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CRISPR Therapeutics AG (CRSP)·Q3 2024 Earnings Summary

Executive Summary

  • Q3 2024 printed de minimis revenue ($0.60M, grant only) and a narrower net loss per share of -$1.01; EPS beat consensus (approx. -$1.42) while revenue missed (approx. $6.65M) as sell-side modeled collaboration revenue that did not materialize .
  • Operating discipline and interest income supported the EPS outperformance: R&D fell YoY to $82.2M, collaboration expense declined to $11.2M, and other income was $25.1M in Q3 2024 .
  • Commercial rollout of CASGEVY advanced: approvals in Switzerland and Canada; 45 authorized treatment centers activated globally and ~40 patients had at least one cell collection as of mid-October, underscoring launch momentum with Vertex .
  • Balance sheet remains a key asset with $1.94B in cash, cash equivalents, and marketable securities at quarter-end, providing runway for pipeline catalysts over the next 9–12 months (e.g., CTX112 data at ASH 2024) .

What Went Well and What Went Wrong

  • What Went Well

    • Regulatory and launch progress: CASGEVY received approvals in Switzerland and Canada; 45 ATCs activated globally with ~40 patients having cells collected by mid-October, expanding access and early funnel .
    • Expense control and mix: R&D ($82.2M) and collaboration expense ($11.2M) declined YoY, supporting a narrower net loss; other income of $25.1M provided an additional tailwind to EPS .
    • Management tone on pipeline: “We continue to make significant progress across our pipeline... We look forward to a number of important data catalysts over the next 9-12 months” — CEO Samarth Kulkarni, Ph.D. .

  • What Went Wrong

    • Revenue shortfall vs. estimates: CRSP recorded only grant revenue ($0.60M), missing consensus revenue expectations (~$6.65M) which anticipated more collaboration revenue; this raises modeling uncertainty for near-term topline .
    • Limited visibility on CASGEVY P&L timing: Collaboration expense dynamics tied to deferral limits and manufacturing/commercial costs introduce variability; while lower YoY in Q3, timing remains a swing factor .
    • No quantitative financial guidance: The press release provided pipeline milestones and launch updates but no formal revenue/expense guidance, limiting near-term estimate anchoring .

Financial Results

Overall P&L and EPS vs prior quarters and estimates

MetricQ1 2024Q2 2024Q3 2024Q3 2024 ConsensusDelta vs Cons.
Total Revenue ($USD Millions)$0.50 $0.52 $0.60 $6.65 -$6.05
EPS (Basic/Diluted, $)-$1.43 -$1.49 -$1.01 -$1.42 +$0.41
Net Loss ($USD Millions)-$116.59 -$126.41 -$85.94 N/AN/A

Operating expenses and other income

Metric ($USD Millions)Q1 2024Q2 2024Q3 2024
R&D Expense$76.17 $80.17 $82.16
G&A Expense$17.95 $19.48 $17.42
Collaboration Expense (Net)$46.97 $52.13 $11.15
Total Other Income (Net)$24.72 $26.14 $25.06

Revenue composition (Q3 2024)

Revenue ComponentQ3 2024
Grant Revenue ($M)$0.60
Collaboration Revenue ($M)$0.00
Total Revenue ($M)$0.60

Balance sheet snapshot

Metric ($USD Millions)Q1 2024 (As of 3/31)Q2 2024 (As of 6/30)Q3 2024 (As of 9/30)
Cash & Equivalents$707.43 $484.47 $225.67
Marketable Securities$1,400.70 $1,517.15 $1,709.98
Cash, Cash Equivalents & Marketable Securities (Total)$2,108.10 $2,012.80 $1,935.60

KPIs (Launch and pipeline activity)

KPIQ1 2024Q2 2024Q3 2024
CASGEVY ATCs Activated (Global)>25 (mid-April) >35 (mid-July) 45 (mid-October)
Patients with at least one cell collection“Multiple” (not quantified) ~20 ~40
CASGEVY Pediatric Phase 3 (5–11 yrs)Ongoing Enrollment completed; ongoing Enrollment completed; ongoing

Guidance Changes

No quantitative financial guidance was issued in the Q3 press release (no revenue, margin, OpEx, OI&E, or tax rate targets). Management emphasized pipeline milestones and launch progress without providing numeric ranges .

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Financial guidance (revenue, margins, OpEx, etc.)FY 2024+None provided None provided Maintained (none)

Earnings Call Themes & Trends

Note: We could not retrieve the full Q3 2024 earnings call transcript from our document corpus; the call was scheduled on Nov 5, 2024 at 9:00am ET per MarketBeat. The below thematic progression reflects management’s press releases across the last three quarters .

TopicPrevious Mentions (Q1 2024)Previous Mentions (Q2 2024)Current Period (Q3 2024)Trend
CASGEVY approvals/access and launchU.S., GB, EU, KSA, Bahrain approved; early access in France for TDT; >25 ATCs; multiple cell collections >35 ATCs; ~20 cell collections; France EAP for SCD; positive long-term CASGEVY data at EHA Added approvals: Switzerland & Canada; 45 ATCs; ~40 cell collections; NHS England progress for TDT; Italy EAP Improving access and capacity
CAR-T next-gen (CTX112, CTX131)Ongoing trials; CTX112 oncology data expected this year; CTX131 in solids; SLE trial planned Trials ongoing; CTX112 oncology preliminary data expected; SLE trial opened; CTX131 added hematologic malignancies Two trials ongoing for CTX112 (B-cell malignancies, SLE) and CTX131 (solids, hematologic); ASH 2024 CTX112 update Advancing with near-term data
In vivo (CTX310/CTX320; LNP platform)Ongoing trials; expanded to CTX340 (AGT) & CTX450 (ALAS1); IND/CTA enabling 2H25 Ongoing trials; IND/CTA enabling for CTX340; both CTX340/CTX450 targeted for 2H25 starts Ongoing trials; update in 2025 for CTX310/CTX320; IND/CTA enabling with 2H25 start for 340/450 Steady progress toward 2025 updates
Regenerative Medicine (CTX211)Phase 1 in T1D ongoing; aim to avoid chronic immunosuppression Phase 1 ongoing; Vertex non-exclusive rights to tech for T1D cell therapy Phase 1 ongoing; Vertex rights and potential milestones/royalties reiterated Stable execution
Collaboration economics/expensesCollab expense net $47.0M; driven by commercial/manufacturing costs Collab expense net $52.1M; increased on CASGEVY costs Collab expense net $11.2M; decline tied to timing of reaching deferral limit on CASGEVY costs Variable; timing driven

Management Commentary

  • CEO tone on momentum and catalysts: “We continue to make significant progress across our pipeline... We look forward to a number of important data catalysts over the next 9-12 months as we advance our portfolio.” — Samarth Kulkarni, Ph.D., CEO & Chairman .
  • Launch update emphasis: Approvals in Switzerland and Canada; 45 ATCs; ~40 cell collections by mid-October; ongoing reimbursement and EAP activity in U.K./Italy, supporting broader access .
  • Strategy: Focused advancement of oncology, autoimmune, diabetes, and cardiovascular programs in a capital-efficient manner, anchored by a strong balance sheet .

Q&A Highlights

We were unable to retrieve the full Q3 2024 earnings call transcript from our document corpus. The company scheduled its call for Nov 5, 2024 at 9:00am ET; however, a transcript was not available in our sources at the time of this analysis . As a result, specific Q&A themes, guidance clarifications, or tone shifts versus prior quarters could not be extracted.

Estimates Context

  • S&P Global/Capital IQ consensus could not be retrieved due to a daily request limit; therefore, we rely on MarketBeat/Zacks for context. Q3 2024 EPS: Actual -$1.01 vs. consensus approx. -$1.42 (beat by $0.41); Revenue: Actual $0.60M vs. consensus approx. $6.65M (miss by $6.05M) .
  • Zacks corroborates the EPS beat and revenue miss narrative for Q3 2024 (narrower-than-expected loss; sales miss) .
  • Implication: Models assuming near-term collaboration revenue recognition are at risk; expense and other income dynamics are more supportive to EPS than revenue in the near-term mix .

Key Takeaways for Investors

  • EPS outperformance despite minimal revenue suggests the P&L is currently driven more by operating discipline and other income than topline leverage; monitor collaboration expense timing and interest income trajectory .
  • CASGEVY rollout momentum (new approvals, ATC build-out, cell collections) remains the central commercial driver; broader reimbursement and pediatric Phase 3 progress are medium-term value catalysts .
  • Near-term trading catalysts: ASH 2024 CTX112 dose escalation update; any additional CASGEVY access agreements/approvals; and continued ATC activation/cell collection updates .
  • Balance sheet strength ($1.94B total liquidity) provides runway through multiple readouts across CAR-T and in vivo programs, mitigating financing overhang risk in the medium term .
  • Estimate risk skew: Revenue forecasts should be conservative until collaboration revenue recognition is more visible; EPS can remain supported by cost control and other income but will be sensitive to collaboration expense timing .
  • No formal financial guidance increases dispersion of estimates; rely on company-dated milestones and third-party partner disclosures (e.g., Vertex) to refine near-term expectations .

Additional Source and Period Context

  • Prior quarters for trend analysis: Q1 2024 total revenue $0.50M, EPS -$1.43; Q2 2024 total revenue $0.52M, EPS -$1.49; Q3 2024 total revenue $0.60M, EPS -$1.01 — highlighting stable de minimis revenue and sequential EPS improvement in Q3 .
  • Press release coverage in Q3 timeline (Aug 5, 2024): The Q2 2024 business update documented progress across CASGEVY launch metrics, CAR-T trials, and in vivo programs, providing useful baseline for Q3 updates .