Editas Medicine, Inc.EDIT

Editas Medicine, Inc. Leases Disclosure

10-KFiled Mar 5, 20251 min read
Leases
The Company has multiple lease agreements for office, laboratory and manufacturing space with varying contractual terms set to expire between 2025 and 2028. Typically, base rent payments commence at the beginning of each lease term and continue through the term of the respective lease. The Company’s lease agreements have escalating rent clauses, which require higher rent payments in future years. The Company has two significant leases for office and laboratory space located in Cambridge, Massachusetts, and one significant lease for manufacturing space in Devens, Massachusetts.
The Company’s leases are included on its consolidated balance sheet as follows (in thousands):
As of
December 31,
2024		December 31,
2023
Right-of-use assets$32,554 $33,680 
Operating lease liabilities, current$(14,652)$(12,164)
Operating lease liabilities, noncurrent$(20,380)$(24,372)
During the years ended December 31, 2024, 2023 and 2022, the Company recorded $21.0 million, $15.2 million and $13.6 million of expense related to operating lease costs and $2.8 million, $3.3 million and $3.0 million related to variable costs associated with the Company’s operating leases.
Maturities of the Company’s lease liabilities as of December 31, 2024 were as follows (in thousands):
Maturity of lease liabilities:Year Ended
December 31, 2024
2025$17,143 
2026$9,728 
2027$7,076 
2028$6,000 
Total minimum lease payments$39,947 
Less: imputed interest$(4,915)
Total operating lease liabilities at December 31, 2024$35,032 
The weighted-average remaining lease term is 2.9 years and the weighted-average discount rate is 9.1%.

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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