CRISPR Therapeutics Q3 2024 Update

TL;DR

CRISPR Q3 financials out, showing collaboration revenue and details on Vertex deal. #CRSP

AI Summary

CRISPR Therapeutics AG filed its Q3 10-Q report for the period ending September 30, 2024. The company reported collaboration revenue for the nine months ended September 30, 2024, and provided details on its financial position, including accumulated other comprehensive income and common stock. The filing also references agreements with Vertex Pharmaceuticals Inc. and sales agreements with Jefferies LLC.

Why It Matters

This filing provides investors with an update on CRISPR Therapeutics' financial performance and key agreements, crucial for understanding the company's ongoing development and commercialization efforts in gene editing.

Risk Assessment

Risk Level: medium — Biotech companies like CRISPR Therapeutics are inherently risky due to the long development cycles, high R&D costs, and regulatory hurdles associated with bringing new therapies to market.

Key Numbers

• Q3 2024 — Reporting Period (The period covered by the 10-Q filing.)
• 2024-09-30 — As of Date (The date as of which financial information is presented.)

Key Players & Entities

• CRISPR Therapeutics AG (company) — Filer of the 10-Q report
• Vertex Pharmaceuticals Inc. (company) — Party to an Amended and Restated Joint Development and Commercialization Agreement
• Jefferies LLC (company) — Party to a sales agreement
• 2024-09-30 (date) — End of the reporting period
• 2024-01-01 (date) — Beginning of the reporting period for collaboration revenue

FAQ

Filing Documents

• crsp-20240930.htm (10-Q) — 1782KB
• crsp-ex10_1.htm (EX-10.1) — 135KB
• crsp-ex31_1.htm (EX-31.1) — 11KB
• crsp-ex31_2.htm (EX-31.2) — 11KB
• crsp-ex32_1.htm (EX-32.1) — 10KB
• 0000950170-24-121105.txt ( ) — 7062KB
• crsp-20240930.xsd (EX-101.SCH) — 887KB
• crsp-20240930_htm.xml (XML) — 1280KB

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 September 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

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 18

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

: OTHER INFORMATION

PART II: OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

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 September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 225,670 $ 389,477 Marketable securities 1,709,975 1,304,215 Accounts receivable — 200,000 Prepaid expenses and other current assets 8,246 14,386 Total current assets 1,943,891 1,908,078 Property and equipment, net 138,542 151,945 Marketable securities, non-current — 1,973 Intangible assets, net — 16 Restricted cash 11,520 11,591 Operating lease assets 146,286 153,993 Other non-current assets 15,891 1,975 Total assets $ 2,256,130 $ 2,229,571 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 15,578 $ 38,147 Accrued expenses 47,204 45,335 Deferred revenue, current 4,483 4,105 Accrued tax liabilities 838 438 Operating lease liabilities 16,883 15,625 Other current liabilities 4,824 5,141 Total current liabilities 89,810 108,791 Deferred revenue, non-current 12,323 14,012 Operating lease liabilities, net of current portion 210,662 223,007 Other non-current liabilities 3,677 958 Total liabilities 316,472 346,768 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 September 30, 2024 and December 31, 2023, respectively, 85,506,092 and 80,214,694 shares issued at September 30, 2024 and December 31, 2023, respectively, 85,335,776 and 80,044,378 shares outstanding at September 30, 2024 and December 31, 2023, respectively 2,684 2,497 Treasury shares, at cost, 170,316 shares at September 30, 2024 and at December 31, 2023 ( 62 ) ( 62 ) Additional paid-in capital 3,255,112 2,878,155 Accumulated deficit ( 1,328,641

View Full Filing

View this 10-Q filing on SEC EDGAR