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Wall Street JournalCRISPR Therapeutics AG's Quarterly Report on Form 10-Q
CRISPR Therapeutics AG's Quarterly Report on Form 10-Q
Crispr Therapeutics AG has reported a net loss of $34.4 million for the quarter ended March 31, 2024, compared to a net loss of $27.7 million for the same period in 2023. The company’s cash and cash equivalents stood at $1.1 billion as of March 31, 2024. The company’s shares outstanding were 84,918,093 as of May 3, 2024.
Company Overview
Crispr Therapeutics is a leading gene editing company focused on developing treatments for diseases using CRISPR technology. In 2023, the company achieved a major milestone with the approval of its first treatment, CASGEVY, for blood disorders sickle cell disease and beta thalassemia. Crispr has several other treatments in development across therapeutic areas like cancer, autoimmune diseases, cardiovascular disease, and diabetes.
Financial Performance
In the first quarter of 2024, Crispr generated $0.5 million in total revenue, compared to $100 million in the same period last year. The 2023 revenue was due to an upfront payment from a collaboration deal. Crispr reported a net loss of $116.6 million in the first quarter of 2024, compared to a $53.1 million net loss in the first quarter of 2023. The wider net loss was primarily driven by lower collaboration revenue. Research and development expenses decreased by $23.8 million compared to last year due to lower external research costs. General and administrative expenses decreased by $4.4 million due to lower employee costs.
Cash and Funding
Crispr ended the first quarter of 2024 with a strong cash position, with $2.1 billion in cash, cash equivalents and marketable securities. This provides funding for operations for at least the next 2 years without the need for additional financing based on current spending plans. In February 2024, Crispr raised $280 million through a direct stock offering to further strengthen its balance sheet.
Future Outlook
Crispr is advancing a robust pipeline of CRISPR-based treatments. Key upcoming milestones include advancing clinical programs in cancer, diabetes, and cardiovascular disease into later stage trials over the next 1-2 years. The company also continues to innovate new CRISPR technologies to unlock the full potential of gene editing. Crispr is well-positioned financially to support the development of its pipeline. The company expects to continue operating losses for the foreseeable future due to high research and development expenses.