Cambridge biotech tracker · Cambridge
Editas Medicine
Listed on Nasdaq as EDIT, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $212M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $30.0M
- avg. operating cash flow, 4 qtrs
- Runway
- 21 mo
- 12 to 24 months
- Net loss
- $18.2M
- Q2 '26
- R&D expense
- $20.2M
- 66% of opex
- Raised, last 4 qtrs
- +$152M
- net financing cash flow
- Next readout
- Jun 2029
- Phase 1/2 · cash runs out first
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
21 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $10.0M a month.
Management’s own date
Into H2 2028
Jul–Dec 2028
That implies $7.0M to $8.8M a month, 0.7–0.9× the recent pace.
In line with the last year“We expect that our existing cash and cash equivalents on June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2028 .”
Cash against the calendar
What the runway has to reach.
Jun 2029estimated
EDIT-401 in Adults Who Require Additional Lowering of Low-Density Lipoprotein Cholesterol (LDL-C)
Heterozygous Familial Hypercholesterolemia (HeFH)
NCT07894887 on ClinicalTrials.govDoes the cash reach it?
Cash runs out first
- Runway
- 21 months
- Time to the date
- 31 months
It is about 31 months out. At the current burn the cash runs out roughly 10 months before it. Something has to move first: a raise, a partnership, or the spending plan.
Pipeline
3 active trials, through phase 1/2.
Phase 1/2 · 3
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Study Evaluating the Safety and Efficacy of EDIT-301 in Participants With Severe Sickle Cell Disease (RUBY)NCT04853576 · Sickle Cell Disease, HemoglobinopathiesPhase 1/2Aug 2025est. | Phase 1/2 | Active, not recruiting | ||
| EDIT-301 for Autologous Hematopoietic Stem Cell Transplant (HSCT) in Participants With Transfusion-Dependent Beta Thalassemia (TDT)NCT05444894 · Transfusion Dependent Beta Thalassemia, HemoglobinopathiesPhase 1/2Sep 2025est. | Phase 1/2 | Active, not recruiting | ||
| EDIT-401 in Adults Who Require Additional Lowering of Low-Density Lipoprotein Cholesterol (LDL-C)NCT07894887 · Heterozygous Familial Hypercholesterolemia (HeFH)Phase 1/2Jun 2029est. | Phase 1/2 | Not yet recruiting | ||
| Single Ascending Dose Study in Participants With LCA10NCT03872479 · Leber Congenital Amaurosis 10, Inherited Retinal DystrophiesPhase 1/2May 2025est. | Phase 1/2 | Unknown |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash runs out before the next catalyst
The next dated event is a phase 1/2 readout in Jun 2029, about 31 months out. At the current burn the money runs out roughly 10 months earlier, so the financing decision comes before the data does. That is the hardest raise to run, and the reason burn plans get built backwards from the readout date rather than forwards from the budget.
About 21 months of runway
Cash and investments of $212M at Q2 '26 against an average operating cash burn of $30.0M per quarter over the last four reported quarters runs out around March 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $53.4M since Q3 '24
Net financing inflows of $152M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Cash burn runs $11.3M above net loss
Operating cash outflow exceeded the reported net loss in Q2 '26, which usually means working capital absorbed cash: prepayments to CROs and CDMOs, accrued liabilities paid down, or deferred revenue being earned without new cash coming in.
R&D is 66% of operating expenses
$20.2M of R&D against $30.4M of total operating expenses in Q2 '26, with G&A at $11.6M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $11.9M in Q2 '26
The balance sheet carries $36.3M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
$48.2M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $1.67B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $265M | −$52.6M | −$62.1M | $47.6M | $18.1M | $61K | $4.8M | $0 |
| Q4 '24 · Dec 31, 24 | $270M | −$50.8M | −$45.4M | $48.6M | $16.4M | $30.6M | $4.0M | $55.5M |
| Q1 '25 · Mar 31, 25 | $221M | −$47.8M | −$76.1M | $26.6M | $13.4M | $4.7M | $3.0M | −$1.4M |
| Q2 '25 · Jun 30, 25 | $179M | −$50.2M | −$53.2M | $16.2M | $12.9M | $3.6M | $2.7M | $7.4M |
| Q3 '25 · Sep 30, 25 | $166M | −$30.8M | −$25.1M | $19.8M | $12.3M | $7.5M | $2.2M | $17.2M |
| Q4 '25 · Dec 31, 25 | $147M | −$36.4M | −$5.6M | $27.4M | $11.4M | $24.7M | $2.1M | $17.3M |
| Q1 '26 · Mar 31, 26 | $124M | −$23.1M | −$25.0M | $17.6M | $10.2M | $2.8M | $2.1M | $0 |
| Q2 '26 · Jun 30, 26 | $212M | −$29.6M | −$18.2M | $20.2M | $11.6M | $11.9M | $2.2M | $118M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.