CRISPR Therapeutics AG (CRSP): BCG Matrix [Dec-2025 Updated]

You're looking for a clear-eyed view of CRISPR Therapeutics AG (CRSP) through the Boston Consulting Group Matrix lens, which maps their product portfolio based on market growth and relative market share. Here's the quick math on where their assets stand as of late 2025: Casgevy is clearly lighting up the 'Stars' quadrant, but honestly, the company still runs on a massive $1.94 billion cash reserve as of September 30, 2025, to cover that $106.4 million Q3 net loss, meaning there are no true 'Cash Cows' yet. We see older programs relegated to 'Dogs,' while high-potential, high-risk bets like in vivo editing candidates and the core platform sit as 'Question Marks,' demanding that $58.9 million in quarterly R&D spend. Dive in below to see exactly which assets demand your immediate attention for investment or divestment decisions.

Background of CRISPR Therapeutics AG (CRSP)

You're looking at CRISPR Therapeutics AG (CRSP) as of late 2025, and the story is really about transitioning from pure R&D promise to commercial reality. CRISPR Therapeutics AG is a biopharmaceutical company, based in Zug, Switzerland, but with its main research and development engine humming away in Boston and San Francisco. They focus on creating transformative gene-based medicines using their namesake CRISPR/Cas9 technology.

The big news, the anchor for their current position, is CASGEVY, their first marketed therapy for sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). Vertex Pharmaceuticals handles the global commercialization, and under the deal terms, CRISPR Therapeutics records its share of the profits and losses, which is a 40% cut. The initial uptake has been slow due to the complex treatment process, but momentum is definitely building.

Looking at the sales figures for 2025, Vertex reported $30.4 million in CASGEVY sales for the second quarter alone, which was a 114.1% sequential jump. Analysts modeled about $124.6 million in total Vertex sales for the full year 2025. By the end of Q2 2025, about 115 patients had completed their first cell collection, showing the system is starting to process patients more quickly.

Financially, as of September 30, 2025, CRISPR Therapeutics maintained a strong liquidity position, holding approximately $1.94 billion in cash, cash equivalents, and marketable securities. However, the company is still deep in investment mode, reporting a net loss of $106.4 million for the third quarter of 2025. Revenue for that same quarter was quite small at just $889,000, mostly from grant income, which missed analyst expectations of $10.4 million.

The operational spend reflects this investment: R&D expenses for Q3 2025 were $58.9 million, and collaboration expenses, largely with Vertex, hit $57.1 million. Beyond CASGEVY, the pipeline is active. They presented positive Phase 1 data in November 2025 for CTX310, an in vivo gene editing therapy targeting cardiovascular disease. Plus, they're advancing CTX112 in oncology and autoimmune disease, and they plan to initiate the CTX460 clinical trial, which uses their new SyNTase™ editing platform, in mid-2026. That's a lot of moving parts, isn't it?

CRISPR Therapeutics AG (CRSP) - BCG Matrix: Stars

You're looking at the portfolio of CRISPR Therapeutics AG (CRSP) and trying to map its leading assets onto the Boston Consulting Group Matrix. The Star quadrant is reserved for products with significant market share in rapidly expanding markets, which require heavy investment to maintain that lead. For CRISPR Therapeutics AG (CRSP), the first-mover, approved product, Casgevy (exa-cel), clearly anchors this position, supported by pipeline assets like CTX112™ aiming for similar leadership in their respective high-growth spaces.

Casgevy (exa-cel): First-Mover Advantage

Casgevy (exa-cel) holds the distinction of being the first-ever approved CRISPR/Cas9 gene-edited therapy, securing a first-mover advantage in the gene therapy market for hemoglobinopathies, specifically sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). This market is part of the broader, high-growth CRISPR gene editing sector, which was calculated at USD 4.77 billion in 2025 and is projected to reach USD 16.47 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 14.77%. The commercial build-out is substantial, with CRISPR Therapeutics AG (CRSP)'s partner, Vertex Pharmaceuticals, activating over 75 authorized treatment centers (ATCs) globally by the second quarter of 2025, achieving its initial goal.

Vertex projects total 2025 sales over $100 million, signaling high market growth and a path to dominance in its niche. While Vertex estimated Casgevy sales of about $99 million for the full year 2025 in one model, the actual reported revenue for the first quarter of 2025 was $14.2 million, an increase of 4% year-over-year. Third-quarter 2025 sales totaled $17 million, against a consensus estimate of $41 million, though cell collection numbers showed positive momentum, rising from 25 in the second quarter to 45 in the third quarter of 2025. CRISPR Therapeutics AG (CRSP) records its share of profits/losses from these sales. At peak sales, the therapy is expected to realize revenues in the multibillion range.

The Star status is supported by the following operational and financial metrics:

• First-ever approved CRISPR/Cas9 gene-edited therapy.
• Eligible patient population estimated at approximately 60,000 across approved markets.
• Over 75 authorized treatment centers (ATCs) activated globally as of Q2 2025.
• Approximately 115 patients had cells collected across all regions as of Q2 2025.
• Q1 2025 Casgevy revenue reported at $14.2 million.
• Q3 2025 Casgevy sales reported at $17 million.

CTX112™: Next-Generation Pipeline Star

CTX112™ is positioned as a next-generation allogeneic CAR-T therapy for B-cell malignancies and autoimmune diseases, already possessing the Regenerative Medicine Advanced Therapy (RMAT) designation from the Food and Drug Administration (FDA), which it received in January 2025. This asset targets the high-growth, multi-billion-dollar allogeneic cell therapy market with enhanced potency edits. The broader Global Cell and Gene Therapy Market is poised to grow from USD 21.49 Billion in 2024 to USD 81.33 Billion by 2032, reflecting an 18.20% CAGR for the period 2025-2032. CRISPR Therapeutics AG (CRSP) supports its allogeneic cell therapy pipeline with a wholly-owned, U.S. manufacturing facility in Framingham, MA, for good manufacturing practice (GMP) materials.

Preliminary data from the Phase 1/2 trial in relapsed or refractory CD19+ B-cell malignancies demonstrated strong efficacy, showing responses in all 6 patients who had previously received T-cell engager-based therapies (TCEs), including 3 large B-cell lymphoma (LBCL) patients. CRISPR Therapeutics AG (CRSP) plans to engage with regulatory authorities, with an update on the path forward for CTX112™ in B-cell malignancies expected in mid-2025. The company is also expanding the trial into autoimmune indications, including systemic lupus erythematosus, systemic sclerosis, and inflammatory myositis, with updates expected in mid-2025.

Key data points supporting CTX112™'s Star potential include:

CRISPR Therapeutics AG (CRSP) - BCG Matrix: Cash Cows

You're looking at the financial reality of a development-stage company where the traditional 'Cash Cow' definition doesn't quite fit the P&L statement yet. For CRISPR Therapeutics AG, the closest analogs to cash generation are not from mature, high-market-share products, but from its substantial balance sheet and strategic partnerships.

None: Development Stage Reality

• CRISPR Therapeutics AG is definitively a development-stage company, not one with established Cash Cows.
• The third quarter of 2025 resulted in a net loss of $106.4 million.
• This loss reflects the heavy, ongoing investment required to advance its gene-editing pipeline, which is the opposite of a low-growth, high-cash-generation unit.

Collaboration Revenue: A Reliable, Though Minor, Funding Source

The actual reported revenue stream, which is minor and not derived from a mature product, comes from grants. This is a stable, albeit small, source of non-dilutive funding that helps bridge the operational gap.

This revenue is not what you'd expect from a true Cash Cow; it's more of a reliable, low-volume funding input.

Interest Income: The True Balance Sheet Buffer

The most significant element resembling a Cash Cow's function is the income generated from the company's large cash hoard. This interest income acts as a passive, low-effort cash inflow that directly supports the high-burn R&D activities. You have to look at the size of that reserve to understand the scale of this benefit.

• Cash, cash equivalents, and marketable securities stood at $1.94 billion as of September 30, 2025.
• This figure is up from $1,903.8 million at the end of 2024.
• The 'Other income' line item, which is primarily interest income and changes in fair value of investments, was $26.2 million for the third quarter of 2025.

This $26.2 million in passive income for one quarter is substantial for a company reporting less than $1 million in operational revenue. It helps cover administrative costs, which were $16.9 million in the same period.

Vertex Profit Share: Potential, Not Yet Realized Cash Flow

The 40% share of Casgevy profits is the future Cash Cow, but as of Q3 2025, it's still in the 'Question Mark' phase of maturity-high potential, but still ramping up commercial adoption. Vertex Pharmaceuticals leads commercialization and records the gross sales, sharing the profit 60/40 with CRISPR Therapeutics AG.

Here's the quick math on the product's current scale:

• Vertex recorded Casgevy sales of $16.9 million in Q3 2025.
• Vertex expects over $100 million in total Casgevy revenue for the full year 2025.

If we take the Q3 sales and apply the 40% share, that's only about $6.76 million in potential profit share for that quarter, which is not enough to offset the $106.4 million net loss. Still, Vertex projects significant growth in 2026, suggesting this stream is defintely on a growth trajectory, not a mature, low-growth one yet.

Finance: draft 13-week cash view by Friday.

CRISPR Therapeutics AG (CRSP) - BCG Matrix: Dogs

Dogs, in the Boston Consulting Group Matrix framework, represent business units or products with a low market share in low-growth markets. These are typically candidates for divestiture as they tie up capital without generating significant returns. For CRISPR Therapeutics AG, this quadrant is populated by first-generation assets that have been superseded by newer, potentially superior candidates, and low-contributing revenue streams.

The financial reality for CRISPR Therapeutics AG in Q3 2025 reflects this dynamic, with the company reporting total revenue of only $0.89 million, which was entirely derived from grant revenue for the quarter ended September 30, 2025. This revenue stream, at $889,000, is a classic low-growth, low-share source, as the company focuses its primary efforts on its commercial product and late-stage pipeline assets.

The following table summarizes the key financial context for the period surrounding the Dogs classification, illustrating the high investment required relative to the low revenue contribution from these legacy areas.

The strategic decision to classify these assets as Dogs is based on the company's internal prioritization, which directs resources toward next-generation therapies. Expensive turn-around plans are generally avoided for such assets, as the learnings are better applied to the newer candidates.

The specific programs identified as Dogs include:

• CTX110: First-generation allogeneic CAR-T program for CD19+ malignancies.
• CTX130: First-generation allogeneic CAR-T program for CD70+ malignancies.
• Legacy Programs: Older, non-core research programs being phased out.
• Grant Revenue: Low-growth, low-share revenue source.

The transition away from the first-generation assets was a deliberate move to focus R&D spend. CRISPR Therapeutics AG announced in December 2023 that it was focusing on the development of CTX112 and CTX131 and would be transitioning patients treated with CTX110 and CTX130 to long-term follow-up where applicable.

Details on the de-prioritized assets:

• CTX110 provided important proof of concept that allogeneic CAR T cells can produce durable remissions.
• CTX130 also provided important proof of concept for allogeneic CAR T cells.
• CTX112 is the next-generation candidate targeting CD19, incorporating additional edits to enhance potency.
• CTX131 is the next-generation candidate targeting CD70.

The company's Q3 2025 revenue of $889,000, or $0.89 million, is a clear indicator of the low market share of non-core revenue streams, as the primary commercial focus is on CASGEVY®, which Vertex Pharmaceuticals forecasts to generate over $100 million in 2025 revenue. This stark contrast in revenue contribution solidifies the placement of grant revenue in the Dogs quadrant.

CRISPR Therapeutics AG (CRSP) - BCG Matrix: Question Marks

You're looking at the high-stakes, high-burn segment of CRISPR Therapeutics AG's portfolio-the Question Marks. These are the assets in markets that are clearly expanding, but where CRISPR Therapeutics AG hasn't yet secured a dominant position. They are currently consuming cash to fuel their clinical advancement, which is why they are showing up as losses, like the $106.4 million net loss reported for the third quarter of 2025. Still, the company maintains a strong balance sheet to support this phase, with cash, cash equivalents, and marketable securities totaling $1,944.1 million as of September 30, 2025.

CTX310 and CTX320: Cardiovascular Gene Editing

The in vivo gene editing candidates, CTX310 and CTX320, target cardiovascular diseases. This is definitely a high-growth area; the broader Global Cardiovascular Market was valued at USD 53.7 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.3% through 2034. The recent positive Phase 1 data you saw is the critical catalyst here-it's the signal that justifies the heavy investment needed to turn these into Stars. Right now, they are burning cash to prove efficacy and secure market entry in a competitive space.

CTX211: Type 1 Diabetes Regenerative Medicine

CTX211 is the bet on regenerative medicine for Type 1 Diabetes (T1D), aiming for that ultimate goal: insulin independence without chronic immunosuppression. The T1D market itself is large and growing, estimated at USD 16.97 billion globally in 2025, with a projected CAGR of 6.4% through 2032. This is a high-risk, high-reward play because achieving true insulin independence with an allogeneic, gene-edited cell therapy would fundamentally change the standard of care, but the technical hurdles are significant. The market is ready for a curative approach, but CTX211's share is currently zero.

CTX131: Next-Generation Allogeneic CAR-T

CTX131 represents an attempt to break into the solid tumor space with an allogeneic (off-the-shelf) CAR-T therapy. While autologous CAR-T has seen success in blood cancers, the shift to allogeneic for scalability is where the major market opportunity lies, even though current market share for allogeneic therapies remains low. The US CAR-T market, for context, was valued at USD 3.42 billion in 2024, with the universal CAR-T segment potentially seeing CAGRs in the 25-35% range from 2025-2033. CTX131 needs rapid clinical traction to capture share before competitors solidify their positions in this high-growth, yet technically challenging, segment.

Core CRISPR/Cas9 Platform Investment

The underlying technology itself functions as a Question Mark because it requires constant, heavy investment to maintain its competitive edge, even as the core CRISPR Market is estimated at USD 4.6 billion in 2025 with a 15.3% CAGR. For the third quarter of 2025 alone, Research and Development (R&D) expenses were $58.9 million. This spending is essential to innovate on delivery systems and explore new applications, ensuring the platform doesn't become obsolete. It's a necessary cash drain now to secure future Stars.

Here's a quick look at the market context for these Question Marks:

The strategic imperative for CRISPR Therapeutics AG is clear: you must decide which of these high-potential bets warrant the heavy capital infusion needed to gain market share quickly. If CTX310 or CTX211 show definitive proof-of-concept in late-stage trials, the investment thesis shifts dramatically toward scaling up manufacturing and commercialization. Finance: draft 13-week cash view by Friday.