CRISPR Therapeutics AG (CRSP)·Q2 2024 Earnings Summary

Executive Summary

• Q2 2024 was operationally strong (CASGEVY rollout and pipeline execution) but financially soft, with total revenue of $0.52M (grants) and diluted EPS of -$1.49; collaboration revenue was “not material,” leading to a wider net loss vs. prior year and quarter .
• CASGEVY momentum continued: >35 authorized treatment centers (ATCs) activated globally and ~20 patients with cells collected as of mid‑July; France expanded access with an early access program for SCD, adding to existing early access for TDT .
• Pipeline progress accelerated: CTX112 (CD19) SLE trial opened; CTX131 (CD70) trial opened in hematologic malignancies; in vivo programs (CTX310/CTX320) continued dose‑escalation; CTX211 (T1D) Phase 1 ongoing .
• Street EPS consensus from S&P Global was unavailable; public sources (Zacks/Nasdaq) indicate an EPS miss (actual -$1.49 vs. -$1.37 est.) and negligible revenue; we expect estimate revisions to focus on timing of CASGEVY revenue recognition and collaboration costs .
• Catalysts: broader CASGEVY access/collections, first CTX112 autoimmune readouts and CTX131 hematologic malignancy progress, plus in vivo cardiovascular programs’ dose‑escalation—drivers for medium‑term narrative despite near‑term P&L noise .

What Went Well and What Went Wrong

What Went Well

• CASGEVY launch momentum: >35 ATCs activated globally; ~20 patients have had cells collected as of mid‑July; France approved an SCD early access program, expanding EAP beyond TDT .
• Autoimmune and heme-onc expansion: CTX112 trial opened in systemic lupus erythematosus; CTX131 trial opened in hematologic malignancies (including T‑cell lymphomas), supporting broader indications .
• CEO emphasized pipeline breadth and execution: “We continue to advance our next generation CD19‑directed CAR T… CTX131… and dose‑escalate… CTX310 and CTX320… well‑positioned to… bring multiple transformative medicines” .

What Went Wrong

• Collaboration revenue was “not material,” versus $70.0M in Q2 2023; total revenue fell to $0.52M, driving a wider net loss YoY and sequentially .
• Collaboration expense rose YoY to $52.1M (manufacturing/commercial costs under CASGEVY collaboration), pressuring the P&L despite reduced R&D spending YoY .
• Diluted EPS (-$1.49) missed public consensus (-$1.37) per Zacks/Nasdaq commentary, highlighting Street sensitivity to near-term profitability while CASGEVY commercialization is led by Vertex .

Financial Results

Income Statement Summary (USD Millions, diluted EPS)

Periods ordered oldest → newest

Notes: Q2 collaboration revenue “not material”; revenue was predominantly grant-funded .

Balance Sheet Snapshot (USD Millions)

KPIs and Operational Indicators

Guidance Changes

No formal quantitative guidance (revenue, margins, OpEx, tax) was provided for Q2 2024 in the press release/8‑K. Management commentary emphasized pipeline execution and CASGEVY launch progress rather than financial targets .

Earnings Call Themes & Trends

Note: A Q2 2024 earnings call transcript was not available via our document tools; themes reflect quarter-to-quarter narrative from 8‑Ks/press releases.

Management Commentary

• “We continue to advance our next generation CD19‑directed CAR T… CTX112… best‑in‑class in both oncology and autoimmune… opened CTX131 hematologic malignancies… dose‑escalate CTX310 and CTX320… well‑positioned to… bring multiple transformative medicines” — Samarth Kulkarni, Ph.D., CEO & Chairman .
• Financial posture: “Strong balance sheet with approximately $2 billion in cash, cash equivalents, and marketable securities as of June 30, 2024” .
• CASGEVY data: Long‑term data (>100 patients; up to >5 years) reinforce transformative and durable clinical benefit, supporting the launch narrative .

Q&A Highlights

Not available. An earnings call transcript for Q2 2024 was not found in our document catalog; the company’s press release and 8‑K provided qualitative updates and full financial tables .

Estimates Context

• S&P Global consensus estimates were unavailable at time of query due to SPGI API request limits; therefore, we cannot present S&P consensus comparisons for Q2 2024.
• Public sources indicate EPS came in below Street: actual diluted EPS -$1.49 vs. Zacks/Nasdaq consensus -$1.37 (miss). Revenue was negligible and grant‑driven ($0.52M) .
• Yahoo Finance flagged “earnings and revenue surprises of -8.76% and 93.84%, respectively,” consistent with an EPS miss and revenue outperformance vs. a very low base .
• Implication: Street models likely shift focus from near‑term P&L to operational KPIs (ATCs, collections, infusions via Vertex) and collaboration cost cadence; watch for CASGEVY sell‑in/sell‑through visibility from Vertex to inform CRSP’s collaboration economics .

Actual vs. Consensus (Public Sources)

*S&P Global consensus unavailable at time of query.

Key Takeaways for Investors

• Near‑term P&L is noisy given “not material” collaboration revenue and rising collaboration costs tied to CASGEVY commercialization; expect focus on operational KPIs rather than GAAP profitability .
• CASGEVY access is broadening (France SCD EAP; >35 ATCs; ~20 collections), a leading indicator for future commercial traction through Vertex—monitor Vertex sell‑through updates to gauge CRSP share economics .
• Autoimmune expansion is real: CTX112 SLE trial opened, de‑risked by third‑party autologous CAR‑T evidence on B‑cell depletion; oncology readouts targeted this year could be stock catalysts .
• CTX131 hematologic malignancies trial initiation adds optionality beyond solid tumors; early category leadership in allogeneic CAR‑T remains a medium‑term upside lever .
• In vivo cardiovascular programs (ANGPTL3/Lp(a)) continue dose‑escalation; validated targets and one‑time edit paradigm offer differentiated long‑term optionality .
• Balance sheet strength (~$2.01B cash/marketables) supports multi‑program execution without near‑term financing risk, despite sequential net loss widening .
• Trading lens: watch for incremental KPIs (ATCs, collections, infusions) and first autoimmune/heme‑onc data readouts; any acceleration in CASGEVY commercialization disclosures by Vertex or positive CTX112/CTX131 data are likely inflection catalysts .