CRISPR Therapeutics AG reported a Q3 2025 net loss of $106.4 million, a widening of $20.5 million compared with the $85.94 million loss in the same quarter last year. Earnings per share fell to $‑1.17, beating the consensus estimate of $‑1.32 by $0.15, or 4.5 % of the expected loss. Revenue for the nine‑month period was $0.89 million, a 48.3 % year‑over‑year increase from $0.602 million in Q3 2024 but a sharp miss of the $8.74‑$9.41 million consensus range. The quarter’s revenue also slipped slightly from $0.90 million in Q2 2025, reflecting a modest sequential decline as the company continues to invest heavily in its pipeline.
The EPS beat was largely driven by disciplined cost management amid a period of heavy R&D spending. While the company’s collaboration expenses with Vertex for the CASGEVY program rose, the incremental revenue from the program was still limited, keeping operating costs in check. The company’s focus on maintaining a high cash balance of $1.9 billion also helped cushion the loss, allowing it to absorb the higher collaboration costs without taking additional debt. The combination of controlled operating expenses and a modest revenue increase from the pipeline programs produced a loss that was smaller than analysts had expected.
Revenue fell short of expectations because CASGEVY had not yet entered the commercial phase and the company had not yet realized any product sales. The $0.89 million figure represents only the incremental revenue from the first patient infusions and early‑stage clinical activity, not the full commercial potential. Vertex’s forecast of $100 million+ in CASGEVY revenue for 2025 is based on a projected ramp‑up that will not materialize until the second half of the year. The revenue miss also reflects the company’s decision to allocate significant resources to the development of CTX310, CTX112, and SRSD107, which have not yet generated sales income.
CASGEVY continues to show strong clinical momentum: nearly 300 patients have been referred to authorized centers, 165 have completed cell collection, and 39 have received infusions worldwide. Vertex expects the program to generate more than $100 million in revenue in 2025, a target that will be reached only after the program moves into full commercial launch. The company’s focus on expanding the patient base and accelerating the regulatory process is expected to drive future revenue growth once the product is approved.
The company also highlighted progress in its other programs. CTX310, a lipid‑lowering therapy, presented positive Phase 1 data at the American Heart Association Scientific Sessions and was published in the New England Journal of Medicine, positioning it for a Phase 1b trial. CTX112, an allogeneic CAR T program, remains in early development, while the siRNA candidate SRSD107 entered a Phase 2 trial for thromboembolic disorders. These pipeline advances reinforce the company’s long‑term growth prospects, even as the current quarter’s revenue fell short of analyst expectations.
Management reiterated its confidence in the company’s cash position and pipeline. CEO Samarth Kulkarni said, “This quarter demonstrates strong execution across our portfolio. CASGEVY momentum continues to build globally, and we are advancing our broader pipeline, including the first patient in the Phase 2 trial of SRSD107.” The company’s guidance for the remainder of the year remains unchanged, underscoring its belief that the current cash reserves will support continued investment in its gene‑editing platform.
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