Editas Medicine, Inc. (NASDAQ:EDIT) Q4 2019 Earnings Conference Call - Final Transcript
Feb 26, 2020 • 05:00 pm ET
CFO of Momenta Pharmaceuticals and prior to that in a number of leadership roles at Genzyme, Baxalta and Ironwood. For me, what differentiated Editas from other companies is the infinite possibilities to develop medicines that we are working on to help patients, and hard-pressed to think of another company with as much potential as Editas to develop truly transformative medicines for patients with diseases of unmet need. In this role, the opportunity to make a difference in the future of the Company were the big drawer.
Now, turning to the numbers. We have summarized our financial results for the fourth quarter and full-year of 2019 in the press release that we issued earlier today. Our cash, cash equivalents and marketable securities increased $88 million in 2019 to $457 million as of December 31, 2019, from $369 million as some December 31, 2018. Our uses of cash totaled $124 million and include cash operating expenses of $118 million and capital expenditures of $6 million. Over the course of the year, we grew the size of our organization by approximately 48%, increasing to 195 full-time employees from 132 at the end of 2018. The growth in our spending in 2019 with the expansion and maturation of the pipeline and advancement of our platform, we expect these to continue to be the primary drivers of spending growth in 2020.
Our sources of cash in 2019 totaled $212 million and consisted primarily of $116 million raised through equity issuance, $76 million in milestone payments from our business development partners and $15 million in proceeds from stock option exercises. Editas is in a strong financial position with at least 24 months of runway to fund the business.
And with that, I'll hand it back to Cindy.
Cynthia L. Collins
Thank you, Michelle. We are confident in our strong leadership to guide the Company as we become a clinical stage biotech and embark on our next phase of growth. It has been a busy past few months for Editas and an exciting time as we look towards the coming year. We have filled out our executive team and are confident that a strengthened leadership will support the long-term growth of the organization, our best-in-class programs coupled with the unparalleled discovery research from our labs represent a pipeline of transformational medicines for diseases of unmet need. We are eager to see what 2020 and beyond will hold as we look to deliver on the promise of CRISPR to transform patients lives. We thank all of you for your interest and support.
With that, we will open up the call for Q&A. Operator?