Editas Medicine, Inc. reported a net loss of $237.1 million for the year ended December 31, 2024, compared to a net loss of $153.2 million in 2023. The increase in net loss is primarily attributed to a $36.2 million increase in total operating expenses, driven by a $21.6 million rise in research and development expenses and a $2.3 million increase in general and administrative expenses. The 2024 figures also include $12.2 million in restructuring charges related to the discontinuation of the reni-cel program and a workforce reduction. Revenue for 2024 totaled $32.3 million, a significant decrease from $78.1 million in 2023, largely due to revenue recognized in 2023 under a license agreement with Vertex Pharmaceuticals.
Significant developments during the year included the discontinuation of the reni-cel program in December 2024, resulting in a workforce reduction of approximately 180 positions. The company also secured a collaboration and license agreement in 2024 to access lipid nanoparticles for liver targeting, and achieved in vivo preclinical proof of concept of hematopoietic stem cell editing in non-human primates in January 2025. Further, Editas entered into a license agreement with Vertex Pharmaceuticals in December 2023, receiving a $50 million upfront payment and a $10 million annual license fee. An agreement with DRI Healthcare Trust in October 2024 resulted in a $57 million upfront payment in exchange for the acquisition of certain annual license fees from the Vertex agreement.
Operational highlights include the declaration of in vivo preclinical proof of concept for hematopoietic stem and progenitor cell editing and fetal hemoglobin induction in humanized mice in October 2024, and subsequent in vivo preclinical proof of concept of editing HSCs in non-human primates in January 2025. The company is on track to declare development candidates for in vivo gene editing medicines in HSCs and liver cells in mid-2025. As of February 1, 2025, Editas employed 246 full-time employees, including 46 with M.D. or Ph.D. degrees; following the workforce reduction, the company anticipates approximately 110 full-time employees.
The company's existing cash, cash equivalents, and marketable securities, along with retained portions of Vertex payments, are projected to fund operations into the second quarter of 2027. However, the filing emphasizes the need for substantial additional funding to support ongoing and future research, development, and commercialization efforts. The company anticipates continued operating losses for the foreseeable future and acknowledges significant uncertainties related to product development, regulatory approvals, and market acceptance. The company's strategy focuses on in vivo programmable gene editing, aiming to launch clinical trials for multiple in vivo programs by mid-2026 and initiate at least one late-stage clinical trial in the second half of 2027.
About Editas Medicine, Inc.
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