CRISPR Therapeutics
$CRSP Earnings Summary - February 12, 2026
Business Performance Analysis
CRISPR Therapeutics' financial performance in 2025 reflects a pivotal year marked by the initial commercialization success of CASGEVY® and significant advancements across a broad and maturing gene-editing pipeline. The substantial increase in collaboration expense, net, from $10.4 million in Q4 2024 to $53.7 million in Q4 2025, and a rise in R&D expenses to $83.5 million in Q4 2025, underscore the company's strategic investment in pipeline development and its share of costs for CASGEVY under the Vertex collaboration. This aggressive investment, coupled with the absence of a comparable deferral in collaboration expenses seen in 2024, contributed to the increased net loss, even as CASGEVY began generating meaningful revenue. The CEO's commentary highlights continued execution across the portfolio, strengthening platform capabilities, and global uptake of CASGEVY as key drivers of progress.
Key Financial Highlights
Total Revenue (FY 2025): $3,510 million, primarily from collaboration and grant revenue.
CASGEVY Revenue (FY 2025): $116 million, with $54 million generated in Q4 2025.
Net Loss (Q4 2025): $130.6 million, compared to $37.3 million in Q4 2024.
R&D Expenses (Q4 2025): $83.5 million, up from $71.7 million in Q4 2024, driven by increased licensing fees.
Collaboration Expense, Net (Q4 2025): $53.7 million, significantly up from $10.4 million in Q4 2024 due to the absence of a deferral seen in the prior year.
Cash Position (as of Dec 31, 2025): $1,975.8 million in cash, cash equivalents, and marketable securities, an increase from $1,903.8 million at year-end 2024, primarily from common share issuance and option exercises.
Key Takeaways
The most significant development is the successful initial commercialization and global uptake of CASGEVY®, the world's first CRISPR-based therapy, which generated $116 million in full-year 2025 revenue and saw 147 patients initiate treatment. This commercial momentum is further bolstered by positive pediatric data presented at ASH 2025, with global regulatory submissions for children aged 5-11 years expected to begin in the first half of 2026, supported by an FDA Commissioner's National Priority Voucher. Beyond CASGEVY, the company is advancing a diversified pipeline leveraging its proprietary LNP delivery platform for in vivo liver editing programs (CTX310, CTX321, CTX460, CTX340), progressing siRNA-based programs in collaboration with Sirius Therapeutics (CTX611), and expanding its allogeneic CAR-T cell therapy (zugo-cel) into multiple autoimmune and immuno-oncology indications. The advancement of CTX213, a deviceless beta cell replacement candidate for Type 1 diabetes, highlights the strategic expansion into regenerative medicine, demonstrating compelling preclinical efficacy. The company's wholly-owned GMP manufacturing facility in Framingham further strengthens its end-to-end production capabilities for cell therapy.
Guidance
CRISPR Therapeutics anticipates several key milestones and updates in 2026. Global regulatory submissions for CASGEVY in pediatric patients (5-11 years) with SCD or TDT are expected to commence in the first half of 2026. The company expects to provide updates on its in vivo liver editing programs, CTX310 and CTX321, in the second half of 2026. An update on the siRNA program CTX611 is also expected in the second half of 2026, with CRISPR Therapeutics leading global Phase 3 development. Updates for zugo-cel in both autoimmune disease and immuno-oncology are anticipated in the second half of 2026. Additionally, clinical trial initiations for CTX460 and CTX340 are expected in mid-2026 and the first half of 2026, respectively. The company also plans to provide additional updates on its regenerative medicine program, CTX213, as development progresses.