CRISPR Therapeutics(CRSP) - 2025 Q4 - Annual Results

Financial Performance - CASGEVY generated fourth quarter 2025 revenue of $54 million and full year 2025 revenue of $116 million, reflecting continued growth in treated patients[5] - Total revenue for Q4 2025 was $864,000, compared to $35,691,000 in Q4 2024, representing a significant decrease[25] - Collaboration revenue for the full year 2025 was $0, consistent with the previous year[25] - Grant revenue for Q4 2025 was $864,000, compared to $691,000 in Q4 2024, showing a 25% increase[25] - The company reported a comprehensive loss of $130,778,000 for Q4 2025, compared to a comprehensive loss of $46,036,000 in Q4 2024[25] - The basic net loss per common share for Q4 2025 was $1.37, compared to $0.44 for Q4 2024, indicating a worsening loss per share[25] Research and Development - R&D expenses were $83.5 million for the fourth quarter of 2025, compared to $71.7 million for the same period in 2024, primarily driven by increased licensing fees[14] - Research and development expenses for Q4 2025 were $83,526,000, up from $71,738,000 in Q4 2024, indicating a 16.5% increase[25] - CRISPR Therapeutics is advancing CTX310® in Phase 1b clinical trials, targeting severe hypertriglyceridemia and refractory hypercholesterolemia, with updates expected in the second half of 2026[5] - The company is progressing CTX213™, a beta cell replacement product candidate for Type 1 diabetes, towards clinical trials, with compelling preclinical efficacy demonstrated[8] - CTX611, a long-acting siRNA targeting Factor XI, is in an ongoing Phase 2 clinical trial, with updates expected in the second half of 2026, representing a multi-billion-dollar market opportunity[17] Patient Access and Treatment - 64 patients received infusions of CASGEVY during 2025, including 30 in the fourth quarter, with patient initiations and first cell collections increasing nearly three-fold compared to 2024[5] - As of year-end 2025, approximately 90% of patients in the U.S. have reimbursed access to CASGEVY, with expanded access in multiple countries[5] Financial Position - Cash, cash equivalents, and marketable securities were $1,975.8 million as of December 31, 2025, compared to $1,903.8 million as of December 31, 2024[14] - Cash and cash equivalents as of December 31, 2025, were $347,559,000, an increase from $298,257,000 as of December 31, 2024[27] - Total assets as of December 31, 2025, were $2,265,243,000, slightly up from $2,242,034,000 in the previous year[27] - Total shareholders' equity decreased to $1,921,813,000 as of December 31, 2025, from $1,932,080,000 in 2024[27] Collaboration and Expenses - Collaboration expense, net, was $53.7 million for the fourth quarter of 2025, compared to $10.4 million for the same period in 2024, reflecting the absence of a comparable deferral in 2025[14] - Net loss was $130.6 million for the fourth quarter of 2025, compared to a net loss of $37.3 million for the fourth quarter of 2024[14]