CRISPR Therapeutics AG
For the period ended Jun 30, 2026. Filed Aug 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 3, 2026
CRSP$50.07+3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001193125-26-204188
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001193125-26-330672
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 124 previous paragraphs and 130 current paragraphs.
98 unchanged; 19 reworded; 10 added; 7 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Asset acquisition costs related to acquired technology are expensed as acquired in-process research and development at the point that they have no established alternative future use. We classify asset acquisitions of acquired in-process research and development as investing activities on our condensed consolidated statements of cash flows.
Current report
Collaboration revenue was $10.0 million for the three months ended June 30, 2026 related to an upfront payment on an immaterial license and collaboration agreement entered into during the second quarter of 2026. There was no collaboration revenue for the three months ended June 30, 2025. Please refer to Note 6 of the notes to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for further information on significant collaborative arrangements.
Current report
The decrease of approximately $2.7 million was primarily attributable to a decrease in employee-related costs and facility-related expenses, offset by an increase in license fees.
Current report
Acquired in-process research and development expenses were not material for the three months ended June 30, 2026. Acquired in-process research and development costs were $96.3 million for the three months ended June 30, 2025 and were attributable to the costs incurred upon entering the Sirius Agreement during the second quarter of 2025, as described in Note 6 of the notes to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Current report
Collaboration Revenue
Current report
Collaboration revenue was $11.0 million for the six months ended June 30, 2026 and was related to an upfront payment received as part of an immaterial license and collaboration agreement entered into during the second quarter of 2026. There was no collaboration revenue for the six months ended June 30, 2025. Please refer to Note 6 of the notes to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for further information on significant collaboration agreements.
Current report
Acquired in-process research and development expenses were not material for the six months ended June 30, 2026. Acquired in-process research and development expenses were $96.3 million for the six months ended June 30, 2025 and was attributable to the costs incurred upon entering the Sirius Agreement during the second quarter of 2025, as described in Note 6 of the notes to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Current report
General and administrative expenses were $34.7 million for the six months ended June 30, 2026, compared to $38.2 million for the six months ended June 30, 2025. The decrease of approximately $3.5 million was primarily associated with a decrease in employee-related costs, including stock-based compensation expenses, as well as a decrease in consulting costs.
Current report
Other Income, Net
Current report
Other income was $35.2 million for the six months ended June 30, 2026, compared to $35.6 million of income for the six months ended June 30, 2025.
Removed paragraphs (7)
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Collaboration Expense, Net
Previous report
Collaboration revenue was not material for the three months ended March 31, 2026 and 2025.
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Collaboration Expense, Net
Reworded paragraphs (19)
Previous wording
In 2023, CASGEVY became the first-ever approved CRISPR-based gene-editing therapy in the world. To date, CASGEVY has been approved in the United States, European Union, Great Britain, Canada, Switzerland and certain countries in the Middle East for the treatment of eligible patients 12 years and older with SCD or TDT. We and Vertex continue to investigate CASGEVY, including in clinical trials designed to assess the safety and efficacy of a single dose of CASGEVY in patients 12 to 35 years of age with severe SCD and TDT, respectively, two pivotal trials in patients 5 to 11 years of age, one in severe SCD and a second in TDT, and long-term follow-up clinical trials designed to follow participants for up to 15 years after CASGEVY infusion. Overall, CASGEVY safety data presented to date is generally consistent with an autologous stem cell transplant and myeloablative conditioning. Efficacy data presented to date support the profile of this therapy as a potential one-time functional cure for people with severe SCD and TDT.
Current wording
In 2023, CASGEVY became the first-ever approved CRISPR-based gene-editing therapy in the world. To date, CASGEVY has been approved in the United States, European Union, Great Britain, Canada, Switzerland and certain countries in the Middle East, including the Kingdom of Saudi Arabia, for the treatment of eligible patients 12 years and older with SCD or TDT. Additionally, in July 2026, the FDA approved expanded use of CASGEVY in the United States for the treatment of eligible patients ages 2 years and older with either SCD or TDT. CASGEVY is the first approved genetic therapy indicated for children as young as 2 years for both SCD and TDT. We and Vertex continue to investigate CASGEVY, including in clinical trials designed to assess the safety and efficacy of a single dose of CASGEVY in patients 12 to 35 years of age with severe SCD and TDT, respectively, two pivotal trials in patients 5 to 11 years of age, one in severe SCD and a second in TDT, and long-term follow-up clinical trials designed to follow participants for up to 15 years after CASGEVY infusion. Overall, CASGEVY safety data presented to date is generally consistent with an autologous stem cell transplant and myeloablative conditioning. Efficacy data presented to date support the profile of this therapy as a potential one-time functional cure for people with severe SCD and TDT.
Previous wording
Ourin vivo portfolio includes cardiovascular programs, such as CTX310, directed towards angiopoietin-related protein 3, which is currently in an ongoing Phase 1b clinical trial in patients with heterozygous familial hypercholesterolemia, homozygous familial hypercholesterolemia, mixed dyslipidemias, or severe hypertriglyceridemia.
Current wording
Ourin vivo portfolio includes cardiovascular programs, such as CTX310, directed towards angiopoietin-related protein 3, which is currently in an ongoing Phase 1b clinical trial in patients with heterozygous familial hypercholesterolemia, homozygous familial hypercholesterolemia, mixed dyslipidemias, or severe hypertriglyceridemia. In addition, we have initiated Phase 1 clinical trials of CTX340, directed towards angiotensinogen, in patients for the treatment of refractory hypertension and CTX460, directed towards SERPINA1 using our proprietary SyNTase editing platform, for the treatment of alpha-1 antitrypsin deficiency.
Previous wording
In addition, we have a number of earlier stage investigationalin vivo programs leveraging gene disruption in the liver for both common and rare diseases, including CTX340, directed towards angiotensinogen for the treatment of refractory hypertension; our next-generation LPA program, CTX321 directed towards LPA, the gene encoding apolipoprotein(a), a major component of lipoprotein(a), or Lp(a), in development for patients with elevated Lp(a), and CTX460, directed towards SERPINA1 using our proprietary SyNTase editing platform, for the treatment of alpha-1 antitrypsin deficiency. CTX340, CTX321 and CTX460 are currently in IND/CTA-enabling studies. We are also pursuing additional delivery technologies, including LNPs, for delivery to tissues beyond the liver, including hematopoietic stem cells and T cells.
Current wording
In addition, we have a number of earlier stage investigationalin vivo programs leveraging gene disruption in the liver for both common and rare diseases, including our next-generation LPA program, CTX321 directed towards LPA, the gene encoding apolipoprotein(a), a major component of lipoprotein(a), or Lp(a), in development for patients with elevated Lp(a). CTX321 is currently in IND/CTA-enabling studies. We are also pursuing additional delivery technologies, including LNPs, for delivery to tissues beyond the liver, including hematopoietic stem cells and T cells.
Previous wording
In autoimmune disease, it is being investigated in ongoing clinical trials designed to assess the safety and efficacy of the product candidate in adult patients across multiple indications, including an initial clinical trial in systemic lupus erythematosus, systemic sclerosis, and inflammatory myositis; a second clinical trial in immune thrombocytopenia purpura and warm autoimmune hemolytic anemia; and a third clinical trial in autoimmune neurologic diseases, including progressive multiple sclerosis, neuromyelitis optica spectrum disorder, myelin oligodendrocyte glycoprotein antibody-associated Disease (MOGAD), N-methyl-D-aspartate receptor (NMDAR) and leucine-rich glioma-inactivated Protein 1 (LGI1) autoimmune encephalitis, and stiff person syndrome.
Current wording
In autoimmune disease, it is being investigated in ongoing clinical trials designed to assess the safety and efficacy of the product candidate in adult patients across multiple indications, including an initial clinical trial in systemic lupus erythematosus, or SLE, systemic sclerosis, and inflammatory myositis; a second clinical trial in immune thrombocytopenia purpura and warm autoimmune hemolytic anemia; and a third clinical trial in autoimmune neurologic diseases, including progressive multiple sclerosis, neuromyelitis optica spectrum disorder, myelin oligodendrocyte glycoprotein antibody-associated Disease (MOGAD), N-methyl-D-aspartate receptor (NMDAR) and leucine-rich glioma-inactivated Protein 1 (LGI1) autoimmune encephalitis and stiff person syndrome.
Previous wording
We have a history of recurring losses and expect to continue to incur losses for the foreseeable future; however, we have been in a net income position in certain previous years due to certain payments associated with our collaboration and license agreements with Vertex. Our net losses may fluctuate significantly from quarter to quarter and year to year. We anticipate that our expenses will increase as we continue our current research programs and development activities; seek to identify additional research programs and additional product candidates; conduct initial drug application supporting preclinical studies and initiate clinical trials for our product candidates; pursue business development activities; initiate preclinical testing and clinical trials for any other product candidates we identify and develop; seek regulatory approval for our product candidates; maintain, defend, protect and expand our intellectual property estate; further develop our gene editing platform and other technologies; hire additional research, clinical and scientific personnel; incur facilities costs associated with such personnel growth; continue to develop internal manufacturing capabilities and infrastructure; and incur additional costs associated with operating as a public company.
Current wording
We have a history of recurring losses and expect to continue to incur losses for the foreseeable future; however, we have been in a net income position in certain previous years due to certain payments associated with our collaboration and license agreements with Vertex. Our net losses may fluctuate significantly from quarter to quarter and year to year. We anticipate that our expenses will increase as we continue our current research programs and development activities; seek to identify additional research programs and additional product candidates; conduct initial drug application supporting preclinical studies and initiate clinical trials for our product candidates; pursue business development activities; initiate preclinical testing and clinical trials for any other product candidates we identify and develop; seek regulatory approval for our product candidates; maintain, defend, protect and expand our intellectual property estate; further develop our gene editing platform and other technologies; hire additional research, clinical and scientific personnel; incur facilities costs; continue to develop internal manufacturing capabilities and infrastructure; and incur additional costs associated with operating as a public company.
Previous wording
We have not generated any revenue to date from sales of any wholly-owned product and do not expect to do so in the near future. Revenue recognized for the three months ended March 31, 2026 and 2025 was not material. For additional information about our revenue recognition policy, see Note 2, “Summary of Significant Accounting Policies,” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026, as well as Note 6 of the notes to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Current wording
We have not generated any revenue to date from sales of any wholly-owned product and do not expect to do so in the near future. Revenue recognized for the three and six months ended June 30, 2026 was $10.2 million and $11.6 million, respectively, primarily related to an upfront payment on an immaterial license and collaboration agreement entered into during the second quarter of 2026. Revenue for the three and six months ended June 30, 2025 was not material. For additional information about our revenue recognition policy, see Note 2, “Summary of Significant Accounting Policies,” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026, as well as Note 6 of the notes to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Previous wording
Research and development expenses were $68.6 million for the three months ended March 31, 2026, compared to $72.5 million for the three months ended March 31, 2025. The following table summarizes our research and development expenses for the three months ended March 31, 2026 and 2025, together with the changes in those items in dollars (in thousands):
Current wording
Research and development expenses were $67.2 million for the three months ended June 30, 2026, compared to $69.9 million for the three months ended June 30, 2025. The following table summarizes our research and development expenses for the three months ended June 30, 2026 and 2025, together with the changes in those items in dollars (in thousands):
Previous wording
General and administrative expenses were $17.2 million for the three months ended March 31, 2026, compared to $19.3 million for the three months ended March 31, 2025. The decrease of approximately $2.1 million was primarily associated with a decrease in employee-related costs.
Current wording
General and administrative expenses were $17.6 million for the three months ended June 30, 2026, compared to $18.9 million for the three months ended June 30, 2025. The decrease of approximately $1.3 million was primarily associated with a decrease in employee-related costs, including stock-based compensation expenses.
Previous wording
Collaboration expense, net, was $45.9 million for the three months ended March 31, 2026, compared to $57.5 million for the three months ended March 31, 2025. The decrease was primarily attributable to an increase in our share of CASGEVY revenue.
Current wording
Collaboration expense, net, was $40.3 million for the three months ended June 30, 2026, compared to $45.2 million for the three months ended June 30, 2025. The decrease was primarily attributable to an increase in our share of CASGEVY revenue.
Previous wording
Other income was $8.2 million for the three months ended March 31, 2026, compared to $13.5 million of income for the three months ended March 31, 2025. The decrease of approximately $5.3 million in other income was primarily due to the change in fair value of corporate equity securities during the three months ended March 31, 2026.
Current wording
Other income was $27.1 million for the three months ended June 30, 2026, compared to $22.1 million of income for the three months ended June 30, 2025. The increase of approximately $5.0 million in other income was primarily due to the change in fair value of corporate equity securities during the three months ended June 30, 2026.
Previous wording
The decrease of approximately $3.9 million was primarily attributable to a decrease in employee-related costs, including stock-based compensation expenses, offset by an increase in external research and development expenses.
Current wording
The decrease of approximately $6.7 million was primarily attributable to a decrease in employee-related costs, including stock-based compensation expenses, as well as a decrease in facility costs. The changes noted were offset by an increase in external research and development expenses and license fees.
Previous wording
We have predominantly incurred losses and cumulative negative cash flows from operations since our inception. As of March 31, 2026, we had $2,441.8 million in cash, cash equivalents and marketable securities, of which approximately $305.2 million was held outside of the United States, and an accumulated deficit of $2,070.5 million. We anticipate that we will continue to incur losses for at least the next several years. We expect to continue to incur research and development costs and general and administrative expenses consistent with costs associated with research and development at companies of our size and stage of development, and, as a result, we will need additional capital to fund our operations, which we may raise through public or private equity or debt financings, strategic collaborations, or other sources.
Current wording
We have predominantly incurred losses and cumulative negative cash flows from operations since our inception. As of June 30, 2026, we had $2,364.4 million in cash, cash equivalents and marketable securities, of which approximately $308.1 million was held outside of the United States, and an accumulated deficit of $2,161.6 million. We anticipate that we will continue to incur losses for at least the next several years. We expect to continue to incur research and development costs and general and administrative expenses consistent with costs associated with research and development at companies of our size and stage of development, and, as a result, we will need additional capital to fund our operations, which we may raise through public or private equity or debt financings, strategic collaborations, or other sources.
Previous wording
For the three months ended March 31, 2025, we issued and sold an aggregate of 0.2 million common shares under the 2021 ATM at an average price of $54.33 per share for aggregate proceeds of $8.7 million, which were net of equity issuance costs of $0.1 million, excluding stamp taxes of $0.1 million.
Current wording
For the three and six months ended June 30, 2025, we issued and sold an aggregate of 0.2 million common shares under the 2021 ATM at an average price of $54.33 per share for aggregate proceeds of $8.7 million, which were net of equity issuance costs of $0.1 million, excluding stamp taxes of $0.1 million.
Previous wording
No common shares were issued and sold under the 2025 ATM for the three months ended March 31, 2026. As of March 31, 2026, we issued and sold an aggregate of 0.7 million common shares under the 2025 ATM at an average price of $60.81 per share for aggregate proceeds of $42.3 million, which were net of equity issuance costs of $0.5 million, excluding stamp taxes of $0.4 million. Common shares having aggregate gross proceeds up to $557.2 million remain available under the 2025 ATM.
Current wording
No common shares were issued and sold under the 2025 ATM for the three and six months ended June 30, 2026. As of June 30, 2026, we issued and sold an aggregate of 0.7 million common shares under the 2025 ATM at an average price of $60.81 per share for aggregate proceeds of $42.3 million, which were net of equity issuance costs of $0.5 million, excluding stamp taxes of $0.4 million. Common shares having aggregate gross proceeds up to $557.2 million remain available under the 2025 ATM.
Previous wording
Our ability to generate revenue and achieve profitability depends significantly on our success in many areas, including: developing our delivery technologies and our gene editing technology platform; selecting appropriate product candidates to develop; completing research and preclinical and clinical development of selected product candidates; obtaining regulatory approvals and marketing authorizations for product candidates for which we complete clinical trials; developing a sustainable and scalable manufacturing process for product candidates; launching and commercializing product candidates for which we obtain regulatory approvals and marketing authorizations, either directly or with a collaborator or distributor; obtaining market acceptance of our product candidates, either directly or with a collaborator or distributor, if approved, including for CASGEVY; addressing any competing technological and market developments; negotiating favorable terms in any collaboration, licensing or other arrangements into which we may enter; maintaining good relationships with our collaborators and licensors; maintaining, defending, protecting and expanding our estate of intellectual property rights, including patents, trade secrets and know-how; and attracting, hiring and retaining qualified personnel.
Current wording
Our ability to generate revenue and achieve profitability depends significantly on our success in many areas, including: developing our gene editing technology platform, as well as our delivery and other technologies; selecting appropriate product candidates to develop; completing research and preclinical and clinical development of selected product candidates; obtaining regulatory approvals and marketing authorizations for product candidates for which we complete clinical trials; developing a sustainable and scalable manufacturing process for product candidates; launching and commercializing product candidates for which we obtain regulatory approvals and marketing authorizations, either directly or with a collaborator or distributor; obtaining market acceptance of our product candidates, either directly or with a collaborator or distributor, if approved, including for CASGEVY; addressing any competing technological and market developments; negotiating favorable terms in any collaboration, licensing or other arrangements into which we may enter; maintaining good relationships with our collaborators and licensors; maintaining, defending, protecting and expanding our estate of intellectual property rights, including patents, trade secrets and know-how; and attracting, hiring and retaining qualified personnel.
Previous wording
Net cash used in operating activities was $108.8 million for the three months ended March 31, 2026, compared to $53.9 million for the three months ended March 31, 2025. The $54.9 million increase in net cash used in operating activities was primarily driven by a $70.3 million overall decrease in net changes of operating assets and liabilities, primarily driven by the timing of receipt of a $25.0 million milestone payment from Vertex which was paid in the first quarter of 2025, offset by a decrease in net loss of approximately $13.1 million.
Current wording
Net cash used in operating activities was $192.4 million for the six months ended June 30, 2026, compared to $167.8 million for the six months ended June 30, 2025. The $24.6 million increase in net cash used in operating activities was primarily driven by a $57.4 million overall decrease in net changes of operating assets and liabilities, primarily driven by the timing of receipt of a $25.0 million milestone payment from Vertex which was paid in the first quarter of 2025, offset by a decrease in net loss of approximately $130.5 million.
Previous wording
Net cash used in investing activities for the three months ended March 31, 2026 was $410.7 million, compared to net cash used in investing activities of $19.8 million for the three months ended March 31, 2025. The increase in net cash used in investing activities was primarily driven by a net increase in purchases of our marketable securities.
Current wording
Net cash used in investing activities for the six months ended June 30, 2026 was $466.4 million, compared to net cash provided by investing activities of $50.2 million for the six months ended June 30, 2025. The increase in net cash used in investing activities was primarily driven by a net increase in purchases of our marketable securities.
Previous wording
Net cash provided by financing activities for the three months ended March 31, 2026 was $591.9 million, compared with $10.6 million for the three months ended March 31, 2025. Net cash provided by financing activities for the three months ended March 31, 2026 consisted primarily of $585.4 million in net proceeds from the issuance of the Notes in March 2026.
Current wording
Net cash provided by financing activities for the six months ended June 30, 2026 was $599.1 million, compared with $12.8 million for the six months ended June 30, 2025. Net cash provided by financing activities for the six months ended June 30, 2026 consisted primarily of $585.4 million in net proceeds from the issuance of the Notes in March 2026.
Previous wording
There have been no material changes in our critical accounting policies and estimates in the preparation of our condensed consolidated financial statements during the three months ended March 31, 2026 compared to those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026, with the exception of the new policy with respect to convertible debt described below.
Current wording
There have been no material changes in our critical accounting policies and estimates in the preparation of our condensed consolidated financial statements during the three and six months ended June 30, 2026 compared to those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026, with the exception of the new policy with respect to convertible debt described below.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Comparison of six months ended June 30, 2026 and 2025 (in thousands):
Current report — wording carried from elsewhere
Research and development expenses were $135.7 million for the six months ended June 30, 2026, compared to $142.4 million for the six months ended June 30, 2025. The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025, together with the changes in those items in dollars (in thousands):
Current report — wording carried from elsewhere
Collaboration expense, net, was $86.2 million for the six months ended June 30, 2026, compared to $102.7 million for the six months ended June 30, 2025. The decrease was primarily attributable to an increase in our share of CASGEVY revenue.