Persistent negative free cash flow, with quarterly outflows often exceeding $50 million, highlights a structural inability to self-fund operations, further complicated by volatile working capital swings as large as $33.2 million.
| 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 | -140.5M | -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 % | 133.43% | 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 | -108.95M | -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 | 4.17M | 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 | 9.12M | 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 | 5.85M | 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 | -50.69M | -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 | -2.08M | 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 | -1.13M | -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 | 82.34M | 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 | -434K | -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 | 1.12% | 1.5% | 27.31% | 6.04% | 20.89% | 31.23% | 7.89% | 30.04% | 14.89% | 15% | 57.71% | 87.85% | - | - |
| Acquisitions | 274K | 269K | 0 | 0 | 18K | 46.49M | 12K | 102K | 37K | 15K | 20K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -46.49M | 0 | 0 | 37K | 15K | -1.6M | -241K | 0 | 0 |
| Cash from Financing | 41.91M | 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) | -2.87M | -2.87M | 0 | 0 | 0 | 0 | 0 | 0 | -857K | -764K | -560K | -500K | 18.44M | 0 |
| Equity Issued (Net) | 41.89M | 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 | 228K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.89M | 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 | -16.25M | 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 | -141.09M | -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 % | -364.63% | -409.3% | -678.07% | -175.23% | -920.59% | -672.49% | -206.11% | -228.12% | -158% | -83.6% | -882.52% | -419.52% | - | - |
| FCF Growth % | 34.46% | 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 | -1.44 | -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) | 1.29x | 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 |
Clinical binary outcome dependency
As reported in financial statements, the relationship between net income and operating cash flow for Editas remains highly volatile, with OCF/NI ratios fluctuating significantly from 0.63 to 6.47, suggesting that accounting earnings provide little insight into the actual cash-generating capacity of the underlying research-heavy business model.
The wide variance in the conversion ratio indicates that non-cash items and lumpy milestone recognition heavily distort the company's reported profitability. Investors should interpret these figures as a reflection of accounting timing rather than operational efficiency, as the firm lacks a recurring revenue stream to anchor its cash flow quality.
Based on historical cash flow data, Editas consistently reports negative free cash flow, with quarterly outflows frequently exceeding $50 million, highlighting a structural inability to self-fund operations through current research-based inflows while maintaining the high-intensity clinical development required for the EDIT-301 program's advancement.
The trajectory of free cash flow remains deeply negative, confirming that the company is in a capital-intensive phase with no immediate path to self-sustainability. This persistent burn rate suggests that the company remains entirely dependent on external financing or new partnership agreements to maintain its current research trajectory.
According to recent SEC filings, working capital changes have been a significant source of cash flow instability, with swings as large as $33.2 million in a single quarter, indicating that the timing of milestone-related receivables and payables creates unpredictable liquidity pressure on the firm's balance sheet.
The erratic nature of these working capital shifts suggests that the company's cash position is highly sensitive to the timing of collaboration payments. This volatility warrants further investigation, as it complicates the predictability of the company's cash runway and its ability to manage short-term operational obligations.
As evidenced by the quarterly cash flow data, stock-based compensation remains a persistent non-cash expense, often totaling several million dollars per quarter, which effectively masks the true economic cost of retaining specialized scientific talent in a highly competitive biotechnology labor market for the firm.
While SBC is a standard practice in the industry, its consistent magnitude relative to the company's cash burn suggests that the true cost of operations is higher than the cash flow statement might imply. Investors should monitor this as a potential source of future dilution that may not be fully captured by simple cash-burn metrics.
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.