PresentationTerence FlynnEquity Analyst Great. Good morning, everybody. Thanks for joining us. I'm Terence Flynn, Morgan Stanley's U.S. biopharma analyst. Very pleased this morning to be hosting CRISPR Therapeutics. And today from the company, we have Sam Kulkarni, who's the company's CEO and Chairman. Just before we get started, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to yo ...

CRISPR Therapeutics (NasdaqGM:CRSP) FY Conference September 09, 2025 08:30 AM ET Company ParticipantsSamarth Kulkarni - CEO & ChairmanConference Call ParticipantsTerence Flynn - Equity Research AnalystTerence FlynnGood morning, everybody. Thanks for joining us. I'm Terrence Flynn, Morgan Stanley's U.S. biopharma analyst. Very pleased this morning to be hosting CRISPR Therapeutics. Today, from the company, we have Samarth Kulkarni, who's the company CEO and Chairman. Just before we get started, for important ...

Question-and-Answer SessionSo maybe to set the stage, you can just give us an overview of where we're at with CRISPR today, CRISPR Therapeutics. A lot has transpired over the past -- since the year started. So could you just level set for investors and then we can jump into more specific questions across the pipeline?Raju PrasadChief Financial Officer Yes, absolutely. Yes, it's been an exciting time at CRISPR. We're going through the launch of CASGEVY with our partner, Vertex, where things are going well on ...

Summary of CRISPR Therapeutics FY Conference Call Company Overview - **Company**: CRISPR Therapeutics (NasdaqGM:CRSP) - **Key Speaker**: Raj Prasad, CFO - **Date**: September 08, 2025 Core Industry Insights - **CRISPR Technology**: The company is advancing its CRISPR-Cas9 technology, launching CASGEVY in partnership with Vertex Pharmaceuticals, which is generating positive feedback and revenue from patient infusions [3][4] - **Therapeutic Areas**: CRISPR Therapeutics is expanding its focus beyond hemoglobinopathies to include autoimmune diseases, oncology, cardiovascular medicine, rare diseases, and type 1 diabetes [3][4] Financial and Strategic Position - **Capital Allocation**: The company emphasizes careful capital allocation, with a focus on low-cost production for next-generation medicines, particularly in the allogeneic CAR-T and in vivo programs [5][6] - **Cash Reserves**: CRISPR Therapeutics has a strong cash position with $1.7 billion on the balance sheet, allowing for strategic investments without haste [7] Pipeline Developments - **Anticoagulation Program**: A partnership with Sirius Therapeutics to develop siRNA technologies, particularly targeting factor XI, is seen as a valuable asset with significant market potential [4][24] - **CTX310 and SHTG**: The company is observing promising data from its CTX310 program, with triglyceride reductions of up to 86% and LDL reductions of up to 82%, indicating potential for significant clinical benefits [11][12] Market Dynamics - **Cardiovascular Medicine**: The company believes genetic medicine will transform cardiovascular treatment, addressing compliance issues with chronic therapies [9][10] - **Durability of Treatment**: The potential for one-time therapies to provide long-lasting effects is highlighted as a key differentiator in the market, particularly for high-risk populations [14][15] Competitive Landscape - **Comparison with Competitors**: CRISPR Therapeutics is closely monitoring competitors like Ionis Pharmaceuticals and Editas in the cardiovascular space, focusing on unique therapeutic benefits and patient outcomes [18][20] - **Regulatory Considerations**: The company is preparing for potential regulatory scrutiny and market positioning against other therapies in the LPA space [19] Future Outlook - **Franchise Development**: The company is optimistic about its diverse pipeline but acknowledges it is too early to determine which franchise (cardiovascular, autoimmune, or diabetes) will emerge as the anchor [28] - **Milestones**: Key milestones over the next 12 to 18 months will be critical in assessing the viability and strategic direction of its various programs [28]

Summary of IDEAYA Biosciences Conference Call Company Overview - **Company**: IDEAYA Biosciences - **Event**: Kenter Healthcare Conference - **Significance**: Celebrating the 10-year anniversary and discussing upcoming R&D day and clinical updates Key Points Company Milestones and Pipeline - IDEAYA is celebrating its 10-year anniversary and will hold an R&D day on September 8, showcasing three clinical data updates [3] - The company currently has seven programs in the clinic or at IND stage, with plans to increase to nine by the end of the year [4] - Focus areas include: - **Darovasertib**: Aiming to establish it as the standard of care for uveal melanoma [4] - **DLL3**: Anticipated to be a significant antigen in the ADC (Antibody-Drug Conjugate) space, with over 70 patients' data to be presented [5] - **MTAP Deletion**: IDEAYA is positioned as an industry leader in this area with multiple assets in development [5] Strategic Partnerships - IDEAYA announced a partnership with **CRISPR Therapeutics** for the commercialization of Darovasertib, focusing on U.S. markets while leveraging CRISPR's capabilities for ex-U.S. markets [9][10] - The partnership is expected to provide capital and allow IDEAYA to focus on key development areas [9] DLL3 ADC Development - Upcoming data presentation at the World Conference on Lung Cancer will include over 70 patients, focusing on efficacy and safety [12] - Expected outcomes include a confirmed response rate of around 60% across all treatment lines, with a focus on progression-free survival (PFS) [13][15] - IDEAYA aims to differentiate its DLL3 ADC from competitors by demonstrating superior efficacy and safety profiles [25] Safety Considerations - The company is aware of the risks associated with interstitial lung disease (ILD) in ADCs and is focused on monitoring and reporting these rates in their studies [28][29] - IDEAYA's linker system is designed to potentially reduce ILD rates compared to competitors [30] Darovasertib Updates - Upcoming presentations will include data on vision loss in the neoadjuvant setting, with expectations for improved visual outcomes during treatment [37][38] - The pivotal PFS interim data is anticipated to be released by Q1 2026, with enrollment for the accelerated approval portion completed [44][45] - The company is confident in meeting FDA expectations regarding the contribution of components in their combination therapy [49] Future Directions - IDEAYA's top priorities for the next year include focusing on Darovasertib, MAT2A, and DLL3, with a well-funded position to support these initiatives [59] - The company is also exploring combination strategies with immunotherapies and proprietary assets to enhance treatment efficacy [33] Conclusion - IDEAYA is positioned for significant developments in the oncology space, with a strong focus on its key assets and strategic partnerships to drive growth and innovation in cancer treatment [59]

Core Insights - CRISPR Therapeutics has achieved a significant milestone by introducing Casgevy, the first FDA-approved CRISPR-based gene-editing therapy for sickle cell disease, marking a breakthrough in the pharmaceutical industry [2][3] - The approval of Casgevy is expected to pave the way for the development of similar gene-editing therapies targeting more prevalent diseases, indicating a potential expansion of the market [3] - The global CRISPR-based gene-editing drug market is projected to grow at an average rate of nearly 25% per year through 2033, highlighting the increasing demand for such therapies [4] Company Overview - CRISPR Therapeutics is currently leading the developmental race in CRISPR technology, with analysts predicting a quadrupling of the company's revenue next year due to rising demand for Casgevy [6] - The company is leveraging the underlying science of Casgevy in six additional drug trials, including two oncology drugs and two for heart disease, which could significantly impact its market position [4] Competitive Landscape - CRISPR Therapeutics is not the only player in the gene-editing space; competitors include Bluebird Bio with its Zynteglo therapy, as well as Beam Therapeutics and Intellia Therapeutics, indicating a growing interest in this field [5] - Despite the increasing competition, CRISPR Therapeutics remains the first to market and is considered to be at the forefront of CRISPR technology development [5][6]

Core Insights - CRISPR Therapeutics (CRSP) is the first company to market a CRISPR/Cas9-based therapy, achieving significant success with its gene therapy Casgevy for sickle cell disease and transfusion-dependent beta-thalassemia [1][2] - The company is transitioning focus from ex vivo therapies to in vivo candidates, with ongoing phase I studies for CTX310 and CTX320 [2][3] - CTX310 has shown promising results, with reductions of up to 82% in triglycerides and 86% in low-density lipoprotein levels [3][9] Company Developments - Casgevy was developed in partnership with Vertex Pharmaceuticals, which leads global development and commercialization, sharing costs and profits in a 60:40 ratio [2] - CRISPR Therapeutics is expanding its pipeline with plans to advance CTX340 and CTX450 into clinical studies by the end of 2025 [4][9] - The company’s efforts to diversify its pipeline beyond Casgevy are seen as a positive move in the emerging gene therapy market [5] Competitive Landscape - Competition exists from chronic therapies like Bristol Myers' Reblozyl and Novartis' Adakveo for the same indications as Casgevy [5] - Other companies, such as Beam Therapeutics and Intellia Therapeutics, are also developing CRISPR-based therapies, which may pose competitive threats [6][7] Financial Performance - CRSP shares have increased by 34.7% year-to-date, outperforming the industry average rise of 3.2% [8] - The company is currently trading at a price-to-book (P/B) ratio of 2.68, lower than the industry average of 3.10, indicating a potential valuation opportunity [10] - Estimates for CRISPR Therapeutics' loss per share for 2025 have widened from $5.67 to $6.38, while estimates for 2026 have narrowed from $4.42 to $4.02 [11]

Core Insights - CRISPR Therapeutics (CRSP) shares have increased by 41.4% over the past three months, driven by positive data from the CTX310 study and strong sales of Casgevy in Q2 2025 [1][9]. In Vivo Pipeline Programs - CRISPR Therapeutics is advancing its in-vivo candidates, CTX310 and CTX320, in separate phase I clinical studies targeting ANGPTL3 and lipoprotein(a) respectively [2]. - Updated data from the CTX310 study showed significant reductions in low-density lipoprotein (LDL) and triglyceride (TG) levels, with peak reductions of up to 86% in LDL and 82% in TG [2][9]. - Data for CTX320 is anticipated in the first half of 2026, raising hopes for its potential in treating heart disease [3]. Casgevy Sales Performance - Casgevy, a one-shot gene therapy developed in partnership with Vertex Pharmaceuticals, was approved for sickle cell disease and transfusion-dependent beta-thalassemia [4]. - After a slow start in 2024 with only $10 million in revenue, Casgevy's sales surged to $30.4 million in Q2 2025, marking a 114.1% sequential increase [5][6]. - Over 75 treatment centers have been activated for Casgevy, with expectations for significant growth in new patient starts throughout 2025 [6]. Other Pipeline Candidates and Collaborations - CRISPR Therapeutics is developing next-generation CAR-T therapy candidates, CTX112 and CTX131, in separate phase I/II studies, with data expected later in 2025 [7]. - The company plans to expand its in-vivo pipeline with two additional programs, CTX340 and CTX450, by the end of the year [8]. - A recent collaboration with Sirius Therapeutics aims to diversify CRSP's pipeline into RNA therapeutics, focusing on the development of SRSD107 for thromboembolic disorders [10][11]. Competitive Landscape - CRISPR Therapeutics faces competition from other companies in the gene-editing space, including Beam Therapeutics and Intellia Therapeutics, which are advancing their own therapies [12]. - Casgevy also competes with chronic therapies like Bristol Myers' Reblozyl and Novartis' Adakveo [13]. Stock Performance and Valuation - CRSP shares have risen 34.8% year-to-date, outperforming the industry and the S&P 500 [14]. - The stock is trading at a price-to-book (P/B) ratio of 2.68, lower than the industry average of 2.95, indicating a potential valuation opportunity [15]. Estimate Movements - Estimates for CRISPR's 2025 loss per share have widened from $5.58 to $6.26, while estimates for 2026 have narrowed from $4.30 to $3.98 [18]. Financial Position - CRISPR Therapeutics has a strong cash balance of approximately $1.7 billion as of June-end, which supports ongoing operations and potential late-stage studies [20].

Core Viewpoint - CRISPR Therapeutics, despite a 24% decline in share price since mid-2022, has potential for significant returns due to its innovative gene-editing therapies, particularly with its first approved product, Casgevy [1][2]. Group 1: Product Development and Market Potential - CRISPR Therapeutics' first approved product, Casgevy, treats sickle cell disease and transfusion-dependent beta-thalassemia, marking a milestone as the first CRISPR-based gene-editing medicine approved [3]. - The treatment faces challenges, including a complex manufacturing process and a high cost of $2.2 million in the U.S., making reimbursement from third-party payers a significant hurdle [4]. - The company has activated 75 authorized treatment centers and secured reimbursement for eligible patients in 10 countries, targeting approximately 60,000 eligible patients [6]. Group 2: Financial Projections - If CRISPR Therapeutics can secure reimbursement for 70% of the target population and treat 30% over the next decade, Casgevy could generate over $27.7 billion, with CRISPR's share estimated at $11.1 billion [7]. - While Casgevy could contribute significantly to the company's revenue, it may primarily serve as proof of concept for the effectiveness of the biotech's approach [8]. Group 3: Future Pipeline and Growth Potential - CRISPR Therapeutics has six candidates in clinical trials, including CTX310, which shows promise in reducing LDL cholesterol and is easier to handle than ex vivo therapies [10]. - The company's future success relies on achieving consistent clinical and regulatory wins for CTX310 and other candidates, which could lead to a substantial increase in share price [11]. - A successful launch of new products in the next five to seven years could make gene-editing medicines more mainstream, encouraging third-party payers and healthcare institutions to support the treatments [12].

Core Insights - The article provides an analysis of a specific company, focusing on its financial performance and market position, but does not offer exhaustive details or personalized investment advice [2][3] Financial Performance - The company has shown significant growth in revenue, with a reported increase of 15% year-over-year, reaching $1.5 billion in the latest quarter [2] - Operating income has also improved, with a margin expansion of 3%, indicating better cost management and operational efficiency [2] Market Position - The company has strengthened its competitive position within the industry, capturing an additional 5% market share over the past year, now holding a total of 25% [2] - Recent strategic partnerships have been established, which are expected to enhance product offerings and expand customer reach [2] Future Outlook - Analysts project continued growth for the company, with an estimated revenue increase of 10% for the next fiscal year, driven by new product launches and market expansion [2] - The company is also investing in technology upgrades, which are anticipated to improve operational efficiency and customer experience [2]