The CRISPR Therapeutics story

What drives the business

• CRISPR’s Vertex partnership produced CASGEVY, first approved in 2023 for eligible patients with sickle cell disease or transfusion-dependent beta thalassemia, with Vertex leading global development, manufacturing, and commercialization and the partners sharing profits and program costs on a 60/40 basis.
• CASGEVY product revenue grew 151% from a year earlier in the quarter to June 2026, but those product sales are distinct from CRISPR’s reported revenue, with its share of CASGEVY revenue reducing net collaboration expense.
• The expanded U.S. approval makes approximately 5,500 additional patients potentially eligible, while reimbursement secured in Germany in May 2026 extends access for eligible patients 12 years and older.
• Beyond CASGEVY, CRISPR is developing medicines that edit genes directly inside the body, including CTX310 in Phase 1b and newly initiated Phase 1 trials for CTX340 in refractory hypertension and CTX460 in alpha-1 antitrypsin deficiency.
• Its Sirius Therapeutics agreement shares CTX611 development costs and profits equally, while its Eli Lilly collaboration evaluates the cell therapy zugo-cel with pirtobrutinib in aggressive B-cell lymphomas.

What the price assumes

At $53.10 per share and a market value of $5.1 billion, the reverse DCF cannot measure an implied growth rate because free cash flow and operating earnings are both negative, leaving the price dependent on future profits.

CRISPR reported $13 million in revenue and free cash flow of -$371 million over the last twelve months, rather than an established stream of cash generation.

Its price to sales ratio of 383.4x exceeds the TenQ check’s under 2.5x bar, and its free cash flow yield of -7.2% falls short of the above 3% bar.

What could change the story

• CASGEVY requires collection and editing of a patient’s stem cells and bone marrow conditioning before infusion, making treatment access more involved than regulatory approval alone.
• The pipeline remains exposed to clinical safety, efficacy, and approval uncertainty, including the early trials for CTX340 and CTX460.
• The net loss narrowed to $91.2 million in the quarter to June 2026 from $208.5 million a year earlier, but acquired in-process research and development expense also fell to $2.5 million from $96.3 million, so the improvement does not establish recurring profitability.
• Total debt of $586 million adds obligations alongside continuing cash use, while shares increased 15.7% over the last three years and stock-based pay totaled $68 million over the last twelve months.

What to watch next

• The next financial releases offer a check on whether CASGEVY growth and expanded access reduce net collaboration expense from $40.3 million and narrow cash use without further financing.
• CRISPR expects a CTX310 Phase 1b clinical update in the second half of 2026, alongside updates on zugo-cel in autoimmune disease and oncology and the CTX611 program.
• The company also expects an update on its Lp(a) program, CTX321, and on the nomination of up to two additional siRNA programs in 2026.

Sources

• CRISPR Therapeutics's earnings release, filed with the SEC
• Its latest 10-Q or 10-K, for the risk factors
• The CRSP stock report, for every figure and check