Published on 29 Feb 2024 on Zacks via Yahoo Finance
Editas (EDIT) Q4 Earnings & Revenues Top Estimates, Stock Up
Editas Medicine, Inc. EDIT incurred a loss of 23 cents per share in the fourth quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of 52 cents. The company had reported a loss of 88 cents per share in the year-ago quarter.
Collaboration and other research and development (R&D) revenues, which comprise the company’s top line, were $60 million in the reported quarter, up significantly from $6.5 million reported in the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $13 million. The massive uptick in revenues was primarily driven by payments received under Editas’ licensing agreement with Vertex VRTX during the fourth quarter.
In December 2023, Vertex in-licensed rights to Editas’ Cas9 gene editing tool to develop its newly approved sickle cell disease (SCD) gene therapy, Casgevy.