Editas Medicine, Inc. (EDIT): Business Model Canvas [Dec-2025 Updated]

You're trying to map out Editas Medicine, Inc.'s strategy after their big pivot toward in vivo gene editing, and frankly, the model looks leaner but more focused. After significant restructuring charges in Q1 2025, the firm is betting everything on its proprietary targeted lipid nanoparticle (tLNP) delivery and advancing EDIT-401, backed by foundational CRISPR IP licenses and a key Bristol Myers Squibb deal. With cash reserves at $165.6 million as of Q3 2025, the real test is whether their $7.543 million in quarterly collaboration revenue can sustain this high-stakes R&D push; see the full nine-block canvas below to understand exactly how they plan to deliver one-time, durable genomic medicines.

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Editas Medicine, Inc. relies on to bring its gene editing technology to market. These aren't just casual agreements; they are deep, often financially significant, ties that underpin their intellectual property and pipeline progression.

Bristol Myers Squibb (BMS) for CD19 HD Allo CAR T program

The collaboration with Bristol Myers Squibb is critical for Editas Medicine's ex vivo programs, particularly in the allogeneic CAR-T space for cancer and autoimmune diseases. You see the financial impact directly in their quarterly reports.

For the three months ending September 30, 2025, Collaboration and other research and development revenues hit $7.5 million, a big jump from just $0.1 million in the same period in 2024. This increase was mainly due to recognizing revenue from a milestone achieved under the BMS agreement in the third quarter of 2025. That milestone was the acceptance of the first Investigational New Drug (IND) or Clinical Trial Application (CTA) for the CD19 HD Allo CAR T program.

The strategic research agreement itself was extended in May 2024 to 2026, with two options for one-year extensions that could push the relationship into 2028. So far, Bristol Myers Squibb has opted into 13 different programs across 11 gene targets within this partnership.

Broad Institute and Harvard University for foundational CRISPR IP licensing

This partnership secures the fundamental tools for Editas Medicine's platform. Editas Medicine acts as the exclusive licensee for key intellectual property (IP) covering the use of CRISPR-Cas9 in developing human medicines.

The licensing arrangement covers:

• The Cas9 patent estate owned and co-owned by Harvard University and the Broad Institute.
• The Cas12a patent estate from the Broad Institute.

This foundational access means Editas Medicine is uniquely positioned to issue sublicenses for Cas9 and Cas12a for human medicine development, both in vivo (inside the body) and ex vivo (outside the body). However, this access comes with a financial obligation; Editas Medicine must pass on a mid-double digit percentage of the amounts received from Vertex Pharmaceuticals back to the Broad Institute and Harvard College.

Vertex Pharmaceuticals for retained Cas9 license payments

The deal with Vertex Pharmaceuticals, stemming from the Cas9 technology licensing for use in medicines targeting the BCL11A gene (like Casgevy), provides a significant, though partially monetized, revenue stream.

The original December 2023 agreement terms included:

To bolster its balance sheet, Editas Medicine sold a portion of these future receipts to DRI Healthcare Trust in October 2024 for an upfront cash payment of $57 million. This sale included up to 100% of the annual license fees (ranging from $5 million to $40 million per year) and a mid-double-digit percentage of the $50 million contingent payment. Editas Medicine still retains the fixed annual license fees for 2024 and a mid-single-digit million-dollar payment tied to Vertex's achievement of certain annual sales milestones. The retained portions of these Vertex payments, along with current cash reserves of $165.6 million as of September 30, 2025, extend the company's operational runway into the third quarter of 2027.

Academic and clinical research institutions for trial execution

Executing clinical trials requires a network of specialized institutions. Editas Medicine is actively progressing its in vivo pipeline, which involves submitting regulatory applications and achieving human proof-of-concept data.

Key near-term milestones tied to clinical execution include:

• Target submission of an IND/CTA for EDIT-401 by mid-2026.
• Goal to achieve initial in vivo human proof-of-concept data for EDIT-401 by the end of 2026.
• The company expected to declare two in vivo gene editing development candidates in mid-2025 and establish one additional in vivo target cell type/tissue beyond HSCs and the liver by the end of 2025.

The discontinuation of the reni-cel program in December 2024 impacted R&D expenses, which decreased by $27.9 million to $19.8 million for the three months ended September 30, 2025, compared to $47.6 million for the same period in 2024. Finance: draft 13-week cash view by Friday.

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Key Activities

You're looking at the core engine of Editas Medicine, Inc., which is entirely focused on translating their gene editing technology into actual, deliverable medicines. This is where the cash burn happens, but also where the potential future value is created.

In vivo gene editing research and development (R&D)

The primary activity is the R&D underpinning their in vivo programmable gene editing platform. This involves continuous optimization of delivery systems, specifically their proprietary targeted lipid nanoparticle (tLNP) technology, and the editing cargo itself, like the AsCas12a system.

Financially, the commitment to this core activity is reflected in the R&D spend, though it has seen shifts due to strategic refocusing. For the three months ended June 30, 2025, Research and development expenses were $16.2 million. This followed an R&D expense of $26.6 million for the first quarter of 2025. The company is focused on making this R&D efficient, evidenced by the decrease in R&D costs following the discontinuation of the reni-cel program in December 2024.

The company's operational runway, supported by its cash position, is into the second quarter of 2027, which directly funds this ongoing R&D effort.

Advancing lead candidate EDIT-401 toward IND/CTA filing by mid-2026

A major key activity is pushing the lead candidate, EDIT-401, through the final stages of preclinical development. EDIT-401 is designed as a potential one-time therapy to significantly reduce LDL cholesterol levels.

Progress milestones are tightly scheduled:

• Selection of EDIT-401 as the lead in vivo development candidate occurred in September 2025.
• Submission of an investigational new drug (IND) or clinical trial application (CTA) for EDIT-401 is targeted for mid-2026.
• The goal is to achieve initial in vivo human proof-of-concept data by the end of 2026.

The preclinical validation supporting this advancement showed impressive efficacy in non-human primates (NHPs), demonstrating over 90% reduction in mean LDL cholesterol.

Managing and defending the extensive CRISPR patent portfolio

Protecting and monetizing the intellectual property (IP) is a critical, non-R&D activity. Editas Medicine holds exclusive licenses to foundational CRISPR patents, which acts as a significant barrier to entry for competitors.

This activity translates directly into revenue streams through collaborations and sublicensing. The company is the exclusive licensee of Broad Institute's Cas12a patent estate and Broad Institute and Harvard University's Cas9 patent estates for human medicines.

The management of this IP is key to securing milestone payments, such as the one triggered by the first IND/CTA acceptance for the CD19 HD Allo CAR T program with Bristol Myers Squibb.

Preclinical data generation for new targets (HSCs, liver)

Beyond EDIT-401, a core activity is generating the necessary preclinical data to nominate and advance other in vivo candidates, particularly in Hematopoietic Stem Cells (HSCs) and liver cells, utilizing their gene upregulation strategy.

Significant progress has been made in these areas:

• HSC Editing: Achieved up to 47% HBG1/2 editing levels in an ongoing NHP study following a single dose of tLNP. In humanized mice, a single dose achieved 48% editing of HBG1/2 in long-term HSCs. The required editing threshold for therapeutic benefit is $\ge$25%.
• Liver Editing: Presented preclinical proof-of-concept data for an undisclosed liver target showing in vivo CRISPR editing to upregulate target protein expression and reduce a disease-associated biomarker in a mouse model.
• Pipeline Expansion: Editas Medicine declared two in vivo development candidates by mid-2025 (one in HSCs, one in liver) and remains on track to establish and disclose one additional target cell type/tissue by year-end 2025.

The third quarter 2025 net loss was $25.1 million, a substantial improvement from the $62.1 million loss in Q3 2024, reflecting the strategic shift away from costly ex vivo programs.

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Key Resources

You're looking at the core assets that power Editas Medicine, Inc.'s strategy right now. These aren't just ideas; they are the licensed rights, the proprietary tools, and the capital base that fund the next steps in their in vivo gene editing pipeline.

The foundation of the intellectual property rests on exclusive access to key gene editing systems for human therapeutics. Editas Medicine, Inc. is the exclusive licensee of:

• Broad Institute and Harvard University's Cas9 patent estates covering Cas9 use for developing human medicines.
• Broad Institute's Cas12a patent estate.
• IP covering the CRISPR from Prevotella and Francisella 1 (Cpf1) endonuclease.

The company's proprietary technology includes a targeted lipid nanoparticle (tLNP) delivery platform, which is central to their in vivo strategy. This platform has demonstrated effectiveness across different cell types:

• Achieved ~40% editing of the HBG1/2 promoter site in human hematopoietic stem cells (HSCs) in mice after a single dose of Cas12a machinery delivered via the novel tLNP.
• In a non-human primate (NHP) study for EDIT-401, the proprietary tLNP resulted in mean on-target editing levels in the HBG1/2 promoter region of 58% in HSCs, which is well above the predicted editing threshold of $\ge$25% required for therapeutic benefit.
• The tLNP biodistribution data in NHPs shows significant de-targeting of the liver compared to standard LNPs.

Financially, the immediate resource strength is clear, though it is being deployed to advance the pipeline. As of the end of the third quarter of 2025, the balance sheet held:

Management projects that the existing cash, plus subsequent ATM proceeds of $17.3 million after September 30, 2025, and retained Vertex payments, will fund operating expenses into the third quarter of 2027.

The third critical resource is the human capital driving the science. This includes specialized scientific and clinical development talent, such as Gilmore O'Neill, M.B., M.M.Sc., President and Chief Executive Officer, and Linda C. Burkly, Ph.D., Executive Vice President and Chief Scientific Officer. This team is focused on key milestones, including an Investigational New Drug (IND) or clinical trial application (CTA) submission for EDIT-401 planned by mid-2026.

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Value Propositions

You're looking at the core offering from Editas Medicine, Inc., and it centers on delivering potential one-time, durable genomic medicines for serious diseases. This focus on durability is key; think about replacing a chronic treatment regimen with a single intervention. The company's strategy, as of late 2025, heavily emphasizes in vivo gene editing, meaning the therapy is delivered directly into the body to make the edit, rather than removing cells, modifying them outside, and putting them back in (ex vivo).

The differentiation comes from the specific mechanism they are employing for certain targets, like the upregulation strategy. This approach aims to increase the expression of a target protein rather than just fixing a broken one. For their lead candidate, EDIT-401, this means driving up the production of the LDL receptor (LDLR) protein. This strategy is supported by preclinical results showing that only a moderate level of functional editing of LDLR alleles, around 10-40% in the liver, can achieve a massive functional benefit.

The preclinical data for EDIT-401, targeting high LDL cholesterol, is what really anchors this value proposition right now. The numbers from non-human primate (NHP) studies are compelling, showing a rapid and profound effect after just a single dose. Here's the quick math on that proof-of-concept:

This in vivo approach is inherently less invasive than the ex vivo cell therapy route, which often requires complex procedures like chemotherapy conditioning and stem cell transplantation. Editas Medicine's strategic shift is evident in their financials; for example, research and development expenses for the three months ended September 30, 2025, decreased by $27.9 million compared to the same period in 2024, partly due to discontinuing the reni-cel program, which was an ex vivo cell medicine. The company is clearly prioritizing the in vivo platform, which they plan to advance with an Investigational New Drug (IND) submission for EDIT-401 by mid-2026, aiming for initial human proof-of-concept data by the end of 2026. Financially, they are positioned to support this focus, with an extended cash runway into the third quarter of 2027, even while reporting a net loss of $25.1 million for Q3 2025, which was an improvement from the $62.1 million loss in Q3 2024. Also, collaboration revenues, like the $7.5 million recognized in Q3 2025 from the BMS agreement, help fund this focused development.

The core benefits you get from this strategy include:

• Potential for a one-time treatment for serious, chronic conditions.
• Delivery via intravenous administration using proprietary targeted lipid nanoparticles (tLNP).
• Focus on upregulation, which can be more potent than simple gene correction.
• Reduced procedural burden compared to ex vivo approaches.

Finance: draft 13-week cash view by Friday.

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Customer Relationships

You're managing relationships in the high-stakes world of gene editing, where strategic alliances and clear scientific communication are everything. For Editas Medicine, Inc., the customer relationship structure is heavily weighted toward sophisticated partners and the broader scientific/investor community.

High-touch, strategic management of large pharma collaborations (BMS)

The relationship with Bristol Myers Squibb (BMS) is definitely a cornerstone of the partnership strategy. This is a high-touch management exercise because the deliverables are complex, involving gene-edited T-cell therapies. The depth of this relationship is shown by the sheer volume of programs involved.

Here's a quick look at the scale of the Bristol Myers Squibb relationship as of late 2025:

That first IND/CTA acceptance for the CD19 HD Allo CAR T program in Q2 2025 triggered a milestone payment, showing direct financial validation from the partner. Also, revenue recognition related to a milestone achieved under the BMS collaboration was reported in the third quarter of 2025.

Direct communication with investors via press releases and SEC filings

For investors, Editas Medicine, Inc. relies on structured, scheduled disclosures, having moved away from hosting quarterly conference calls. You get your primary updates through official filings and press releases.

Key communication touchpoints in 2025 included:

• Announcing Q3 2025 results on November 10, 2025, via press release and SEC filings.
• Reporting Q1 2025 results on May 12, 2025, through press release and SEC filings.
• The company's cash position as of September 30, 2025, stood at $165.6 million.
• The projected operational cash runway extends into the third quarter of 2027.
• SEC filings in 2025 included a 10-Q on Nov 10 and an 8-K on Oct 9.

The company is defintely using these formal channels to manage expectations about its financial health and pipeline progression.

Scientific engagement through conference presentations and publications

Scientific credibility is a critical relationship builder in this sector, proving the technology works outside the lab. Editas Medicine, Inc. actively engages the scientific community by presenting data at major industry meetings.

Recent scientific engagement included:

• Presenting preclinical data for EDIT-401 at the 32nd Annual European Society of Gene and Cell Therapy (ESGCT) Congress in October/November 2025.
• Presenting EDIT-401 data at the American Heart Association (AHA) Scientific Sessions 2025.
• Sharing in vivo preclinical data at the American Society of Gene and Cell Therapy (ASGCT) 28th Annual Meeting in May 2025.
• Presenting data at the TIDES USA 2025 conference in May 2025.
• Sharing new in vivo data in June 2025 at the European Hematology Association (EHA) 2025 Congress.

Looking ahead, management planned to participate in the 8th Annual Evercore Healthcare Conference on December 2, 2025, keeping the dialogue open with the investment community.

Finance: draft 13-week cash view by Friday.

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Channels

You're looking at how Editas Medicine, Inc. gets its science and corporate story out to the world, from potential pharma partners to the investors watching the ticker. It's a mix of formal scientific exchange and required financial disclosure.

Direct licensing and collaboration agreements with pharmaceutical partners

The channel for deep, long-term value creation is through these partnerships. Revenue recognition here is lumpy, tied to specific milestones being hit. For the three months ended September 30, 2025, Collaboration and other research and development revenues hit $7.5 million, a big jump from just $0.1 million for the same period in 2024. This Q3 2025 revenue spike was mainly due to a milestone achieved under the collaboration agreement with BMS.

The company's technology licensing is also a key channel, particularly the foundational IP. Editas Medicine is the exclusive licensee of Broad Institute's Cas12a patent estate and Broad Institute and Harvard University's Cas9 patent estates for human medicines. Monetizing this IP is active; for instance, Editas Medicine received an upfront cash payment of $57 million from DRI Healthcare Trust by selling certain future license fees related to the Vertex Pharmaceuticals Cas9 agreement. Those future fees range from $5 million to $40 million annually, plus a mid-double-digit percentage of a $50 million contingent upfront payment from Vertex.

Scientific conferences (ASGCT, AHA, ESGCT) for data dissemination

Disseminating preclinical data at major scientific venues validates the science. Editas Medicine presented preclinical data on its lead candidate, EDIT-401, at several key meetings in late 2025. The oral presentation at the 32nd Annual European Society of Gene and Cell Therapy (ESGCT) Congress (October 7-10, 2025) was led by the Executive Vice President and Chief Scientific Officer, Dr. Linda Burkly. The abstract number for that oral presentation was OR069.

Also, the company presented a moderated digital poster at the American Heart Association (AHA) Scientific Sessions 2025 (November 7-10, 2025). The data presented at both AHA and ESGCT demonstrated over 90% LDL-C reduction in non-human primates with EDIT-401. Earlier in the year, data was presented at the ASGCT annual meeting in May 2025.

Management also used investor conferences as a channel:

• H.C. Wainwright Genetic Medicines Virtual Conference: Fireside Chat on October 14, 2025.
• Chardan 9th Annual Genetic Medicines Conference: Panel Discussion on October 21, 2025.
• 8th Annual Evercore Healthcare Conference: Fireside Chat on December 2, 2025, at 9:10 AM EST.

Regulatory submissions (IND/CTA) to the FDA and other agencies

The path to the clinic is formalized through regulatory filings. Editas Medicine remains on track to submit an Investigational New Drug (IND) or Clinical Trial Application (CTA) for EDIT-401 by mid-2026. The goal is to achieve initial in vivo human proof-of-concept data by year-end 2026.

A key regulatory milestone was already achieved via a partner channel: the first IND/CTA was accepted for the CD19 HD Allo CAR T program, which is part of the collaboration with Bristol Myers Squibb. This acceptance triggered a milestone payment. The company also anticipated establishing one additional target cell type/tissue beyond HSCs and the liver by the end of 2025.

Investor Relations website for corporate and financial updates

The Investor Relations section of www.editasmedicine.com is the primary hub for financial transparency. The company announced its Third Quarter 2025 Results and Business Updates on November 10, 2025, via press release and SEC filings. Importantly, the company stated it does not plan to host quarterly financial results conference calls moving forward.

For public market data as of December 4, 2025, 3:50 PM EST:

Webcasts for investor presentations are available live, with archived replays remaining accessible for approximately 30 days following each event.

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Customer Segments

You're looking at the customer base for Editas Medicine, Inc. (EDIT) as of late 2025. This is a company deep in the R&D phase, so the 'customers' aren't buying pills yet; they are partners, patients waiting for breakthroughs, and the capital markets funding the journey. Honestly, the segments reflect this high-risk, high-reward biotech reality.

Large pharmaceutical and biotech companies seeking gene editing assets

This segment is crucial because, right now, their revenue is driven by strategic alliances, not product sales. These larger entities provide the capital and potential commercial scale that Editas Medicine, Inc. needs to advance its pipeline. You can see this dependency clearly in the Q3 2025 results, where Collaboration and other research and development revenues hit $7.5 million, a massive jump from the $0.1 million in the same period in 2024. That surge was tied to a milestone achieved under the collaboration agreement with Bristol Myers Squibb (BMS). Also, the company retains rights under a license agreement with Vertex Pharmaceuticals, which contributes to their extended cash runway. These companies are buying access to Editas Medicine, Inc.'s proprietary CRISPR/Cas12a and Cas9 patent estates for human medicines.

Patients with serious genetic diseases with high unmet need (e.g., high LDL-C)

For patients, the value proposition is a potential one-time, transformative therapy. The lead in vivo development candidate, EDIT-401, targets the reduction of LDL cholesterol (LDL-C). The preclinical data is compelling: it showed a mean LDL-C reduction of >90% in non-human primates, which is significantly better than the 40%-60% mean reduction seen with standard of care therapies. The near-term action for this segment is waiting; Editas Medicine, Inc. is on track to submit the Investigational New Drug (IND) or Clinical Trial Application (CTA) for EDIT-401 by mid-2026, aiming for initial human proof-of-concept data by year-end 2026.

Here's a quick look at the pipeline progress and financial backing supporting this patient focus:

Clinical investigators and research hospitals for trials

This group is essential for executing the clinical strategy, especially as Editas Medicine, Inc. pivots to in vivo therapies targeting the liver and hematopoietic stem cells (HSCs). While specific numbers of active trial sites aren't public, their engagement is evidenced by the scientific dissemination activities. For instance, preclinical data for EDIT-401 was presented at the American Heart Association (AHA) Scientific Sessions 2025 and the European Society of Gene and Cell Therapy (ESGCT) 32nd Annual Congress. These presentations are how Editas Medicine, Inc. establishes credibility with the investigators who will eventually run their trials.

Institutional and individual investors in the biotech sector

Investors are buying into the potential of the CRISPR technology and the extended financial runway. As of October 31, 2025, the stock price was $3.08, with a market capitalization of $277M based on 97.6M shares outstanding. The ownership structure shows significant institutional interest; there are 327 institutional owners on file. For example, BlackRock, Inc. held 8,019,891 shares as of September 30, 2025. The market is clearly watching the burn rate; the net loss for Q3 2025 was $25.1 million, though this was narrower than the prior year's loss of $62.1 million. The company is actively managing capital, having raised $17.8 million in gross equity proceeds from its ATM facility during Q3 2025.

Investor sentiment is shaped by key financial and operational milestones:

• Stock price on December 3, 2025: $2.36
• Estimated total revenue for the full 2025 fiscal year: $12.67 million
• Number of institutional investors holding positions: 327
• Total Value of Holdings by major institutions (as of 9/30/2025): $105 million
• Net Loss for Q3 2025: $25.1 million

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Cost Structure

You're looking at the major drains on Editas Medicine, Inc.'s cash reserves as they push their in vivo pipeline forward. For a company like Editas Medicine, the Cost Structure is almost entirely driven by the science.

Dominantly Research and Development (R&D) expenses are the single largest cost component. This covers everything from lab work and discovery to preclinical studies and manufacturing scale-up for their gene editing candidates. The focus has clearly shifted following the discontinuation of the reni-cel program.

The R&D spend shows a significant reduction compared to the prior year, reflecting that strategic pivot. For the third quarter ending September 30, 2025, Research and Development expenses were reported at $19.8 million. That's a sharp drop when you compare it to the $47.6 million incurred in the third quarter of 2024. To give you a broader view of the year-to-date trend, the first quarter of 2025 saw R&D expenses of $26.6 million, down from $48.8 million in Q1 2024.

The cost structure was heavily impacted by one-time charges early in the year. The first quarter of 2025 included significant restructuring and impairment charges totaling $40.9 million. These charges were tied directly to the discontinuation of the reni-cel program, covering workforce reductions and impairment of related equipment. For the nine months ended September 30, 2025, the cumulative restructuring and impairment charges amounted to $66.9 million. To be fair, Editas Medicine did not recognize any restructuring and impairment charges in the third quarter of 2025 itself.

Here's a quick look at the operating expense shift:

• Q3 2025 R&D: $19.8 million
• Q3 2024 R&D: $47.6 million
• Q3 2025 G&A: $12.3 million
• Q3 2024 G&A: $18.1 million

General and administrative costs, which cover corporate overhead, executive salaries, and non-R&D related support functions, also saw a reduction as headcount was streamlined. General and administrative expenses for Q3 2025 were $12.3 million, down from $18.1 million in Q3 2024. This reflects the reduced workforce following the December 2024 program discontinuation.

The final major cost category involves Intellectual property maintenance and licensing fees. Editas Medicine is the exclusive licensee for key CRISPR patent estates from the Broad Institute and Harvard University for human medicines. This means they incur ongoing costs to maintain these licenses, including potential milestone payments, success fees, royalty fees, and patent maintenance costs owed to licensors. While the exact recurring expense for these fees in 2025 isn't itemized separately in the high-level releases, these obligations are contingent upon future development and regulatory success.

You can see the material impact of the strategic shift on operating expenses in this comparison:

Finance: draft 13-week cash view by Friday.

Editas Medicine, Inc. (EDIT) - Canvas Business Model: Revenue Streams

You're looking at how Editas Medicine, Inc. funds its operations right now, and honestly, it's all about partnerships and hitting specific targets. For a company deep in the R&D phase, revenue isn't coming from selling a commercial product; it's coming from the value embedded in its intellectual property and the success of its collaborators.

The primary source of top-line income is clearly tied to external agreements. For the third quarter ending September 30, 2025, Collaboration and other R&D revenues hit $7.54 million. That number is a huge jump compared to the $0.1 million recognized in the same period of 2024, showing the lumpy, milestone-driven nature of this income.

Here's a quick look at how that Q3 revenue stacks up against the analyst view for the full year:

What this estimate hides is that the full-year number relies heavily on hitting future milestones, which is standard for this sector. If onboarding takes longer than expected, that full-year projection could shift.

The key drivers for these revenue events are structured around the value of Editas Medicine's gene editing platform:

• Collaboration and other R&D revenues (Q3 2025: $7.54 million).
• Milestone payments from strategic partners, such as the recognition tied to the Bristol Myers Squibb (BMS) collaboration, specifically following an Investigational New Drug (IND) application acceptance for their CD19 HD Allo CAR T program.
• Licensing and sublicensing revenue from foundational CRISPR IP, evidenced by retained payments under the license agreement with Vertex Pharmaceuticals, which contributes to extending the cash runway.

To be fair, the Q3 surge was almost entirely due to one significant event. The increase was primarily attributable to the recognition of revenue related to a milestone achieved under the Company's collaboration agreement with BMS in the third quarter of 2025. This underscores that revenue visibility is low until a specific development or regulatory event occurs.

Finance: draft 13-week cash view by Friday.