CRISPR Therapeutics AG (CRSP, Financial), a leading biopharmaceutical company focused on creating transformative gene-based medicines for serious diseases, announced its financial results for the third quarter ended September 30, 2023, on November 6, 2023. The company reported significant progress across its broad clinical pipeline of potentially curative gene-edited therapies.
Company Performance and Challenges
CRISPR Therapeutics AG (CRSP, Financial) reported a net loss of $112.2 million for the third quarter of 2023, compared to a net loss of $174.5 million for the same period in 2022. The company's cash position as of September 30, 2023, was $1,739.8 million, compared to $1,868.4 million as of December 31, 2022. The decrease in cash of $128.6 million was primarily driven by operating expenses, offset by payments received from Vertex in connection with a non-exclusive license agreement and related milestone, as well as interest income.
Financial Achievements
CRISPR Therapeutics AG (CRSP, Financial) reported a decrease in R&D expenses for Q3 2023, which were $90.7 million, compared to $116.6 million for the same period in 2022. The decrease in R&D expense was primarily driven by reduced variable external research and manufacturing costs. General and administrative expenses were $18.3 million for the third quarter of 2023, compared to $27.0 million for the same period in 2022. The decrease in G&A expense was primarily driven by a decrease in external professional costs.
Key Details from the Income Statement, Balance Sheet, Cash Flow Statement
CRISPR Therapeutics AG (CRSP, Financial) reported a decrease in collaboration expense, net, which was $23.4 million for the third quarter of 2023, compared to $38.9 million for the same period in 2022. The decrease of approximately $15.5 million in collaboration expense, net, was due to the fact that the company reached the $110.3 million deferral limit on costs related to the exa-cel program in the third quarter of 2023, whereas the limit was not reached until the fourth quarter of 2022.
Analysis on the Company's Performance
CRISPR Therapeutics AG (CRSP, Financial) has made significant progress in its clinical pipeline of gene-edited therapies, including exa-cel for the treatment of severe sickle cell disease. The company's financial results for Q3 2023 show a decrease in net loss and R&D expenses compared to Q3 2022, indicating a positive trend in the company's financial performance. However, the decrease in the company's cash position indicates that it continues to invest heavily in its operations and research activities.
Other Pertinent Details
CRISPR Therapeutics AG (CRSP, Financial) is excited about the upcoming PDUFA date for exa-cel, which could potentially bring a transformative therapy to patients living with sickle cell disease. If approved, exa-cel would be the first CRISPR-based medicine available to patients in the U.S., highlighting the groundbreaking opportunity of this technology to treat people with serious diseases. The company remains well-positioned and well-capitalized to bring several transformative medicines for patients suffering from serious diseases.
Explore the complete 8-K earnings release (here) from CRISPR Therapeutics AG for further details.
