The company — a developer of gene editing technologies Editas Medicine Inc. (EDIT), attracted attention with revenue growth and became the driver of quotations: +13.41% to $18.69 at the auction on August 3. The revenue of Editas amounted to $6.3 million, a significant indicator for a biotech company that does not have approved drugs but only clinical trials. For comparison, in the second quarter of 2021, the revenue of Editas was only about $ 380 thousand. Since then, the quarterly loss has decreased slightly — to $53.5 million, or $0.78 per share.
The revenue growth came as a surprise to Wall Street experts. The driver was Edita’s research program. The topic of DNA editing attracts attention and remains the main direction of biotechnology development. Editas is one of the pioneers of the commercialization of gene editing technologies, which attracts potential customers. So, in the second quarter, Editas signed an agreement with the biotech company Immatics on cooperation in developing immunotherapy using T cells and gene editing technology from Editas Medicine.
At the same time, Editas continues clinical research on its gene therapies. Recently, human trials of the candidate drug EDIT-301 for treating sickle cell anemia have begun. In the past quarter, the U.S. Food and Drug Administration (FDA) assigned EDIT-301 orphan drug status (for treating rare diseases) for the possible treatment of beta-thalassemia will speed up the drug’s approval process if it shows effectiveness. The EDIT-301 trials have been successful so far. There is already the first case of successful editing of the patient’s genome using the AsCas12a enzyme developed by Editas. The business expects to reveal the findings of clinical studies by the end of 2022, recruiting a fresh batch of participants.