CRISPR Therapeutics Reports Mixed Q3 Results, Revenue Growth and Expense Reductions Offset by Net Loss

CRISPR Therapeutics AG reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial position compared to the previous fiscal period.

For the three months ended September 30, 2024, CRISPR Therapeutics generated total revenue of $602,000, a notable increase from zero revenue in the same period of 2023. However, for the nine months ended September 30, 2024, total revenue was $1,623,000, a decrease from $170 million in the prior year, primarily due to the absence of collaboration revenue from Vertex Pharmaceuticals, which had contributed significantly in 2023.

Total operating expenses for the third quarter of 2024 were $110.7 million, down from $132.4 million in the same quarter of 2023. This reduction was attributed to decreased research and development costs, which fell to $82.2 million from $90.7 million, and lower general and administrative expenses, which decreased to $17.4 million from $18.3 million. Despite these reductions, the company reported a loss from operations of $110.1 million for the third quarter, an improvement from a loss of $132.4 million in the same period of 2023.

For the nine-month period, the loss from operations increased to $402 million from $292 million in the previous year. The net loss for the third quarter of 2024 was $85.9 million, compared to $112.2 million in the same quarter of 2023. The net loss for the nine months ended September 30, 2024, was $328.9 million, up from $243 million in the prior year.

As of September 30, 2024, CRISPR Therapeutics reported total current assets of $1.94 billion, an increase from $1.91 billion at the end of 2023. Cash and cash equivalents decreased to $225.7 million from $389.5 million, while marketable securities rose significantly to $1.71 billion from $1.30 billion. Total liabilities decreased to $89.8 million, and total shareholders' equity increased to $1.94 billion from $1.88 billion.

The company has continued to focus on its collaboration with Vertex Pharmaceuticals, which includes the recently approved CRISPR-based therapy, CASGEVY. The partnership has generated substantial upfront and milestone payments, although no revenue was recognized from this collaboration in the current reporting period. The company anticipates ongoing operating losses and will require additional capital for research and development, manufacturing, and operational costs.

Overall, CRISPR Therapeutics is navigating a challenging financial landscape while advancing its gene editing technologies and therapeutic programs.