One of the leading gene-editing companies on the market, Editas Medicine (NASDAQ:EDIT), reported its fourth-quarter and full-year financial results after the bell Wednesday. While revenue was higher for the quarter, the company missed both its earnings and revenue estimates.
As an early-stage clinical biotech, Editas doesn't have any products on the market yet -- it derives all of its revenue from collaboration and research agreements. That revenue came in at $12.3 million in Q4, more than twice the $6.1 million it reported in the year-ago period. On a full-year basis, however, Editas' revenue figures don't look as good, having fallen by around 30% to $20.5 million from 2018's result of $31.9 million.
Editas reported a net loss of $37.7 million for the quarter, around 50% higher than the $25.1 million net loss of the year-ago period. However, with approximately $457.1 million in cash, cash equivalents, and marketable securities on hand, the company remains quite able to fund its operations for some time.
Wall Street analysts' consensus forecast had been for fourth-quarter revenue of $50.7 million, significantly higher than what Editas ended up reporting. Earnings also fell below expectations, as analysts thought the gene-editing company would report earnings per share of $0.13. Instead, Editas reported a net loss of $0.74 per share.
Editas is working on a number of treatments, but its flagship drug candidate is EDIT-101, which treats an eye disorder called Leber congenital amaurosis, which causes children to be born with severe visual impairment. The company is also working on a sickle cell disease and transfusion-dependant beta-thalassemia drug, EDIT-301. So far, EDIT-101 is the company's only drug to reach early clinical testing.