TLDR
- CRISPR Therapeutics (CRSP) stock surged 9.2% Friday following disappointing Q4 results showing $864,000 revenue and $1.37 per share loss.
- Partner Vertex Pharmaceuticals forecasted $500 million-plus in non-cystic fibrosis product revenue for 2026, fueling investor confidence.
- The gene-editing therapy Casgevy produced $54 million in Q4 revenue and $116 million annually with 64 patient infusions in the quarter.
- Patient treatment initiations reached 147 in 2025, nearly tripling from prior year as reimbursement now covers 90% of eligible U.S. patients.
- CRISPR Therapeutics holds $1.98 billion in cash while developing pipeline programs CTX310, CTX321, CTX611, and zugo-cel across multiple therapeutic areas.
CRISPR Therapeutics (CRSP) stock jumped 9.2% Friday in an unusual response to quarterly results that fell short of Wall Street expectations. The biotech company reported Q4 revenue of only $864,000 with a loss of $1.37 per share, missing estimates for a $1.20 per share loss on multi-million dollar revenue.
The stock’s upward momentum came from commercialization partner Vertex Pharmaceuticals, which issued strong 2026 revenue guidance during its own earnings call. Vertex projected at least $500 million in revenue from non-cystic fibrosis products, emphasizing increased Casgevy patient infusions across its global treatment center network.
Casgevy, approved as the FDA’s first gene-editing therapy for sickle cell disease and transfusion-dependent beta thalassemia, delivered $54 million in Q4 revenue. Annual revenue for 2025 totaled $116 million in the therapy’s first full year on the market.
Treatment volumes accelerated during the quarter. Sixty-four patients received Casgevy infusions in Q4, while 147 patients worldwide initiated treatment through first cell collection over the full year. The initiation figure nearly tripled versus 2024, demonstrating strengthening adoption momentum.
Insurance Coverage Reaches Critical Mass
Market access improved substantially for the premium-priced treatment. Reimbursement coverage now extends to approximately 90% of eligible patients in the United States, eliminating cost barriers for most qualified candidates.
The therapy gained reimbursed access across various European and Middle Eastern markets throughout 2025. Scotland added reimbursement for sickle cell disease patients in January through partner Vertex, broadening the therapy’s geographic reach.
William Blair analysts highlighted the 147 first cell collections as validation that rising initiation volumes will convert to substantially higher revenue in 2026. Each patient-specific treatment costs over $2 million and requires several months to prepare following initial treatment center setup.
Vertex estimates roughly 60,000 patients qualify as viable Casgevy candidates. CRISPR Therapeutics generated total 2025 revenue of $3.5 million, but analysts forecast 2026 revenue approaching $130 million with projections surpassing $330 million by 2027.
Development Programs Advance Across Multiple Fronts
CTX310 continues Phase 1b trials targeting lipid disorders, showing LDL-C reductions comparable to Arrowhead Pharmaceuticals’ AROANG3 and Regeneron Pharmaceuticals’ Evkeeza. William Blair analyst Sami Corwin described the triglyceride reduction data as potentially establishing a new benchmark in the field.
CTX321, a next-generation program targeting Lp(a), is moving through enabling studies with anticipated updates in late 2026. Analysts view these cardiovascular gene editing candidates as important value drivers for the company.
CTX611 entered Phase 2 trials for patients undergoing knee replacement surgery. The siRNA-based therapy developed with Sirius Therapeutics could have wider applications across thromboembolic conditions.
Zugo-cel is advancing in autoimmune and oncology settings including systemic lupus erythematosus and B-cell malignancies. The candidate is being tested in combination with pirtobrutinib through an existing Eli Lilly partnership.
Balance Sheet Supports Ongoing Development
CRISPR Therapeutics finished 2025 with $1.98 billion in cash and marketable securities, providing runway for continued clinical development. R&D expenses climbed to $83.5 million in Q4 as multiple programs progressed.
The company posted a net loss of $130.6 million in Q4 compared to $37.3 million in the year-ago period. Losses expanded as CRISPR Therapeutics scales Casgevy commercialization efforts while funding early-stage pipeline programs targeting cardiovascular, autoimmune, and oncology diseases.
