CRISPR Therapeutics

CRSPNASDAQHigh Risk

CRISPR/Cas9 gene editing technology enabling precise, permanent changes to DNA. The company's approach allows one-time treatments that can potentially cure genetic diseases by editing the root cause at the genomic level.

Reviewed by Blane Jackson, DDS, MBA. Educational analysis only. Read the editorial policy and disclosures.

Hematology Oncology Regenerative Medicine Rare Disease

Market cap

Mid cap

Cash position

$2.4B as of Q2 2026

~75 months runway (derived)

Revenue status

early revenue

Pipeline assets

4 programs

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What does CRISPR Therapeutics do?

CRISPR Therapeutics is, quite literally, the company that brought gene editing from science fiction to reality. They co-developed the first-ever CRISPR-based medicine approved anywhere in the world — Casgevy, a one-time treatment for sickle cell disease and a blood disorder called beta-thalassemia. Here's how it works in simple terms: they take a patient's own blood stem cells out of their body, use CRISPR gene editing scissors to fix the genetic defect, and put them back. The edited cells then produce healthy hemoglobin for what appears to be the rest of the patient's life. It's as close to a cure as medicine has ever gotten for these diseases. For investors, the big questions right now are commercial ones, not scientific ones. Casgevy works — we know that. The question is whether enough patients can actually access a treatment that requires weeks of hospitalization and harsh pre-conditioning chemotherapy. Revenue ramp speed is everything. Beyond Casgevy, CRISPR is working on something potentially much bigger: off-the-shelf cancer cell therapies. Current CAR-T treatments like Yescarta require custom-manufacturing each dose from the patient's own cells, which takes weeks and costs $400K+. If CRISPR can make a universal version using gene-edited donor cells, it could dramatically expand who can be treated. They're also quietly working on what could be a cure for Type 1 diabetes using gene-edited insulin-producing cells — extremely early but the ultimate homerun if it works. With $4.2 billion in cash, CRISPR can fund everything in their pipeline for years without raising money. The stock trades well below that cash value plus Casgevy's projected revenues, which means the market is essentially giving you the entire pipeline for free.

What to watch

Casgevy quarterly revenue — look for acceleration in patient starts and new qualified treatment centers. Revenue above $100M/quarter would signal the ramp is working

CTX110 allogeneic CAR-T duration of response data — complete response rates matter, but how long responses last is what determines if allo CAR-T is commercially viable

Treatment center expansion pace — Casgevy can only grow as fast as the infrastructure to deliver it. Track QTC announcements closely

Competitor moves in allo CAR-T — if Allogene or Caribou report strong data, it validates the field but also means more competition for CRSP

Any insulin independence signals from the VCTX210 diabetes trial — even one patient showing sustained insulin production would be a major catalyst

Pipeline

Drug	Indication	Phase	Expected data
Casgevy (exagamglogene autotemcel)	Sickle cell disease and transfusion-dependent beta-thalassemia	Approved	Commercial — approved Dec 2023	▼
CTX110	Relapsed/refractory B-cell malignancies (large B-cell lymphoma)	Phase 2	2026	▼
CTX112	Relapsed/refractory B-cell malignancies (next-gen allogeneic CAR-T)	Phase 1	H2 2026	▼
VCTX210	Type 1 diabetes	Phase 1	2026-2027	▼

Investment thesis

Bull case

CRISPR Therapeutics owns the first approved CRISPR medicine in history — that alone gives it a permanent place in biotech. Casgevy is ramping in both SCD and beta-thalassemia, and every additional qualified treatment center accelerates the revenue curve. The $4.2B cash position means they can fund the entire pipeline without dilution for 4+ years. The allogeneic CAR-T programs, if they work, represent a far larger market than Casgevy. And the diabetes program, while early, targets a condition affecting millions. CRSP trades at a significant discount to its cash + Casgevy NPV, meaning the entire pipeline is essentially free in the current stock price. If any one of the pipeline programs hits, the stock re-rates substantially.

Bear case

Casgevy's commercial ramp has been slower than hoped — the myeloablative conditioning regimen is harsh, qualified treatment centers are limited, and payer coverage remains inconsistent. The allogeneic CAR-T space has been a graveyard of failed programs; Allogene's struggles show how hard it is to make off-the-shelf cell therapy work. Each quarterly revenue miss for Casgevy reinforces the bear narrative that gene editing cures are too complex to scale commercially. The $180M quarterly burn rate, while sustainable with current cash, means CRSP needs Casgevy to ramp meaningfully or they'll eventually need to raise. And if CTX110 Phase 2 data disappoints, the oncology thesis collapses.

Key upcoming catalysts

CTX112 Phase 1 initial data

H2 2026

Unverified — this date has not been checked against a primary source.

Data ReadoutSignificant

VCTX210 Type 1 diabetes Phase 1 update

2026

Unverified — this date has not been checked against a primary source.

ConferenceSignificant

Casgevy label expansion (additional indications or geographies)

2026-2027

Unverified — this date has not been checked against a primary source.

ApprovalModerate

Risk factors

⚠

Casgevy commercial ramp continues to underwhelm due to treatment complexity and limited qualified centers

⚠

Allogeneic CAR-T (CTX110) fails to show durable responses in Phase 2, invalidating the off-the-shelf thesis

⚠

Bluebird bio's Lyfgenia gains commercial traction at Casgevy's expense in sickle cell disease

⚠

Regulatory or safety signals emerge from real-world Casgevy use that weren't apparent in clinical trials

⚠

Type 1 diabetes program faces insurmountable immune rejection challenges despite CRISPR hypoimmune edits

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Financial snapshot

These figures are drafted by our AI pipeline, not read from SEC filings. Confirm anything you would act on against the company's latest 10-Q or 10-K.

Cash

$2.4B as of Q2 2026

Q2 2026 — 1 quarter ago

Quarterly burn

$96M

Cash runway

~75 months

$2.4B ÷ $96M per quarter

Revenue

early revenue

Institutional ownership

68%

Recent offering

No recent dilution — well-capitalized from prior raises and Vertex milestones

Source: SEC filings. Cash and operating cash flow read from CRSP’s SEC XBRL filings, most recently filed 2026-08-03. Read the filings on EDGAR.

Cash against the next catalyst

Funded through this catalyst

Cash reaches roughly Q3 2032 on the disclosed figures, about 26 quarters past this Q1 2026 catalyst — the readout is funded without a raise.

Derived from $2.4B ÷ $96M per quarter, both self-reported.
Burn usually rises as a programme moves through late-stage trials, so this is an upper bound.

This is the arithmetic between two dates, not a forecast. Companies raise early from strength, delay programmes, partner, or borrow.

Sponsor's late-stage trial record

CRISPR Therapeutics has 7 Phase 2 or 3 studies on ClinicalTrials.gov: 2 completed, 1 stopped early, 4 ongoing.

Completed

Stopped early

Ongoing

Stopped early

NCT04035434Phase 1/2 · started 2019 · terminated
CTX110 in b-cell malignancy · n=93
Reason given: Patients to be followed up in the CRSP-ONC-LTF study

Counts cover interventional Phase 2 and Phase 3 studies registered under this sponsor name, retrieved 2026-09-13 from ClinicalTrials.gov API v2. Trials stop for many reasons — futility, safety, enrollment, funding, or a decision to back a different programme — and the registry often does not say which. This is the sponsor's record, not a prediction about any specific readout.