CRISPR Therapeutics AG Files Q2 2024 10-Q

TL;DR

**CRISPR Therapeutics files Q2 10-Q, updates on Vertex deal & financials.**

AI Summary

CRISPR Therapeutics AG filed a 10-Q for the period ending June 30, 2024. The company reported on its financial position and business activities, including details related to its Amended and Restated Vertex Joint Development and Commercialization Agreement with Vertex Pharmaceuticals Incorporated and its certain subsidiaries. The filing also references financial data points such as common stock, accumulated other comprehensive income, and fair value measurements.

Why It Matters

This filing provides investors with an update on CRISPR Therapeutics' financial health and ongoing collaborations, crucial for understanding the company's operational status and future prospects.

Risk Assessment

Risk Level: medium — As a biotechnology company, CRISPR Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the financial data presented is as of this date.)
• 2023-12-31 — Prior Year End Date (Provides a comparative point for financial performance.)

Key Players & Entities

• CRISPR Therapeutics AG (company) — Filer of the 10-Q
• Vertex Pharmaceuticals Incorporated (company) — Party to the Amended and Restated Vertex Joint Development and Commercialization Agreement
• June 30, 2024 (date) — End of the reporting period for the 10-Q

FAQ

Filing Documents

• crsp-20240630.htm (10-Q) — 1653KB
• crsp-ex10_2.htm (EX-10.2) — 143KB
• crsp-ex31_1.htm (EX-31.1) — 11KB
• crsp-ex31_2.htm (EX-31.2) — 11KB
• crsp-ex32_1.htm (EX-32.1) — 10KB
• 0000950170-24-090746.txt ( ) — 6876KB
• crsp-20240630.xsd (EX-101.SCH) — 870KB
• crsp-20240630_htm.xml (XML) — 1264KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q are forward-looking statements. These statements are often identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "potential," "will," "would" or the negative or plural of these words or similar expressions or variations, although not all forward-looking statements contain these identifying words. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our strategic plans to develop and, if approved, subsequently commercialize any product candidates we may develop, including plans and expectations for the commercialization of, and anticipated benefits of, CASGEVY; the safety, efficacy and clinical progress of various clinical programs, including those for CASGEVY, CTX112, CTX131, CTX211, CTX310 and CTX320; the status of clinical trials, including development timelines and discussions with regulatory authorities related to product candidates under development by us and our collaborators; the results of our preclinical studies and clinical trials, including our ongoing clinical trials and any planned clinical trials, and our research and development programs ; our ability to advance product candidates into, and successfully complete, clinical trials; the size and growth potential of the markets for our product candidates and our ability to serve those markets, including our estimates regarding the addressable patient population and potential market opportunity for our current and future product candidates; the rate and degree of market acceptance of our product candidates and the success of competing therapies that are or become available; ou

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 27

: OTHER INFORMATION

PART II: OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29

—FINANCIA L INFORMATION

PART I—FINANCIA L INFORMATION

Financi al Statements

Item 1. Financi al Statements CRISPR Therapeutics AG Condensed Consolidat ed Balance Sheets (unaudited, in thousands, except share and per share data) As of June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 484,472 $ 389,477 Marketable securities 1,517,147 1,304,215 Accounts receivable — 200,000 Prepaid expenses and other current assets 8,788 14,386 Total current assets 2,010,407 1,908,078 Property and equipment, net 143,031 151,945 Marketable securities, non-current 11,216 1,973 Intangible assets, net — 16 Restricted cash 11,520 11,591 Operating lease assets 148,538 153,993 Other non-current assets 15,141 1,975 Total assets $ 2,339,853 $ 2,229,571 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 9,452 $ 38,147 Accrued expenses 91,883 45,335 Deferred revenue, current 4,759 4,105 Accrued tax liabilities 454 438 Operating lease liabilities 16,451 15,625 Other current liabilities 4,824 5,141 Total current liabilities 127,823 108,791 Deferred revenue, non-current 12,583 14,012 Operating lease liabilities, net of current portion 214,852 223,007 Other non-current liabilities 3,646 958 Total liabilities 358,904 346,768 Commitments and contingencies, see Note 7 Shareholders' equity: Common shares, CHF 0.03 nominal value, 132,477,166 and 126,536,183 shares authorized at June 30, 2024 and December 31, 2023, respectively, 85,215,817 and 80,214,694 shares issued at June 30, 2024 and December 31, 2023, respectively, 85,045,501 and 80,044,378 shares outstanding at June 30, 2024 and December 31, 2023, respectively 2,665 2,497 Treasury shares, at cost, 170,316 shares at June 30, 2024 and at December 31, 2023 ( 62 ) ( 62 ) Additional paid-in capital 3,223,924 2,878,155 Accumulated deficit ( 1,242,699 ) ( 999,700 )

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View this 10-Q filing on SEC EDGAR