Free cash flow has been negative in every quarter, with a cumulative deficit exceeding $400M over the last ten periods, and operating cash flow consistently trails net losses due to significant non-cash charges like stock-based compensation.
Editas Medicine, Inc. (EDIT) cash flow statement — 13-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -119.86M | -165.24M | -210.28M | -132.18M | -177.35M | -163.8M | -179.84M | -40.67M | -45.71M | -9.42M | -49.93M | -5.4M | -8.65M | -2.78M |
| Operating CF Margin % | - | -407.8% | -650.75% | -169.19% | -899.7% | -641.26% | -198.21% | -198.09% | -143.12% | -68.6% | -824.81% | -331.68% | - | - |
| Operating CF Growth % | 162.54% | 21.42% | -59.09% | 25.47% | -8.27% | 8.92% | -342.21% | 11.02% | -385.37% | 81.14% | -824.04% | 37.57% | -210.88% | - |
| Net Income | -73.95M | -160.06M | -237.09M | -153.22M | -220.43M | -192.5M | -115.98M | -133.75M | -109.95M | -120.32M | -97.18M | -72.9M | -13.69M | -5.27M |
| Depreciation & Amortization | 2.42M | 5.28M | 5.81M | 6.06M | 6.34M | 5.05M | 3.96M | 2.83M | 3.25M | 2.68M | 1.2M | 471K | 157K | 3K |
| Stock-Based Compensation | 8.65M | 10M | 21.42M | 19.8M | 29.29M | 43.4M | 23.16M | 27.24M | 26.6M | 23.36M | 16.88M | 3.51M | 55K | 60K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -16.37M | 0 | -3.67M | 0 | 87K | 84K | -2K | 0 |
| Other Non-Cash Items | 3.93M | 10.77M | -3.87M | -3.23M | -724K | 1.66M | 27.6M | -2.93M | 11.17M | 14.2M | 10.56M | 306K | 749K | 1.27M |
| Working Capital Changes | -60.92M | -31.23M | 3.45M | -1.59M | 8.18M | -21.41M | -102.22M | 65.93M | 26.89M | 70.66M | 18.53M | 63.12M | 4.07M | 1.16M |
| Change in Receivables | -2.14M | 1.09M | -6.08M | -5.04M | -4.88M | 5.78M | -5.63M | -388K | 649K | -591K | 931K | -1.02M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -3.35M | -5.65M | 10.65M | 1.57M | -8.94M | 13.1M | 4.8M | 0 | 0 |
| Change in Payables | -2.45M | -2.89M | -2.29M | -1.49M | 4.37M | -1.14M | 855K | 274K | 1.78M | -1.51M | 3.25M | -1.44M | 2.19M | 0 |
| Cash from Investing | 9.89M | 138.67M | 162.15M | -3.73M | 114.07M | -54.47M | -140.52M | 12.25M | -53.09M | -183.81M | -5.09M | -1.43M | -1.22M | -159K |
| Capital Expenditures | -691K | -607K | -8.83M | -4.72M | -4.12M | -7.98M | -7.16M | -6.17M | -4.75M | -2.06M | -3.49M | -1.43M | -1.22M | -159K |
| CapEx % of Revenue | 1.47% | 1.5% | 27.31% | 6.04% | 20.89% | 31.23% | 7.89% | 30.04% | 14.89% | 15% | 57.71% | 87.85% | - | - |
| Acquisitions | 118K | 269K | 0 | 0 | 18K | 46.49M | 12K | 102K | 37K | 15K | 20K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 156K | 0 | 0 | 0 | 0 | -46.49M | 0 | 0 | 37K | 15K | -1.6M | -241K | 0 | 0 |
| Cash from Financing | 152.03M | 40.47M | 56.03M | 118.04M | 1.28M | 282.11M | 224.12M | 131.82M | 86.94M | 154.53M | 97.16M | 139.39M | 18.48M | 8.98M |
| Debt Issued (Net) | 0 | -2.87M | 0 | 0 | 0 | 0 | 0 | 0 | -857K | -764K | -560K | -500K | 18.44M | 0 |
| Equity Issued (Net) | 152.01M | 43.34M | 56.03M | 117.08M | 1.28M | 249.46M | 203.73M | 116.34M | 76.79M | 0 | 97.49M | 0 | 18.02M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 21K | 0 | 0 | 960K | 0 | 32.65M | 20.4M | 15.48M | 11.01M | 155.3M | 233K | 139.89M | -17.98M | 8.98M |
| Net Change in Cash | 42.07M | 13.9M | 7.89M | -17.87M | -62M | 63.84M | -96.24M | 103.41M | -11.85M | -38.69M | 42.14M | 132.56M | 8.61M | 6.04M |
| Free Cash Flow | -120.55M | -165.85M | -219.11M | -136.9M | -181.47M | -171.78M | -187M | -46.84M | -50.46M | -11.48M | -53.42M | -6.83M | -9.87M | -2.94M |
| FCF Margin % | -256.46% | -409.3% | -678.07% | -175.23% | -920.59% | -672.49% | -206.11% | -228.12% | -158% | -83.6% | -882.52% | -419.52% | - | - |
| FCF Growth % | 41.18% | 24.31% | -60.05% | 24.56% | -5.64% | 8.14% | -299.28% | 7.18% | -339.71% | 78.52% | -681.67% | 30.77% | -235.44% | - |
| FCF per Share | -1.01 | -1.87 | -2.66 | -1.80 | -2.64 | -2.54 | -3.19 | -0.94 | -1.07 | -0.28 | -1.66 | -0.19 | -3.85 | -0.10 |
| FCF Conversion (FCF/Net Income) | 1.63x | 1.03x | 0.89x | 0.86x | 0.80x | 0.85x | 1.55x | 0.30x | 0.42x | 0.08x | 0.51x | 0.07x | 0.63x | 0.52x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EDIT stock.
Editas Medicine, Inc. (EDIT) generated $-165.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Editas Medicine, Inc. (EDIT) reported negative free cash flow of $165.8M in 2025, indicating capital requirements exceeded cash from operations.
Editas Medicine, Inc. (EDIT) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Sustained cash burn and financing risk
Metrics are mathematically derived from official filings.
Persistent Negative Conversion and Accrual Drag
Operating cash flow has consistently exceeded net losses, with an OCF/NI ratio averaging 1.2 over the last ten quarters, suggesting that non-cash charges like stock-based compensation are a primary driver of this gap.
The positive OCF/NI ratio is not a sign of quality earnings but rather reflects the significant non-cash add-back of stock-based compensation, which averaged $3.6M per quarter. This indicates that the underlying cash burn from operations is severe, as the company's core activities are consuming cash well beyond the reported net loss.
Deepening Free Cash Flow Deficits
Free cash flow has been negative in every quarter, with the deficit widening from -$51.7M in 2024Q1 to -$29.7M in 2026Q2, though the most recent quarter shows a modest improvement from the -$50.2M seen in 2025Q2.
The FCF margin has been deeply negative, ranging from -2.5% to -167.6%, confirming that the company is not generating cash from its operations. The recent improvement in the FCF margin to -2.5% in 2026Q2 appears to be driven by a reduction in net losses rather than a fundamental shift in cash generation, as operating cash flow remains negative.
Volatile Working Capital as a Cash Drain
Working capital changes have been a significant and volatile source of cash consumption, with a -$33.2M outflow in 2025Q4 and a -$14.8M outflow in 2026Q2, indicating inconsistent management of receivables, inventory, or payables.
The erratic swings in working capital, from a $17.6M inflow in 2025Q1 to a $33.2M outflow in 2025Q4, suggest that the company's cash flow is highly sensitive to the timing of collections and payments. This volatility makes it difficult to predict near-term cash needs and adds another layer of uncertainty to the cash burn trajectory.
Minimal Deployment Amidst Cash Preservation
Capital deployment has been minimal, with no dividends or significant acquisitions, and only a minor $228K share repurchase in 2025Q2, indicating a strategy focused on preserving cash for core operations.
The absence of shareholder returns and strategic investments underscores the company's primary focus on funding its research and development activities. The minimal capital expenditure, which has averaged less than 1% of revenue in recent quarters, further highlights that the cash burn is driven by operating expenses, not growth investments.
Cash Burn Obscured by Non-Cash Charges
The cash flow statement's reliance on stock-based compensation add-backs, which averaged $3.6M per quarter, may obscure the true economic cost of employee compensation and the dilutive impact on shareholders.
While SBC is a non-cash expense, it represents a real cost to shareholders through dilution. The consistent add-back of SBC inflates operating cash flow relative to the net loss, potentially masking the severity of the cash burn from a pure economic perspective. Investors should monitor the trend in SBC as a percentage of operating expenses to assess its growing impact.