CRSP earnings analysis
What we found in CRSP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CRISPR Therapeutics posted substantially improved Q2 results: revenue increased to $10.181 million, net loss narrowed to $91.154 million, and diluted EPS improved to negative $0.94 from negative $2.40 a year earlier. The improvement was aided by a $10.0 million upfront collaboration payment and the absence of the prior-year $96.253 million Sirius acquired-I PR&D charge, while core R&D spending declined modestly. Liquidity is robust at $2.3644 billion following a $600.0 million convertible issuance, but the company remains pre-profit, with six-month operating cash usage rising to $192.395 million and no quantitative revenue or EPS guidance provided.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue rose to $10.2 million
- Q2 revenue was $10.181 million, up $0.892 million (9.6%) from $9.289 million a year earlier and up $8.723 million from the implied $1.458 million in Q1 2026. The year-over-year increase was driven by $10.0 million of collaboration revenue from an upfront payment under an immaterial license and collaboration agreement.
- Loss and operating margin improved sharply
- Net loss narrowed by $117.395 million year over year to $91.154 million, and diluted EPS improved to a loss of $0.94 from a loss of $2.40 in Q2 2025. Operating loss improved to $117.269 million from $229.324 million, lifting operating margin to negative 1,151.9% from negative 2,468.7%.
- Operating expense base moderated
- R&D expense declined $2.742 million (3.9%) to $67.152 million, while G&A declined $1.363 million (7.2%) to $17.553 million. Collaboration expense fell $4.881 million to $40.272 million, primarily due to an increase in CRISPR's share of CASGEVY revenue.
- Liquidity strengthened through note issuance
- Liquidity was $2.3644 billion in cash, cash equivalents and marketable securities at June 30, 2026. The company raised approximately $585.4 million of net proceeds through its March 2026 convertible-note offering.
- Pipeline and CASGEVY label expansion advanced
- CASGEVY's U.S. label was expanded in July 2026 to eligible patients aged 2 years and older with SCD or TDT. The company continues Phase 1 programs for CTX310, CTX340 and CTX460 and ongoing Phase 2 development of CTX611.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Recurring losses and long development horizon
- The company remains loss-making, reporting a $91.154 million Q2 net loss and $214.085 million net loss for the first six months of 2026. Management expects losses to continue for at least the next several years.
- Operating cash burn increased
- Six-month operating cash outflow increased $24.568 million year over year to $192.395 million, despite the lower six-month net loss. Management attributes the higher cash use principally to a $57.4 million decrease in net operating asset-and-liability changes, including timing of a $25.0 million Vertex milestone received in Q1 2025.
- New debt and potential dilution
- The March financing added $600.0 million principal amount of convertible senior notes due 2031, with an effective coupon of 1.125% that was increased by 0.6058% for anticipated Swiss withholding tax. The company also retains $557.2 million of capacity under its 2025 ATM, creating potential future shareholder dilution.
- No formal risk-factor updates; funding uncertainty remains
- No material changes were made to risk factors versus the 2025 Form 10-K and Q1 2026 Form 10-Q. Nonetheless, management says capital may be used sooner than its at-least-24-month runway estimate and it cannot estimate the cost or timing required to complete development and commercialization of its candidates.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.94
- Gross margin
- 100.0%
- Operating margin
- -1151.9%
What they said about what is next.
No numeric revenue or EPS guidance was provided in the 10-Q. Management expects existing cash, cash equivalents and marketable securities of $2.3644 billion to fund operating expenses and capital expenditures for at least the next 24 months, excluding potential additional collaboration or financing proceeds.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 4, 2026
- CRISPR Therapeutics reported Q1 2026 results showing total revenue of $1.458 million, a decline from $1 million year-over-year, while net loss improved to $122.9 million from $136 million last year. R&D and G&A expenses…
- 10-K · February 12, 2026
- CRISPR Therapeutics positions itself as a leader in CRISPR/Cas9-based therapeutics with an approved product (CASGEVY) and a diversified pipeline across hemoglobinopathies, in vivo LNP editing, CAR T and regenerative…
- 10-Q · May 6, 2025
- CRISPR Therapeutics reported Q1 2025 revenue of $865,000 and a GAAP net loss of $135.996 million (EPS -$1.58). Revenue rose year-over-year but the company recorded wider operating and net losses, negative operating cash…
- 10-Q · November 5, 2024
- CRISPR Therapeutics reported Q3 revenue of $602,000 and GAAP diluted EPS of $(1.01), with net loss narrowing to $85.9 million from $112.2 million a year ago. Operating loss improved to $110.1 million (vs $132.4 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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