direction we I on We actually already patients a and of cohort XX we in approved interest also the is X on the MOA, for therapy I field, gene the pleased have the We're gene one the really enrollment. And modification enrolled with experience. year. started beginning as therapy

so, enrollment, or we our how see release over Reni-cel last really that for we momentum we year especially that's great So data. see after the

Our Olson from comes Company. from question next Oppenheimer Jay

talk you may have And data milder there any new about Bristol? with on that color Can talk conditioning new triggered on the separately, you of any extension that there done timing work on the about agent? And data the seen? is progress. new Bristol a then you've Congrats collaboration? all the what can developing some collaboration Was

want BMS. continue I what address space. our say just going we earnings. address Erick the We do can to is ask the at that question which to conditioning, What that monitoring do want last I is the talked the Well, to to I are about

significant stem and context Erick have including We I'm multiple academic actually just just worlds the where and including across the be vivo cell being universally rationale that have and deployed in we therapy around approved. our universally It a about to going field. focusing transplantation we developing is the talk adopted on cells. The nonacademic But transplant in miter to centers really resources see would that hematitic to that internally paths. And BMS efforts for with in conditioning to indications, our used stem our deal. pass pipeline, actually that,

I'd out the them that. renegotiation or X move review, respect the With and data, to portfolio recent a press something of to you timing. of on we the update working that say we're [ the are you with would past respect and put see to recently a that ], forward. the obviously, all of pleased a that give to on ago, extension, are we Bristol-Myers know, release timing an completed in projects like continuing very as week the the

think that most of I I which I think mention on pipeline specific -- R&D products years, fact we done we're their September, X last anything would their technology. several they're about discussion it to the in highlight would seeing at programs those X programs. in first using was leave talk the they our Day them to chart, that recent did they've which

to been meeting that has reviews. R&D the their survived But has to that disclosures a update get an with This very mergers about are us. work working you refer doing several and partnership that several they're would portfolio with we excited from them. I So on

So we're very what we're seeing. excited about

Our next TD Cowen. Neto from [ from Phil comes ] question

on Phil. Alex is This for

do So endpoints those could any if assessing data? the levels so, given in and And total trial? And might RUBY maybe expect to between the organ hemoglobin function plan you like? we initial organ association function, when basically what quantitative look utilize and

address ask question. I'm to going to that Baisong

the look function. end We organ We organ the system certainly major have improvement. function measurements monitor for several to the into

function, we on check to [ and cardio have pulmonary other echo the these measure looking also risk the talking example, And function For to the cardiovascular you're lab with measures system. to rated values we're ] system that only different not monitor we liver too.

So looking of the end the behave that to treatment. after data we forward are see function more and understanding may more organ give us on

function but also, C-cell last years, about Just And and course, a of may already still that able the see is impact to the excited publications on correction that the improve only cell not reminder end in the other look the after over anemia into more of in that patients, be be sickle terms on and to how our as looking you to treatment. specifically, this, function study we and of anemia, in right, fairly we publication that literature transplant and also very that. But sickle couple are this how areas to direction we allogeneic cell treating this the to really forward as we're given field function own good just some ourselves, honest very organ new, see well field. of

from Fargo. Zhu Our next comes question Yanan Wells from

in How on targets was focused product any that whether wondering first-in-class differentiation not hoping was sickle kind achieved the hemoglobin the on much current on thinking et wondering, I treaters out perhaps transduction And on hemoglobin sufficient. and differentiation cetera. push first-in-class normalization. to efficiency, total have that you specificity feedback first that of of you the on marketed have differentiation or hesitancy from perhaps the of but vivo targets, or I cell there. by side, had are a and there's level So of is back

Linda So going I'm of talk first-in-class regulation. the then to to I'll with total differentiation and and approach ask or about talk would differentiation that we ask approach of function hemoglobin, just about where clear to to to our our see Baisong

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in our focus where is. and an Linda, vivo [indiscernible]

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Luca Issi Capital. comes question next Our RBC from from

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Our Raymond Steve next question from comes from Seedhouse James.

will extent ] the To Cortex into you that out a to [ centers actually be infrastructure question. authorized able the CASGEVY existing for EDIT-XXX treatment is building We This already is plug launched? had Nick Steve. longer-term ]?And on for what [ can leverage once

Caren ask to going that. address I'm to

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thanks for question. the So

from Allen Jack from comes question next Baird. Our

treatment Reni-cel of case when number we cycles on the just process? little more to bit more in in provided how I might manufacturing the of process. the apheresis color efficient the editing to hear you Have wanted you more and time about allow as one to and and the may relates look on it ask differentiation be efficiency a any

So ask to I'm going Baisong.

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Our from comes from Mani Leerink next Foroohar question Partners.

previously to about optimizing Kind process. perspective? could to of from either ] be us logistics both Would talked last walk able to you similar [ through advantages the question, you operational the hence vein main how provide

I'll ask Baisong address to that.

factors. and that we get are working really to together optimize study from to to process size this process. coming -- multiple happy that this the over Yes,

]. factors One mentioned of the just is [ biothreats

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venue before as time. third that we sickle Reni-cel that fact we can and And are have they impact BOE [ disease. patient multiple condition also treating know is the cell actually treatment, severe The year, the ] can per the

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certainly we'll a And talk later so that and that, we're working time. on hard very about at

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

now disconnect. You may