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CRISPR Therapeutics AG (CRSP)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 revenue was $35.691 million, driven by $35.0 million in collaboration revenue; diluted EPS was -$0.44. Net loss was $37.3 million versus net income of $89.3 million in Q4 2023 as collaboration revenue declined year over year .
  • Cash, cash equivalents, and marketable securities ended the quarter at $1.9038 billion (vs. $1.6957 billion at YE 2023), bolstered by a $280 million financing, Vertex milestones, ATM activity, and interest income .
  • CASGEVY launch momentum: >50 authorized treatment centers (ATCs) activated globally and >50 patients had cells collected by year-end 2024; new patient cell collection initiations are expected to grow significantly in 2025 .
  • Management reiterated an execution-heavy 2025 with upcoming clinical updates (CTX112 oncology/autoimmune mid-2025; CTX131 updates; in vivo CTX310/CTX320 H1 2025) and highlighted CTX112’s FDA RMAT designation in certain lymphomas as a potential catalyst .
  • Wall Street consensus from S&P Global was unavailable at time of writing; third-party coverage indicates Q4 EPS beat relative to Zacks consensus, but we do not anchor to non-S&P sources for estimate comparisons .

What Went Well and What Went Wrong

What Went Well

  • Collaboration revenue returned in Q4 ($35.0 million), lifting total revenue to $35.691 million and improving quarter-on-quarter optics versus Q3’s de minimis revenue .
  • Strong liquidity: cash, cash equivalents, and marketable securities of $1.9038 billion at YE 2024 supporting multi-program execution through 2025 milestones .
  • CASGEVY global scaling with >50 ATCs activated and >50 patients with cells collected; management emphasized 2025 acceleration: “2025 stands as a milestone-rich year… we expect several key milestones across our pipeline” (CEO Samarth Kulkarni) .

What Went Wrong

  • Year-over-year revenue fell sharply from $201.206 million in Q4 2023 to $35.691 million in Q4 2024; the absence of large collaboration revenue recognized in Q4 2023 weighed on profitability .
  • Net loss of $37.311 million in Q4 2024 versus net income of $89.347 million in Q4 2023 reflects operating deleverage when collaboration revenue is lower .
  • No quantitative financial guidance provided (revenue/margins/OpEx); visibility depends on collaboration timing and execution of clinical milestones rather than near-term product revenues .

Financial Results

Income Statement Summary and EPS (chronological: oldest → newest)

MetricQ4 2023Q2 2024Q3 2024Q4 2024
Total Revenue ($USD Millions)$201.206 $0.517 $0.602 $35.691
Net (Loss) Income ($USD Millions)$89.347 $(126.408) $(85.942) $(37.311)
Diluted EPS ($USD)$1.10 $(1.49) $(1.01) $(0.44)

Margins (EBIT margin %; EBIT approximated by (loss) income from operations)

MetricQ4 2023Q2 2024Q3 2024Q4 2024
EBIT Margin %34.6% (69.583/201.206) N/M (−151.260/0.517) N/M (−110.130/0.602) −181.0% (−64.588/35.691)

Revenue Components

Component ($USD Millions)Q4 2023Q2 2024Q3 2024Q4 2024
Collaboration Revenue$200.000 $0.000 $0.000 $35.000
Grant Revenue$1.206 $0.517 $0.602 $0.691

Operating Expenses

OpEx ($USD Millions)Q4 2023Q2 2024Q3 2024Q4 2024
R&D$95.144 $80.165 $82.160 $82.155
G&A$16.479 $19.481 $17.419 $18.124
Collaboration Expense, net$20.000 $52.131 $11.153 $0.000 (deferral limit reached in Q3)

Balance Sheet Highlights (as of period end)

Metric ($USD Millions)YE 2023Q2 2024Q3 2024YE 2024
Cash & Cash Equivalents$389.477 $484.472 $225.670 $298.257
Marketable Securities$1,304.215 $1,517.147 $1,709.975 $1,605.569
Working Capital$1,799.287 $1,882.584 $1,854.081 $1,849.350
Total Shareholders’ Equity$1,882.803 $1,980.949 $1,939.658 $1,932.080

Launch KPIs (CASGEVY scaling)

KPIQ2 2024 (mid‑July)Q3 2024 (mid‑Oct)Q4 2024 (YE)
ATCs Activated (Global)>35 45 >50
Patients with ≥1 Cell Collection (Global)~20 ~40 >50

Guidance Changes

Metric/TopicPeriodPrevious GuidanceCurrent GuidanceChange
Quantitative Financial Guidance (revenue/margins/OpEx/OI&E/tax/dividends)Q4 2024 / FY 2025None providedNone providedMaintained (no quantitative guidance)
CASGEVY new patient cell collectionsFY 2025Not specified“Expected to grow significantly throughout 2025”New outlook commentary
CASGEVY pediatric studies (ages 5–11)2025Enrollment completedDosing completion expected in 2025Timeline update
CTX112 updates (oncology & autoimmune)Mid‑2025Preliminary oncology data presented at ASH 2024Broad update mid‑2025Scheduled update
CTX131 updates2025Ongoing trialsUpdates expected in 2025Scheduled update
CTX310/CTX320 (in vivo CV programs)H1 2025Dose escalation ongoingProgram updates expected H1 2025Scheduled update

Earnings Call Themes & Trends

(Note: A Q4 2024 earnings call transcript was not available via our document tools at the time of analysis.) [Search returned none]

TopicPrevious Mentions (Q2 & Q3 2024)Current Period (Q4 2024)Trend
CASGEVY launch & access>35 ATCs and ~20 collections (Q2); 45 ATCs and ~40 collections (Q3); expanding reimbursements (NHS England TDT; discussions for SCD) >50 ATCs and >50 collections; NHS England reimbursement for SCD; continued global rollout Accelerating activation and collections; improving payer access
Regulatory/legalGlobal approvals, early access programs (France); Canada/Switzerland approvals (Q3) NHS England SCD reimbursement; pediatric Phase 3 enrollment done; dosing completion expected 2025 Broadening regulatory and access footprint
Autoimmune/CD19 (CTX112)Trial opened in SLE; oncology Phase 1/2 ongoing; poster at ASH planned Positive oncology data; RMAT designation; basket study expanded to systemic sclerosis and inflammatory myositis; mid‑2025 update Strengthening regulatory positioning; expanding indications
Solid tumors/CD70 (CTX131)Ongoing solid tumor trial; hematologic malignancy trial opened Ongoing trials across solid/hematologic malignancies; updates expected 2025 Continued clinical execution
In vivo LNP liver platform (CTX310/320)Dose escalation ongoing; program updates expected in 2025 H1 2025 update expected; validated CV targets (ANGPTL3, Lp(a)) Progressing to near‑term readouts
T1D (CTX211)Ongoing Phase 1; Vertex non‑exclusive tech rights and potential royalties Ongoing; 2025 update anticipated Steady progress

Management Commentary

  • “2025 stands as a milestone-rich year… we expect several key milestones across our pipeline, including updates on our lead in vivo, cardiovascular programs in the first half of 2025… and a broad update on CTX112 in oncology and autoimmune diseases in mid-2025.” — Samarth Kulkarni, Ph.D., CEO .
  • “Ongoing launch of CASGEVY continues to gain momentum… more than 50 authorized treatment centers… and more than 50 patients have had cells collected across all regions as of the end of 2024.” .
  • “Strong balance sheet with approximately $1.9 billion in cash, cash equivalents, and marketable securities as of December 31, 2024.” .

Q&A Highlights

  • No Q4 2024 earnings call transcript was available through our document tools; therefore, specific Q&A themes and clarifications cannot be cited at this time [Search returned none].

Estimates Context

  • S&P Global consensus estimates (EPS and revenue) were unavailable due to data access limitations at time of writing; therefore estimate comparisons and “beat/miss” metrics anchored on S&P Global cannot be provided.
  • External coverage indicates Q4 EPS beat vs. Zacks consensus, but we do not substitute non‑S&P figures for our estimate framework; treat as indicative context only .

Key Takeaways for Investors

  • Collaboration revenue variability drives quarterly P&L optics; Q4 2024 benefited from $35.0 million collaboration revenue, while Q2–Q3 had negligible revenue — maintain focus on collaboration milestones cadence with Vertex .
  • Liquidity is robust (~$1.904 billion), supporting multi‑asset execution through 2025 catalysts (CTX112 RMAT path, CTX131 updates, CTX310/320 readouts) — funding runway underpins clinical optionality .
  • CASGEVY commercial scaling is tangible (>50 ATCs; >50 cell collections); 2025 expected growth in new patient collections and pediatric dosing completion should be closely monitored as leading indicators of launch ramp .
  • CTX112 RMAT designation and widening autoimmune basket (SLE, systemic sclerosis, inflammatory myositis) elevate potential regulatory velocity and breadth of addressable indications — mid‑2025 updates are key inflection points .
  • Visibility on near‑term financial guidance remains limited; absence of quantitative guidance suggests shares may trade on clinical and access milestones rather than earnings trajectory in the near term .
  • Monitor payer/reimbursement developments (e.g., NHS England SCD) and geographic ATC activation as adoption drivers for CASGEVY .
  • With no call transcript available, rely on press release data and upcoming conference disclosures; reassess estimate frameworks once S&P Global consensus access is available and post‑update readouts materialize .