Core Viewpoint - Evercore ISI has raised the price target for Crispr Therapeutics (CRSP) to $74 from $62, maintaining an Outperform rating, indicating strong momentum in the company's prospects [1]. Group 1: Price Target and Rating - The price target for Crispr Therapeutics has been increased to $74, reflecting a positive outlook [1]. - The previous price target was $62, showing a significant upward revision [1]. - The Outperform rating suggests that analysts expect the stock to perform better than the market average [1]. Group 2: Market Context - Vertex Pharmaceuticals' new guidance for Casgevy is described as "promising," contributing to the positive sentiment around Crispr Therapeutics [1]. - The analyst believes that the setup for Crispr appears even better than initially appreciated, indicating potential for further growth [1].

Core Viewpoint - Needham raised the price target on Crispr Therapeutics (CRSP) to $82 from $80 while maintaining a Buy rating after the company's Q4 results [1] Group 1: Financial Performance - Casgevy sales in 2025 are projected to reach $116 million, surpassing Vertex's target of approximately $100 million [1]

Core Insights - 2026 is anticipated to be a significant year for CRISPR Therapeutics, with potential growth opportunities in the biotech sector [1][2] Company Overview - CRISPR Therapeutics is a leader in gene editing, utilizing a CRISPR-based technique to treat diseases by modifying specific genes [4] - The company has achieved regulatory approval for its first CRISPR-based product, Casgevy, which treats blood disorders such as sickle cell disease and beta thalassemia [5] Revenue Potential - The launch of Casgevy is gaining momentum, with the product having "multi-billion-dollar potential," despite the company sharing profits with partner Vertex Pharmaceuticals [6] - The gene editing treatment process is lengthy, which may delay revenue generation, but the long-term prospects are promising [6] Upcoming Catalysts - In 2026, CRISPR Therapeutics plans to release clinical trial updates for several candidates, including CTX310 and CTX611, as well as initiate trials for new candidates targeting refractory hypertension and alpha-1 antitrypsin deficiency [8] - These updates and milestones could positively impact the stock in the near term and contribute to long-term success [9]

Core Insights - CRISPR Therapeutics reported $864,000 in fourth-quarter revenue, resulting in a loss of $1.37 per share, which was worse than analysts' expectations of a loss of $1.20 per share on higher sales [1] - Despite the disappointing earnings report, CRISPR shares rose by 9.7%, largely due to positive developments from its commercialization partner, Vertex Pharmaceuticals [1] Group 1: Company Performance - CRISPR Therapeutics' gene-editing therapy, Casgevy, is the first FDA-approved gene-editing therapy for sickle cell disease, but the company faces significant losses and unpredictable revenue typical of young biotech firms [2] - Vertex Pharmaceuticals, the licensee for Casgevy, reported $54 million in revenue from the therapy in the fourth quarter and anticipates $500 million or more in revenue from non-cystic fibrosis products, including increased patient infusions of Casgevy by 2026 [3] Group 2: Market Outlook - Vertex's guidance for Casgevy's sales growth in 2026 indicates expectations for substantial revenue growth beyond the $116 million total revenue projected for 2025 [4] - The commercialization of Casgevy is expected to take time, as treatment centers require preparation and patient-specific treatments take additional months to create, with the therapy costing over $2 million per patient [5]

Core Insights - Casgevy, the gene-editing therapy for sickle cell disease and transfusion-dependent beta thalassemia, generated $54 million in Q4 revenue and $116 million for the full year, with 64 patients receiving infusions in 2025, including 30 in Q4 [1] - The initiation of treatment for 147 patients globally in 2025 nearly tripled compared to 2024, indicating strong momentum heading into 2026 [1][2] - William Blair analysts express confidence that the increase in first cell collections will lead to significantly higher revenue in 2026 [2] - The company is advancing its in vivo liver editing programs, with CTX310 in Phase 1b trials for lipid disorders and CTX321 progressing through enabling studies, with updates expected in H2 2026 [2] - The siRNA-based candidate CTX611 is in Phase 2 trials for knee replacement surgery patients and may have broader applications in thromboembolic diseases [3] - CRISPR Therapeutics ended 2025 with $1.98 billion in cash and marketable securities, while R&D expenses rose to $83.5 million in Q4, and the net loss widened to $130.6 million from $37.3 million a year earlier [4] - CRISPR Therapeutics shares increased by 8.81% to $53.24 at the time of publication [4]

Financial Performance - CRISPR Therapeutics reported a fourth-quarter 2025 loss of $1.37 per share, which was wider than the Zacks Consensus Estimate of a loss of $1.15, compared to a loss of 44 cents per share in the same quarter last year [1] - Total revenues for the quarter were $0.9 million, significantly missing the Zacks Consensus Estimate of $4.0 million, and down from $35.7 million in the year-ago period, which included $35 million in collaboration revenues from Vertex Pharmaceuticals [2] - Research and development (R&D) expenses increased by 16% year over year to $83.5 million, while general and administrative expenses rose about 2% to $18.4 million [8] Stock Performance - Shares of CRISPR Therapeutics declined in after-market trading due to the wider-than-expected loss, with the stock rising nearly 13% over the past year compared to the industry's 19% growth [3] Product Development and Sales - CRISPR Therapeutics and Vertex Pharmaceuticals' gene therapy, Casgevy, is approved in the U.S. and Europe for sickle cell disease and transfusion-dependent beta thalassemia, with Vertex leading global development and commercialization [5] - Vertex reported Casgevy sales of $54 million in the fourth quarter, up from $16.9 million in the previous quarter, contributing to full-year 2025 sales of $116 million [6] - The company plans to file for label expansions for Casgevy in patients aged five to 11 years in the first half of 2026, utilizing the Commissioner's National Priority Voucher to expedite the FDA review process [11] Pipeline Updates - CRISPR Therapeutics is advancing CAR-T cell therapies, with updates on the candidate zugo-cel expected in the second half of 2026 [12] - The company is also focusing on in-vivo candidates, particularly CTX310 for severe hypertriglyceridemia and refractory hypercholesterolemia, with updates anticipated in the second half of 2026 [13] - A collaboration with Sirius Therapeutics is diversifying the pipeline into RNA therapeutics, with an investigational RNA therapy CTX611 in mid-stage studies for preventing venous thromboembolism, with top-line data expected in the second half of 2026 [14] Financial Position - As of December 31, 2025, CRISPR Therapeutics had cash, cash equivalents, and marketable securities worth $1.98 billion, an increase from $1.94 billion as of September 30, 2025, primarily due to proceeds from common share issuance [10]

分组1 - CRISPR Therapeutics reported a quarterly loss of $1.37 per share, which was worse than the Zacks Consensus Estimate of a loss of $1.15, and a significant increase from a loss of $0.44 per share a year ago, indicating an earnings surprise of -18.85% [1] - The company posted revenues of $0.86 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 78.42%, and a sharp decline from year-ago revenues of $35.69 million, failing to beat consensus revenue estimates over the last four quarters [2] - The stock has underperformed the market, losing about 7.9% since the beginning of the year, while the S&P 500 has gained 1.4% [3] 分组2 - The earnings outlook for CRISPR Therapeutics is uncertain, with current consensus EPS estimates of -$1.12 on $2.54 million in revenues for the coming quarter and -$4.19 on $153.88 million in revenues for the current fiscal year [7] - The Zacks Industry Rank for Medical - Biomedical and Genetics is in the top 36% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]

Regulatory Approvals - CASGEVY became the first-ever approved CRISPR-based gene-editing therapy in 2023, approved in multiple regions including the U.S. and EU for treating eligible patients aged 12 and older with SCD or TDT [672]. Financial Performance - Total revenue for the year ended December 31, 2025, was $3.5 million, a decrease of $33.8 million from $37.3 million in 2024 [719]. - Collaboration revenue was $0 for 2025, down from $35.0 million in 2024, which included $10.0 million and $25.0 million milestones from Vertex [722]. - Net loss for 2025 was $581.6 million, compared to a net loss of $366.3 million in 2024, reflecting an increase of $215.3 million [719]. - Other income decreased to $86.6 million in 2025 from $103.9 million in 2024, a decline of $17.3 million [719]. - Net cash used in operating activities was $345.0 million for the year ended December 31, 2025, compared to $142.8 million in 2024, reflecting a $202.2 million increase [739]. - Net cash provided by financing activities was $426.0 million for the year ended December 31, 2025, an increase from $332.0 million in 2024, primarily from common share sales [741]. - The company anticipates continued losses for at least the next several years and will require additional capital to fund operations [730]. Research and Development - Research and development expenses are primarily driven by costs associated with product discovery and development, with no specific breakdown provided for external expenses [695]. - The company expects to continue incurring research and development costs consistent with its size and stage, potentially increasing as new programs are added [699]. - The in vivo liver editing platform targets diseases by utilizing validated lipid nanoparticle delivery technologies, with ongoing programs including CTX310 for familial hypercholesterolemia [674]. - CTX611, a long-acting siRNA targeting FXI, is currently in a Phase 2 clinical trial for patients undergoing total knee arthroplasty [679]. - The lead CAR T candidate, zugocabtagene geleucel, is in clinical trials for both autoimmune diseases and hematologic malignancies, with initial positive data supporting its advancement [683]. - The company is advancing CTX213, a beta cell replacement product candidate for T1D, demonstrating preclinical efficacy [685]. - The proprietary SyNTase editing platform is being developed for next-generation gene editing, aiming to unlock the full potential of gene-based therapeutics [686]. Expenses - Research and development expenses decreased to $284.8 million in 2025 from $310.2 million in 2024, a reduction of approximately $25.4 million [724]. - General and administrative expenses increased slightly to $73.5 million in 2025 from $73.0 million in 2024 [721]. - Total operating expenses rose to $668.1 million in 2025, an increase of $164.2 million from $503.9 million in 2024 [719]. - Collaboration expense, net, increased to $213.5 million for the year ended December 31, 2025, compared to $120.7 million in 2024, primarily due to reaching the deferral limit in 2024 [728]. Cash and Securities - As of December 31, 2025, the company had $1,975.8 million in cash, cash equivalents, and marketable securities, with an accumulated deficit of $1,947.6 million [730]. - The company expects to fund operating expenses and capital expenditures for at least the next 24 months with existing cash and marketable securities [745]. - As of December 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $1,975.8 million, primarily invested in U.S. Treasury securities and government agency securities [751]. Market Risks - The company does not believe it has a material exposure to interest rate risk, as a 1% change in interest rates would result in an immaterial change in the fair value of its investment portfolio [751]. - The company faces exposure to foreign currency exchange rate movements, primarily with the Swiss Franc and British Pound against the U.S. dollar, but foreign currency transaction gains and losses have not been material to its financial statements [752]. - Inflation has generally increased the company's costs related to labor, clinical trials, and manufacturing, but it has not had a material effect on the company's business or financial results during the years ended December 31, 2025, 2024, and 2023 [753]. Strategic Partnerships - Strategic partnerships, including with Vertex and Sirius, are in place to enhance the development of gene editing-based therapeutics across various disease areas [687].

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]

Core Insights - CRISPR Therapeutics reported financial results for Q4 and full year 2025, highlighting progress in its clinical and preclinical pipeline, including advancements in autoimmune diseases and oncology, as well as the global uptake of its therapy CASGEVY [1][2] Financial Performance - CASGEVY generated Q4 2025 revenue of $54 million and full year revenue of $116 million, with a significant increase in patient initiations and first cell collections, nearly tripling from 2024 to 2025 [5] - Cash, cash equivalents, and marketable securities totaled $1,975.8 million as of December 31, 2025, up from $1,903.8 million in 2024, primarily due to common share issuance and interest income [14] - R&D expenses for Q4 2025 were $83.5 million, an increase from $71.7 million in Q4 2024, driven by higher licensing fees [14] - The net loss for Q4 2025 was $130.6 million, compared to a net loss of $37.3 million in Q4 2024 [14] Pipeline Developments - The company is advancing its in vivo liver editing portfolio and has made progress with its siRNA collaboration with Sirius Therapeutics [2][4] - CTX310, targeting ANGPTL3, is in Phase 1b trials for severe hypertriglyceridemia and refractory hypercholesterolemia, with updates expected in H2 2026 [5] - CTX460, targeting SERPINA1 for alpha-1 antitrypsin deficiency, is expected to enter clinical trials in mid-2026 [5] - Zugo-cel is in ongoing Phase 1 trials for autoimmune diseases and hematologic malignancies, with updates anticipated in H2 2026 [10][17] Market Expansion - CASGEVY is approved in multiple regions, including the U.S., EU, and several Middle Eastern countries, with approximately 90% of U.S. patients having reimbursed access [5] - The company is expanding its regenerative medicine portfolio, including CTX213 for Type 1 diabetes, which has shown promising preclinical efficacy [9] Collaborations - CRISPR Therapeutics has a strategic collaboration with Vertex Pharmaceuticals for CASGEVY, with Vertex leading global development and commercialization [13] - The collaboration with Sirius Therapeutics focuses on developing siRNA therapies, with CTX611 being a key program targeting FXI for thromboembolic disorders [19]