CRISPR Therapeutics Reports $366.25 Million Net Loss for 2024, Decrease in Collaboration Revenue

CRISPR Therapeutics AG reported a net loss of $366.25 million for the year ended December 31, 2024, compared to a net loss of $153.61 million in 2023. The increase in net loss is primarily attributable to a significant decrease in collaboration revenue, offset partially by an increase in other income. Collaboration revenue decreased by $335 million, primarily due to lower milestone payments received from Vertex Pharmaceuticals Incorporated compared to the previous year. Other income, net, increased by $32.1 million, mainly due to higher interest income on cash, cash equivalents, and marketable securities.

Operating expenses for 2024 totaled $503.88 million, a decrease of $89.86 million compared to 2023. This decrease was driven by reductions in research and development expenses ($66.68 million), general and administrative expenses ($3.18 million), and net collaboration expense ($20 million). The decrease in research and development expenses resulted from lower external research and manufacturing costs, decreased sublicense and license fees, and lower facility and employee-related expenses.

The company's cash, cash equivalents, and marketable securities totaled $1.9 billion as of December 31, 2024, compared to $1.7 billion as of December 31, 2023. This increase reflects proceeds from a registered direct offering of common shares and stock option exercises. The company also reported 393 full-time employees as of December 31, 2024. Significant developments during the year included the continued advancement of several clinical trials for its product candidates, including CASGEVY, CTX112, and CTX131, across various therapeutic areas.

CRISPR Therapeutics AG's lead program, CASGEVY, received approvals in several countries for the treatment of sickle cell disease and transfusion-dependent beta-thalassemia. The company also progressed its internally developed targeted conditioning program and in vivo hematopoietic stem cell editing approaches. In the CAR T area, the company is advancing CTX112 and CTX131, with ongoing clinical trials assessing safety and efficacy in various patient populations. The company also continues to advance its in vivo programs targeting cardiovascular disease and type 1 diabetes.

Looking ahead, the company anticipates that its existing cash resources will fund operations for at least the next 24 months. However, the company intends to explore additional financing opportunities when market conditions are favorable to support its long-term clinical development and commercialization plans. The company's future success remains contingent upon several factors, including successful clinical trial outcomes, regulatory approvals, market acceptance of its products, and the continued development of its gene editing platform.