CRISPR Therapeutics' 2025 Results Reveal Persistent Losses and Slow CASGEVY Uptake Despite Management Optimism

What happened

CRISPR Therapeutics reported its fourth quarter and full year 2025 financial results, with CEO Samarth Kulkarni highlighting steady pipeline progress in a press release. However, the underlying data confirms ongoing financial strain, as the company likely posted significant net losses and minimal revenue, consistent with the $450.986 million net loss for the first nine months of 2025 noted in DeepValue's report. CASGEVY, the partnered gene therapy, remains capacity-constrained, with only 39 patient infusions reported through September 2025, underscoring slow commercialization amid reimbursement and procedural hurdles. Cash burn persists, and with a market cap of $5.1 billion trading at 2.5x book value, the valuation premiums future pipeline success that is far from assured. DeepValue's analysis maintains a 'WAIT' rating, emphasizing the disconnect between management's positive rhetoric and the harsh realities of high collaboration expenses and unproven assets.

Implication

The 2025 update confirms that CRISPR Therapeutics remains in a pre-profitability phase, with collaboration expenses like the $159.777 million net for CASGEVY in nine months of 2025 outpacing any meaningful revenue. CASGEVY's limited infusions suggest that revenue growth will be gradual, delaying CRISPR's share of net profits and increasing reliance on milestone-driven income. Pipeline assets such as CTX310 show early promise but face regulatory and safety risks that could prolong development and necessitate further capital raises. With $1.9 billion in cash but elevated burn rates, additional equity dilution is probable, potentially eroding shareholder value if pipeline de-risking lags. DeepValue's base case of $60 per share assumes slow CASGEVY scaling, but current metrics heighten bear case risks, advising investors to wait for clearer signs of economic contribution or pipeline catalysts before increasing exposure.

Thesis delta

The 2025 financial results do not materially shift the investment thesis; CRISPR Therapeutics continues to be a cash-burning biotech with a slow-rolling commercial asset and speculative pipelines. Investors should still await evidence of CASGEVY's net profit contribution and pipeline de-risking, as outlined in DeepValue's report, before considering new positions.