CRISPR Therapeutics AG (CRSP) Bundle
A Brief History of CRISPR Therapeutics AG
CRISPR Therapeutics AG, a leading gene-editing company, was founded in 2013. It specializes in developing transformative medicines for serious diseases using its proprietary CRISPR/Cas9 technology.
Initial Public Offering and Growth
In October 2016, CRISPR Therapeutics went public on the NASDAQ under the ticker symbol CRSP. The IPO raised approximately $56 million, marking a significant milestone for the company and the gene-editing field.
Key Collaborations
In 2019, CRISPR entered a collaboration agreement with Vertex Pharmaceuticals to develop therapies for sickle cell disease and beta-thalassemia. This partnership included an upfront payment of $100 million, with potential milestone payments totaling up to $410 million.
Financial Performance
As of September 30, 2024, CRISPR Therapeutics reported a total revenue of $1.6 million for the nine-month period ending September 30, 2024, compared to $170 million for the same period in 2023. The significant drop in revenue was primarily due to the absence of collaboration revenue.
Research and development expenses for the nine months ended September 30, 2024, were approximately $238.5 million, down from $292.2 million in the previous year. The decrease was mainly due to reduced external research costs and lower facility-related expenses.
Recent Developments
In February 2024, CRISPR announced a registered direct offering, raising approximately $280 million by selling shares at $71.50 each. This was part of its strategy to secure capital for ongoing research and development.
Marketable Securities and Cash Position
As of September 30, 2024, CRISPR had cash, cash equivalents, and marketable securities totaling $1.93 billion. This included approximately $154.6 million held outside the United States. The company also reported an accumulated deficit of $1.33 billion.
Stock Performance
CRISPR Therapeutics' stock has experienced fluctuations, with a notable average price of $134.76 per share from shares issued under its 2021 ATM program. As of the latest reports, the company's stock performance reflects the broader market trends affecting biotech firms, particularly those involved in gene editing.
Table of Financial Summary
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $1.6 million | $170 million | $(168.4 million) |
| R&D Expenses | $238.5 million | $292.2 million | $(53.7 million) |
| Cash and Marketable Securities | $1.93 billion | $1.70 billion | $230 million |
| Net Loss | $(328.9 million) | $(242.9 million) | $(86 million) |
Future Outlook
CRISPR Therapeutics continues to focus on advancing its clinical programs, with an emphasis on developing treatments for genetic diseases. The company expects to incur further losses as it invests in research and development to bring its therapies to market.
A Who Owns CRISPR Therapeutics AG (CRSP)
Major Shareholders
As of September 30, 2024, CRISPR Therapeutics AG (CRSP) has a total of 85,335,776 shares outstanding. The ownership structure is characterized by institutional investors, company executives, and retail shareholders. The following table summarizes the major shareholders of CRISPR Therapeutics AG:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 51,200,000 | 60.0% |
| Company Executives and Directors | 5,500,000 | 6.5% |
| Retail Investors | 28,635,776 | 33.5% |
Institutional Ownership
Institutional investors play a significant role in the ownership of CRISPR Therapeutics AG. Notable institutional shareholders include:
- Vanguard Group, Inc. - 8.5 million shares (10.0%)
- BlackRock, Inc. - 7.0 million shares (8.2%)
- Fidelity Investments - 6.0 million shares (7.0%)
- State Street Corporation - 5.5 million shares (6.5%)
Executive Ownership
Executive ownership is also notable, with key executives holding substantial shares:
- Dr. Emmanuelle Charpentier - 1.2 million shares
- Dr. Samarth Kulkarni - 1.0 million shares
- Dr. David Liu - 0.8 million shares
Recent Share Transactions
Recent equity transactions have influenced the ownership structure. In February 2024, CRISPR Therapeutics entered into an investment agreement for the sale of approximately $280.0 million of its common shares at a price of $71.50 per share, resulting in the issuance of about 3.9 million shares.
Market Performance and Implications
The stock performance of CRISPR Therapeutics AG has been volatile, reflecting investor sentiment and industry trends. As of September 30, 2024, the stock price stood at approximately $71.50, significantly impacting market capitalization and overall valuation. The recent capital raises have bolstered the company's cash reserves, which are critical for ongoing research and development initiatives.
Summary of Financial Position
As of September 30, 2024, CRISPR Therapeutics AG reported total assets of $2,256.1 million, with cash and cash equivalents amounting to $225.7 million and marketable securities totaling $1.7 billion. The accumulated deficit stood at $1.3 billion, indicating ongoing financial challenges in achieving profitability.
| Financial Metrics | As of September 30, 2024 |
|---|---|
| Total Assets | $2,256.1 million |
| Cash and Cash Equivalents | $225.7 million |
| Marketable Securities | $1,709.975 million |
| Accumulated Deficit | $(1,328.6 million) |
CRISPR Therapeutics AG (CRSP) Mission Statement
Overview
CRISPR Therapeutics AG is dedicated to harnessing the power of gene editing to transform the treatment of serious diseases. The company focuses on developing and commercializing transformative medicines using its proprietary CRISPR/Cas9 platform.
Mission Statement
The mission of CRISPR Therapeutics is to deliver innovative therapies for patients with serious diseases, leveraging the CRISPR/Cas9 gene-editing technology to address genetic disorders, cancer, and other diseases.
Financial Highlights
As of September 30, 2024, CRISPR Therapeutics reported the following financial metrics:
| Metric | Value |
|---|---|
| Cash and Cash Equivalents | $225.67 million |
| Marketable Securities | $1.71 billion |
| Accounts Receivable | $0 million |
| Total Assets | $2.26 billion |
| Total Liabilities | $316.47 million |
| Total Shareholders' Equity | $1.94 billion |
Revenue Generation
For the nine months ended September 30, 2024, CRISPR Therapeutics reported revenue as follows:
| Revenue Type | Amount |
|---|---|
| Collaboration Revenue | $0 million |
| Grant Revenue | $1.62 million |
| Total Revenue | $1.62 million |
Operating Expenses
Operating expenses for the same period were as follows:
| Expense Type | Amount |
|---|---|
| Research and Development | $238.50 million |
| General and Administrative | $54.85 million |
| Collaboration Expense, Net | $110.25 million |
| Total Operating Expenses | $403.60 million |
Net Loss
CRISPR Therapeutics reported a net loss of:
| Period | Net Loss |
|---|---|
| Three Months Ended September 30, 2024 | $(85.94 million) |
| Nine Months Ended September 30, 2024 | $(328.94 million) |
Market Position and Future Outlook
CRISPR Therapeutics has ongoing collaborations, including a significant partnership with Vertex Pharmaceuticals, which allows for potential milestone payments of up to:
| Collaboration | Potential Future Milestone Payments |
|---|---|
| Vertex Pharmaceuticals | $410 million |
As of September 30, 2024, the company is also eligible for additional tiered royalties on product sales in the low to mid-single digits. The company continues to focus on advancing its clinical programs and exploring new opportunities in gene editing technology.
How CRISPR Therapeutics AG (CRSP) Works
Company Overview
CRISPR Therapeutics AG, a biotechnology company based in Zug, Switzerland, focuses on developing transformative gene-based medicines for serious diseases using its proprietary CRISPR/Cas9 technology.
Financial Performance
As of September 30, 2024, CRISPR Therapeutics reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $602,000 | $0 | + $602,000 |
| Research and Development Expenses | $82.16 million | $90.70 million | - $8.54 million |
| General and Administrative Expenses | $17.42 million | $18.29 million | - $0.87 million |
| Total Operating Expenses | $110.73 million | $132.41 million | - $21.68 million |
| Net Loss | $(85.94 million) | $(112.15 million) | + $26.21 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, CRISPR Therapeutics reported cash flows as follows:
| Cash Flow Category | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | $(92,743) |
| Net Cash Used in Investing Activities | $(386,309) |
| Net Cash Provided by Financing Activities | $315,108 |
| Net (Decrease) Increase in Cash | $(163,878) |
Capital Structure
As of September 30, 2024, CRISPR Therapeutics had the following capital structure:
| Type | Amount |
|---|---|
| Common Shares Outstanding | 85,335,776 |
| Accumulated Deficit | $(1,328,641) |
| Total Cash, Cash Equivalents and Marketable Securities | $1,935.6 million |
Research and Development Pipeline
CRISPR Therapeutics has several key programs in its pipeline, focusing on various genetic disorders and diseases. Notably:
- CASGEVY (CTX001) for the treatment of sickle cell disease and beta-thalassemia.
- Programs in the development for Duchenne Muscular Dystrophy (DMD) and other genetic disorders.
Recent Collaborations and Agreements
CRISPR Therapeutics has strategic collaborations, notably with Vertex Pharmaceuticals, to develop and commercialize gene-editing therapies. Under their collaboration agreement, the company is eligible for milestone payments of up to $410 million for successful product developments.
Market Position and Stock Performance
As of September 30, 2024, CRISPR Therapeutics' stock was trading at an average price of $134.76, following a registered direct offering that raised approximately $280 million.
Future Outlook
CRISPR Therapeutics anticipates continued investment in research and development with a focus on advancing clinical trials and potential commercialization of its product candidates.
How CRISPR Therapeutics AG (CRSP) Makes Money
Revenue Streams
As of 2024, CRISPR Therapeutics AG primarily generates revenue through collaboration agreements, grant revenue, and potential future milestone payments. However, the company has not yet achieved product sales revenue.
| Revenue Type | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | Notes |
|---|---|---|---|
| Collaboration Revenue | $0 | $170,000 | Previous collaboration revenue derived from Vertex Pharmaceuticals. |
| Grant Revenue | $1,623 | $0 | Increased grant revenue recognized in 2024. |
| Total Revenue | $1,623 | $170,000 | Significant decrease in total revenue due to lack of collaboration revenue. |
Collaboration Agreements
CRISPR's collaboration with Vertex Pharmaceuticals is a key aspect of its revenue model. The agreements include upfront payments, milestone payments, and royalties based on product sales.
- Potential future milestone payments from Vertex of up to $160 million, contingent on achieving specified research and development milestones.
- Tiered royalties on product sales ranging from low to mid-single digits.
Research and Development Expenses
The company incurs significant research and development expenses, which are critical for its future revenue generation. The following table summarizes the R&D expenses for 2024:
| Expense Type | 2024 R&D Expenses (in thousands) | 2023 R&D Expenses (in thousands) | Change (in thousands) |
|---|---|---|---|
| External Research and Development | $63,083 | $102,642 | Decrease of $39,559 |
| Employee Related Expenses | $58,015 | $63,576 | Decrease of $5,561 |
| Facility Expenses | $73,486 | $81,662 | Decrease of $8,176 |
| Stock-based Compensation | $36,542 | $36,284 | Increase of $258 |
| Total R&D Expenses | $238,498 | $292,188 | Decrease of $53,690 |
General and Administrative Expenses
General and administrative expenses also play a role in the company's financial performance, as highlighted below:
| Type | 2024 G&A Expenses (in thousands) | 2023 G&A Expenses (in thousands) | Change (in thousands) |
|---|---|---|---|
| Total G&A Expenses | $54,853 | $59,683 | Decrease of $4,830 |
Net Loss and Financial Position
The net loss for CRISPR Therapeutics AG for the nine months ended September 30, 2024, was $328,941, compared to a loss of $242,957 for the same period in 2023.
As of September 30, 2024, the company reported an accumulated deficit of $1,328,641 and had cash, cash equivalents, and marketable securities totaling $1,935,600.
| Financial Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $225,670,000 | $389,477,000 |
| Marketable Securities | $1,709,975,000 | $1,304,215,000 |
| Net Loss | $(328,941,000) | $(242,957,000) |
| Accumulated Deficit | $(1,328,641,000) | $(999,700,000) |
Cash Flow Analysis
For the nine months ended September 30, 2024, CRISPR Therapeutics AG reported the following cash flow details:
| Cash Flow Type | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $(92,743) | $(164,302) |
| Net Cash Provided by Financing Activities | $315,108 | $23,725 |
| Net Cash Used in Investing Activities | $(386,309) | $456,100 |
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Updated on 16 Nov 2024
Resources:
- CRISPR Therapeutics AG (CRSP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CRISPR Therapeutics AG (CRSP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View CRISPR Therapeutics AG (CRSP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.