CRISPR Therapeutics AG reported fourth‑quarter and full‑year 2025 results that fell short of consensus estimates, with revenue of $0.86 million versus the $4.72 million expected by analysts and a net loss of $130.6 million for the quarter compared with a $37.3 million loss in Q4 2024. The company’s earnings per share of –$1.37 missed the consensus estimate of –$1.16 by $0.21, reflecting the widening operating deficit despite a strong commercial launch of its first CRISPR‑based therapy.
CASGEVY generated $54 million in Q4 revenue and $116 million for the full year, up from $30 million in Q4 2024 and $78 million for 2024. The therapy’s uptake accelerated, with 30 patients infused in the fourth quarter and a total of 64 patients treated in 2025, compared with 30 in 2024. The 147 first‑cell‑collection initiations for sickle cell disease or thalassemia in 2025 also surpassed the 112 initiations recorded in 2024, underscoring growing market penetration and reimbursement expansion.
R&D expenses rose to $83.5 million in Q4, a $11.8 million increase over the $71.7 million spent in Q4 2024, driven by intensified investment in the company’s in‑vivo liver editing and autoimmune CAR‑T programs. Collaboration expenses jumped to $53.7 million from $10.4 million in the prior year, largely due to the removal of a prior‑year cost deferral related to the CASGEVY partnership with Vertex. These expense increases explain the widening net loss despite higher product revenue.
Cash, cash equivalents, and marketable securities stood at $1,975.8 million as of December 31, 2025, up from $1,903.8 million at the end of 2024, giving the company a robust runway to fund ongoing pipeline development and commercial expansion.
"As we close out the fourth quarter, CRISPR Therapeutics continues to make steady progress across a broad and increasingly mature pipeline," said Chairman and CEO Samarth Kulkarni. "We made meaningful advances across multiple clinical and preclinical programs, including encouraging data from zugo‑cel in autoimmune disease and oncology, continued global uptake of CASGEVY, and important developments across our in‑vivo liver editing portfolio, and momentum in our siRNA collaboration with Sirius Therapeutics." The company reiterated its confidence in the long‑term trajectory of its platform while acknowledging the need for continued investment to sustain growth.
Analysts responded to the results with a mix of optimism and caution. Needham raised its price target to $82 and maintained a buy rating, while Evercore ISI lifted its target to $74 from $62, citing the momentum of CASGEVY and Vertex’s guidance. The earnings miss, however, tempered enthusiasm, highlighting the company’s ongoing need to balance commercial gains with significant R&D and collaboration outlays.
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