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CRISPR Therapeutics AG
Health Care · Biotechnology
Structural: $CRSP is the listed pure-play on CRISPR/Cas9 therapeutic editing, with Casgevy now approved in US/EU/UK/Saudi/Bahrain for SCD + TDT - the first-ever CRISPR gene edit medicine. Vertex ($VRTX) owns 60% of Casgevy economics and books revenue; $CRSP recognizes 40% net profit/loss share plus milestones.
9B cash gives multi-year runway through 2027+ at current burn.
(1) Casgevy ramp inflecting - ~50 authorized treatment centers globally, ex-US reimbursement expanding 2026, addressable pop ~32k SCD + ~5k TDT in commercial geos; (2) allogeneic CAR-T (CTX112 in CD19 lymphoma, CTX131 in solid tumors) is the differentiated off-the-shelf bet vs autologous incumbents; (3) in vivo lipid program (CTX310 ANGPTL3, CTX320 LPA) is the platform-validation shot at the $VERV/$NTLA addressable cardiovascular pool; (4) cash + $VRTX cost-share shields dilution risk vs $EDIT/$BEAM/$NTLA.
2M list, 6-12mo cell-collection-to-infusion cycle caps revenue trajectory; (2) base editing ($BEAM, $VERV) and prime editing ($PRME) may obsolete first-gen Cas9 cutting in 5-10yr; (3) CAR-T allogeneic field has serial setbacks (rejection, persistence) and $CRSP competes with $ALLO, $CRBU, $FATE-class peers; (4) single-product commercial concentration - any Casgevy safety signal is binary; (5) cash burn of ~$300M/yr against pre-profit P&L.
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