CRISPR Therapeutics AG (CRSP)

Price$55.32Cached quoteAs of 2026-10-01 00:18 UTC

AI: Fair-priced

Price checkThe valuation is balanced because a large cash reserve offsets years of losses and early-stage pipeline risk.

CRISPR Therapeutics has a market value near $5.5 billion. June cash and marketable securities totaled about $2.36 billion, while debt was roughly $784 million, leaving around $1.58 billion of net liquid resources. That means investors are effectively assigning about $3.9 billion to future CASGEVY economics and the experimental pipeline. The company still loses money and burned roughly $192 million of operating cash in the first half, so the present valuation offers meaningful financial protection but not a clear value-investor bargain.

Big pictureCASGEVY is gaining commercial traction, but CRISPR still depends heavily on future treatments for lasting profitability.

CASGEVY sales recorded by partner Vertex reached $76 million in the second quarter, up 78% sequentially and 151% year over year. CRISPR receives 40% of net program profits or losses rather than 40% of revenue, and its second-quarter collaboration expense was still $40.3 million, showing commercialization has not yet become a strong earnings contributor. The pediatric approval expands the eligible population by about 5,500 U.S. patients. Beyond CASGEVY, most value remains tied to clinical programs whose eventual approval and economics are uncertain.

Business strengthThe cash runway is substantial, but convertible debt and rising shares dilute some of that balance-sheet strength.

Cash plus marketable securities exceeded $2.3 billion at June, enough to fund several years of recent operating cash burn even before future collaboration receipts. However, CRISPR issued $600 million of convertible notes due 2031, with an initial conversion price around the mid-$70s, creating future dilution risk if the shares appreciate. Shares outstanding also rose from about 85.7 million at year-end 2024 to 96.7 million by June 2026. The balance sheet is therefore strong, but shareholder ownership has become less concentrated.

What could change the storySuccessful liver-editing and autoimmune programs could create major upside, while clinical setbacks would expose the valuation premium.

CTX310 provides the strongest near-term upside signal: one-year Phase 1 data showed mean reductions of 79% in ANGPTL3, 48% in triglycerides and 53% in LDL at the highest dose, with no treatment-related serious adverse events reported. It is now in Phase 1b testing, while zugo-cel and other programs remain early. Sustained CASGEVY growth plus successful mid-stage data could justify substantially more value. Conversely, slow commercialization or failures in CTX310 and other programs would leave investors paying heavily for optionality rather than established profits.

AI: News

CTX310 durability dataOne-year cardiovascular gene-editing results remained strong, but the stock did not receive an immediate positive rerating.

On August 28, CRISPR presented one-year Phase 1a CTX310 results showing durable reductions in ANGPTL3, triglycerides and LDL cholesterol, with no treatment-related serious adverse events reported. Shares fell about 2.8% that session. The decline does not show that investors rejected the science; it only demonstrates that encouraging early-stage data were not enough for an immediate positive rerating. Phase 1b results will matter more because they should provide broader evidence on efficacy, safety and target patient groups.

Second-quarter momentumRapid CASGEVY growth and a narrower loss strengthened confidence in commercialization and the broader pipeline.

On August 3, CRISPR reported that CASGEVY generated $76 million of partner-recorded quarterly sales, up 151% year over year, while the company's net loss narrowed to about $91 million from $209 million. Shares rose about 7.1% in the following session. The timing is consistent with investors responding positively to improving CASGEVY uptake, the pediatric label expansion and advancing clinical programs, although the share move cannot be attributed to any single item with certainty.

Pediatric CASGEVY approvalThe expanded U.S. label materially increased the addressable patient pool for CRISPR's only approved therapy.

On July 1, the FDA approved CASGEVY for patients as young as two with eligible sickle cell disease or transfusion-dependent beta thalassemia. CRISPR later estimated that roughly 5,500 additional U.S. patients became eligible. Shares rose about 8.0% in the next regular trading session. The timing is consistent with optimism about a larger commercial opportunity, but broader biotech trading and expectations around the decision may also have influenced the move.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$3.5M	$37.3M	$371.2M	$1.2M	$915.0M	$719,000	$289.6M	$3.1M	$41.0M	$5.2M	$247,000	—
Research & development	$284.8M	$310.2M	$387.3M	$461.6M	$340.6M	$221.4M	$179.4M	$113.8M	$69.8M	$42.2M	$12.6M	$1.5M
Operating expenses	$668.1M	$503.9M	$593.7M	$674.4M	$541.4M	$355.2M	$242.8M	$162.1M	$105.6M	$73.3M	$26.0M	$6.6M
Operating income	−$664.6M	−$466.6M	−$222.5M	−$673.2M	$373.5M	−$354.4M	$46.7M	−$158.9M	−$64.6M	−$68.1M	−$25.7M	−$6.6M
Operating margin	−18,933.65%	−1,250.38%	−59.95%	−56,190.40%	40.82%	−49,295.55%	16.14%	−5,087.80%	−157.69%	−1,319.33%	−10,416.60%	—
EBITDA	−$645.1M	−$447.3M	−$202.7M	−$649.0M	$391.5M	−$345.3M	$51.5M	−$155.4M	−$61.6M	−$67.2M	−$25.6M	−$6.6M
EBITDA margin	−18,378.69%	−1,198.76%	−54.61%	−54,172.70%	42.79%	−48,018.22%	17.77%	−4,975.16%	−150.31%	−1,301.41%	−10,365.18%	—
Net income	−$581.6M	−$366.3M	−$153.6M	−$650.2M	$377.7M	−$348.9M	$66.9M	−$165.0M	−$68.4M	−$23.2M	−$25.5M	−$7.0M
Net profit margin	−16,569.77%	−981.54%	−41.38%	−54,271.70%	41.28%	−48,520.86%	23.09%	−5,281.08%	−166.74%	−448.82%	−10,325.10%	—
Basic EPSper basic share	-$6.47	-$4.34	-$1.94	-$8.36	$4.97	-$5.29	$1.23	-$3.44	-$1.71	-$1.89	-$5.06	$1.97
Diluted EPSper diluted share	-$6.47	-$4.34	-$1.94	-$8.36	$4.70	-$5.29	$1.17	-$3.44	-$1.71	-$1.89	-$5.06	$1.97

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.79%of listed shares

ARK Investment Management LLC9.46M shares · Jun 30, 2026

View holders

Top 20 reported holders of CRSP
Holder	% owned
ARK Investment Management LLC	9.79%9.46M shares
BlackRock, Inc.	8.64%8.35M shares
Orbis Allan Gray Ltd	5.64%5.45M shares
Capital World Investors	4.91%4.75M shares
STATE STREET CORP	4.47%4.32M shares
GSK plc	3.33%3.22M shares
GEODE CAPITAL MANAGEMENT, LLC	2.60%2.51M shares
T. Rowe Price Investment Management, Inc.	2.12%2.05M shares
George Simeon	≈2.11%2.04M shares
SR One Capital Management, LP	2.11%2.04M shares
TWO SIGMA INVESTMENTS, LP	2.06%1.99M shares
FMR LLC	1.97%1.91M shares
Sumitomo Mitsui Trust Group, Inc.	1.78%1.72M shares
Amova Asset Management Americas, Inc.	1.78%1.72M shares
EcoR1 Capital, LLC	1.44%1.39M shares
UBS Group AG	1.36%1.32M shares
Capital International Investors	1.31%1.27M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.22%1.18M shares
BANK OF AMERICA CORP /DE/	1.20%1.16M shares
NEA Management Company, LLC	1.10%1.06M shares

Percentages use 96.66M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$53.00M disclosed value

Sells (SEC code S)50$24.88M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 29, 2026Form 4	Patel NaimishChief Medical Officer	SellCommon Shares	3.8K	$55.62	$210.6K	19.4K
Mar 23, 2026Form 4	KASINGER JAMES R.General Counsel and Secretary	SellCommon Shares	3.2K	$46.78	$148.9K	94.3K
Mar 23, 2026Form 4	Kulkarni SamarthChief Executive Officer	SellCommon Shares	10.0K	$46.78	$468.7K	255.5K
Mar 23, 2026Form 4	Prasad RajuChief Financial Officer	SellCommon Shares	3.7K	$46.78	$173.5K	15.6K
Mar 16, 2026Form 4	Patel NaimishChief Medical Officer	SellCommon Shares	3.1K	$48.26	$152.0K	13.1K

Review ownership filings at SEC.gov ↗

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CRISPR Therapeutics AG (CRSP)

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