Editas Medicine reported Q2 2025 (QQ2 2025) revenue of $3.58 million, up 597% year over year but down 23.19% quarter over quarter. The substantial YoY lift reflects a low prior-year base and a transition away from a heavy 2024 activity trough toward collaboration and milestone-driven receipts rather than broad commercial sales. The company posted an operating loss of $51.54 million and a net loss of $53.23 million for the quarter, with EBITDA of approximately -$49.38 million, underscoring the R&D-intensive nature of a clinical-stage genome editing company and its reliance on partnerships for value creation. R&D and G&A together totaled roughly $30.00 million in QQ2 2025, while other expenses remained a meaningful drag on profitability. Cash used in operating activities was about $50.21 million, contributing to a net decrease in cash of approximately $0.15 million for the period; the company ended QQ2 2025 with roughly $142.4 million in cash and equivalents (and the broader liquidity stack including short-term investments around $178.5 million).
The balance sheet shows a solid liquidity profile with a current ratio of 2.77 and a cash-to-debt dynamic indicating net cash on hand. Despite sizeable annualized R&D investments, Editas carries a favorable liquidity position that supports its ongoing clinical programs (EDIT101 for Leber congenital amaurosis, EDIT102 for Usher Syndrome 2A, EDIT301 for sickle cell disease and beta-thalassemia) and other modality efforts (engineered T cells, NK cell therapies, and AskBio/Allergan collaborations). The current quarterly results reinforce Editas as a long-horizon value story framed by a growing but still nascent revenue base, with upside potential tied to clinical milestones, data readouts, and potential milestone or upfront payments from partnerships.
Key takeaways: (1) Revenue remains modest but showing meaningful YoY momentum; (2) Operating losses persist amid heavy R&D outlay; (3) Balance sheet liquidity is robust, with net cash position supporting pipeline advancement; (4) No formal forward guidance was issued; catalysts likely hinge on clinical data, regulatory milestones, and partnership activity.