CRISPR Therapeutics AG (CRSP): Business Model Canvas [Dec-2025 Updated]

You're looking at CRISPR Therapeutics AG right now, and honestly, the story is about the pivot from pure science burn to the first taste of commercial success. After years of heavy investment-we saw R&D expenses running high, like the $201.3 million spent in the first three quarters of 2025-they finally have the world's first CRISPR-based therapy, Casgevy, on the market with Vertex Pharmaceuticals. This is a high-stakes model: they are still burning cash, reporting a net loss of over $106 million in Q3 2025, but they are sitting on a war chest of about $1.94 billion in cash and securities as of that same quarter. The real question for us is whether the initial revenue share from Casgevy, which Vertex expects to hit over $100 million in total for 2025, can fund the next wave of pipeline assets like CTX112 and CTX310; dig into the canvas below to see exactly how they are structuring this high-reward engine.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Key Partnerships

You're looking at how CRISPR Therapeutics AG structures its external relationships to bring its transformative medicines to market, which is key for a company whose value is tied to successful execution on complex science. Honestly, in this space, you can't do it all alone; the capital and commercial reach required are just too vast.

Vertex Pharmaceuticals for co-development and global commercialization of Casgevy

The partnership with Vertex Pharmaceuticals is the bedrock of CRISPR Therapeutics AG's current commercial success with Casgevy (exagamglogene autotemcel). This relationship, which started as a research collaboration back in 2015, now sees Vertex leading the global development, manufacturing, and commercialization efforts for Casgevy, which treats sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT). Under the amended agreement, CRISPR Therapeutics AG shares program costs and profits worldwide on a 60/40 split, with Vertex taking the 60% share as the manufacturer and exclusive license holder. As of the end of the third quarter of 2025, Casgevy had secured regulatory approval in 9 countries, including the U.S., Great Britain, the EU, Canada, Switzerland, the UAE, Saudi Arabia, Bahrain, and Qatar. The total addressable market across these approved regions is estimated at over 60,000 eligible patients.

The commercial ramp-up is tracked closely through patient progression metrics:

• Nearly 300 patients have been referred to an Authorized Treatment Center (ATC) to begin the process as of September 30, 2025.
• Approximately 165 patients with SCD or TDT had completed their first cell collection globally through the first nine months of 2025.
• A total of 39 patients had received infusions of Casgevy globally through September 30, 2025.

Sirius Therapeutics for co-development of siRNA therapies like SRSD107 (50/50 profit split)

To diversify beyond gene editing, CRISPR Therapeutics AG entered a strategic collaboration with Sirius Therapeutics in May 2025, focusing on novel small interfering RNA (siRNA) therapies, with SRSD107 for thromboembolic disorders as the lead asset. This deal structure is different from the Vertex one; here, the companies agree to jointly develop SRSD107 and share all costs and profits equally on a 50/50 basis. CRISPR Therapeutics AG provided an upfront payment of $25 million in cash, alongside $70 million in CRISPR Therapeutics AG shares (an equity stake) to Sirius Therapeutics. Furthermore, Sirius Therapeutics is eligible to receive milestone payments totaling over $800 million contingent on development success, plus tiered royalties on net sales, ranging from high single to low-double digits.

The commercial responsibilities are split geographically:

• CRISPR Therapeutics AG will lead commercialization in the United States.
• Sirius Therapeutics will lead commercialization in Greater China.

Foundational IP and Technology Access

The initial foundation for CRISPR Therapeutics AG's core technology stems from early agreements with academic institutions and foundational IP holders. For instance, the collaboration with Vertex Pharmaceuticals originated from a 2015 research agreement focused on using CRISPR/Cas9 technology. While specific financial terms for all academic IP licensing aren't always public, the company has historical agreements, such as the one with Casebia in March 2016, where CRISPR Therapeutics AG granted an exclusive, worldwide, fully paid-up, royalty-free license to use its CRISPR/Cas technology in certain fields. These foundational deals secure the right to operate and build upon the core technology platform.

Authorized Treatment Centers (ATCs) for complex patient cell collection and infusion

The logistical backbone for Casgevy delivery relies on a network of specialized ATCs, which handle the complex, multi-step process of patient cell collection and subsequent infusion. By the end of the second quarter of 2025, CRISPR Therapeutics AG and Vertex had achieved their target of activating over 75 Authorized Treatment Centers globally. This network expansion is crucial for scaling patient access, as seen by the nearly 300 patient referrals recorded by the end of Q3 2025.

Global reimbursement authorities to secure market access

Securing reimbursement is as critical as regulatory approval, especially for a therapy priced around $2.2 million in the US. CRISPR Therapeutics AG and Vertex have been actively negotiating with global payers. As of November 2025, a reimbursement agreement was reached in Italy for SCD and TDT patients in September 2025. Italy is significant as it represents the largest population of individuals with TDT in Europe, with approximately 5,000 people aged 12 and older with TDT and about 2,300 with SCD. In the US, the Centers for Medicare & Medicaid Services (CMS) initiated the Cell & Gene Therapy Access Model, which includes Casgevy, structuring payments based on whether the therapy improves health outcomes and reduces ongoing medical costs for state Medicaid patients. Furthermore, Vertex secured a formal reimbursement agreement with NHS England for SCD patients, building on an August 2024 agreement for TDT patients.

Here's a quick look at the major product-focused partnerships:

Partner	Program Focus	Cost/Profit Split	CRSP Commercial Lead Territory	Upfront/Equity to Partner (if applicable)
Vertex Pharmaceuticals	Casgevy (Gene-Edited Cell Therapy)	60/40 (Vertex/CRSP) on costs/profits	Global (Vertex leads)	N/A (Amended collaboration)
Sirius Therapeutics	SRSD107 (siRNA Therapy)	50/50 on costs/profits	United States	$25 million cash + $70 million equity

Finance: draft 13-week cash view by Friday.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Key Activities

You're looking at the core engine driving CRISPR Therapeutics AG's value right now-the things they absolutely must execute on to turn their science into sustainable revenue. It's a high-wire act balancing late-stage commercialization with deep-dive R&D.

Research and Development (R&D) for pipeline candidates (CTX-programs)

R&D spending shows the commitment to the next wave of therapies. For the first nine months of 2025, the spend has been variable but significant. R&D expenses were $72.5 million in the first quarter of 2025, dropping slightly to $69.9 million in the second quarter, and then to $58.9 million in the third quarter of 2025. This work is focused on expanding beyond the initial ex vivo success.

The pipeline activity is dense, especially with the in vivo programs leveraging their proprietary LNP delivery platform and the new SyNTase™ editing technology.

• CTX310 (ANGPTL3): Phase 1 data showed peak reductions up to 82% in triglycerides (TG) and 86% in LDL at dose level 4.
• CTX112: Broad updates for oncology and autoimmune indications expected by year-end 2025.
• CTX460 (AATD): Preclinical data presented at ESGCT; clinical trial initiation planned for mid-2026.

Manufacturing of complex ex vivo cell therapies at the Framingham, MA facility

The wholly-owned U.S. manufacturing facility in Framingham, Massachusetts, is key. This site is designed to produce clinical and commercial-stage Good Manufacturing Practice (GMP) materials specifically for the company's allogeneic cell therapy programs. While the initial plan targeted hiring up to approximately 100 full-time employees as it became fully operational, its current role is supporting the scale-up of next-generation therapies alongside external partners.

Clinical trial execution for in vivo and allogeneic gene-editing programs

Execution here is about moving from proof-of-concept to late-stage data. For the allogeneic CASGEVY program, pediatric development for both Sickle Cell Disease (SCD) and Transfusion-Dependent Beta Thalassemia (TDT) saw enrollment completed in two global Phase 3 studies as of the third quarter of 2025. For in vivo programs, the SRSD107 trial (targeting Factor XI) has dosed its first patient and expanded to sites in Europe.

Commercial launch and patient onboarding for Casgevy globally

This is where the revenue materializes. The global rollout momentum is accelerating. As of the end of the third quarter of 2025, approximately 39 patients had received CASGEVY infusions across all regions, up from 29 infusions through the end of the second quarter. The number of referred patients is nearing 300, with about 165 having completed their first cell collection by September 30, 2025. The commercial footprint is established, with the target of activating 75 Authorized Treatment Centers (ATCs) globally achieved as of mid-2025. Vertex expects a clear line of sight to over $100 million in total CASGEVY revenue for 2025, with Q3 2025 sales alone reaching $17 million. Remember, CRISPR Therapeutics shares in program costs and profits worldwide on a 60:40 split with Vertex.

Protecting and expanding the core CRISPR/Cas9 intellectual property (IP) estate

Protecting the core technology means both defending existing patents and building new platforms. The company is actively developing the SyNTase™ editing platform, designed for precise, in vivo gene correction. Furthermore, the 2025 strategic collaboration with Sirius Therapeutics expands the IP estate into RNA-based medicines, starting with the lead program SRSD107.

Here's a snapshot of the pipeline advancement tied to these activities:

Program	Target/Indication	Latest Status/Data Point (as of late 2025)	Platform/Delivery
CASGEVY (exa-cel)	SCD/TDT (ex vivo)	39 infusions as of Q3 2025 end; Pediatric Phase 3 enrollment complete.	Ex vivo CRISPR/Cas9
CTX310	ANGPTL3 (Cardiovascular)	Peak TG reduction up to 82% in Phase 1; Update expected in H1 2026.	In vivo LNP
SRSD107	Factor XI (Thromboembolic)	First patient dosed; Phase 2 trial authorized by EMA.	siRNA (Sirius collaboration)
CTX460	SERPINA1 (AATD)	Preclinical data presented; Clinical trial initiation planned for mid-2026.	In vivo SyNTase™ editing

Finance: Finance needs to model the Q4 2025 revenue contribution based on the $17 million Q3 run rate and the expected over $100 million total for the year.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Key Resources

You're looking at the core assets CRISPR Therapeutics AG holds right now to drive its business forward. These aren't just abstract concepts; they are tangible and financial pillars supporting their strategy as of late 2025.

The foundation is definitely the proprietary CRISPR/Cas9 gene-editing technology itself, backed by an extensive intellectual property portfolio. This IP is the moat around their innovation, covering the core science and its specific applications across various disease areas. Also critical is the highly specialized scientific and clinical talent within CRISPR Therapeutics AG, which is necessary to translate that technology into approved medicines and advance the pipeline.

Financially, CRISPR Therapeutics AG maintains a strong buffer. As of the end of the third quarter of 2025, the company reported cash, cash equivalents, and marketable securities totaling approximately $1,944.1 million. This cash position, which is about $1.94 billion, provides significant runway for ongoing research and development activities, even with ongoing operational losses. This financial flexibility was further supported by recent equity raises, though that comes with the reality of potential dilution.

The most significant tangible asset is the approved product, Casgevy, the world's first CRISPR-based therapy, developed in partnership with Vertex Pharmaceuticals. The commercial momentum, while complex due to the treatment process, is building. Here's a quick look at the adoption metrics through the third quarter of 2025:

Metric	Value	Reporting Period/Date
Total Vertex CASGEVY Revenue Expectation (2025)	Over $100 million	Full Year 2025
Patients Completing First Cell Collection	Approximately 165	Through September 30, 2025
Patients Receiving Infusions	39	Through September 30, 2025
Cell Collections in First Nine Months of 2025	110	First Nine Months of 2025
Vertex Product Revenue from CASGEVY	$17 million	Q3 2025
Vertex Product Revenue from CASGEVY	$30.4 million	Q2 2025
Vertex Product Revenue from CASGEVY	$10 million	Full Year 2024

CRISPR Therapeutics AG also controls internal manufacturing capability, which is a key resource for its cell therapy programs. This is the wholly-owned, U.S. GMP manufacturing facility located in Framingham, MA. This investment is designed to support the production of clinical and commercial-stage good manufacturing practice (GMP) materials for the company's allogeneic cell therapy candidates. The facility fit-out is substantial, covering approximately 55,000 SF and was planned to support the hiring of up to approximately 100 full-time employees to manage operations compliant with FDA and EMA regulations.

The internal manufacturing capability directly supports the pipeline beyond Casgevy, which includes other cell therapy assets. These resources are critical for maintaining control over the supply chain for their next-generation candidates:

• Next-generation CAR-T candidates: CTX112 and CTX131.
• In vivo gene editing candidates: CTX310 and CTX320, targeting cardiovascular and metabolic diseases.
• New siRNA therapeutic development via the Sirius Therapeutics collaboration.

The IP portfolio is constantly being expanded through internal discovery and external deals, like the Sirius collaboration where costs and profits are shared equally for the nominated siRNA targets.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Value Propositions

You're looking at the core of what CRISPR Therapeutics AG offers, and honestly, it's all about delivering on the promise of gene editing for serious, life-altering conditions. The value proposition starts with their approved product, CASGEVY, which is a curative, one-time treatment for Sickle Cell Disease (SCD) and Transfusion-Dependent Beta Thalassemia (TDT).

For CASGEVY, the commercial momentum is building. Vertex, their partner, expects a clear line of sight to over $100 million in total CASGEVY revenue this year (2025). Remember, CRISPR Therapeutics AG keeps 40% of that profit split. By the end of the third quarter of 2025, approximately 165 patients had completed their first cell collection, and 39 had received infusions across all regions. The total addressable market in the currently approved regions is estimated at around 60,000 patients, so they are just scratching the surface of that opportunity. To support this, more than 65 authorized treatment centers (ATCs) were activated globally as of May 2025. The Q3 2025 revenue from Casgevy sales alone was $17 million. This product directly addresses the high unmet medical need in these rare and chronic genetic disorders.

Beyond the approved therapy, the pipeline offers significant future value, particularly with their off-the-shelf allogeneic CAR-T therapies. Take CTX112 for cancer; preliminary safety and efficacy data in oncology showed responses in all 6 patients who had previously failed T-cell engager-based therapies (TCEs). This included responses in 3 large B-cell lymphoma (LBCL) patients who were refractory to those prior TCE treatments. This suggests a strong value proposition for patients with limited options.

The in vivo gene editing candidates targeting common diseases are another major pillar. For cardiovascular risk, CTX310 and CTX320 are key. CTX310, targeting the ANGPTL3 gene, showed impressive early results in a Phase 1 trial for lipid disorders. For instance, one patient with severe hypertriglyceridemia saw an 82% reduction in TG (Triglycerides) after treatment. Another patient with heterozygous familial hypercholesterolemia (HeFH) achieved an 81% reduction in LDL-C. Furthermore, CTX320 targets the LPA gene, addressing elevated lipoprotein(a) [Lp(a)], which is prevalent in up to 20% of the global population and is a major cardiovascular risk factor.

Here's a quick look at how the pipeline candidates stack up against their targets:

Candidate	Target Indication/Disease Area	Key Metric/Target Population
CASGEVY (exa-cel)	SCD and TDT	Curative, one-time treatment
CTX112	Oncology/Autoimmune	Response in 6/6 prior TCE-refractory patients
CTX310	Cardiovascular (Lipid)	Up to 82% reduction in TG observed
CTX320	Cardiovascular (Lp(a))	Addresses prevalence up to 20% of global population

Finally, CRISPR Therapeutics AG is working on next-generation regenerative medicine for Type 1 diabetes (T1D). The value here is aiming for insulin independence in T1D patients using induced pluripotent stem cell (iPSC) derived, allogeneic, gene-edited, beta islet cell precursors, specifically designed to work without the need for chronic immunosuppression.

The company's ability to fund this ambitious pipeline is supported by a strong balance sheet, holding approximately $1.94 billion in cash, cash equivalents, and marketable securities as of September 30, 2025, despite reporting a net loss of $106.4 million for that same quarter. This financial foundation helps secure the runway for these long-term value drivers.

You can see the core value propositions are built on:

• Curative potential for rare blood disorders with CASGEVY.
• Promising early efficacy in refractory cancer with CTX112.
• Disruptive potential for common cardiovascular diseases with CTX310/320.
• Addressing high unmet needs across the portfolio.
• A next-generation approach to T1D aiming for functional cure.

Finance: draft 13-week cash view by Friday.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Customer Relationships

High-touch, specialized clinical support for patients undergoing cell therapy is managed through an expanding global network of Authorized Treatment Centers (ATCs) for CASGEVY.

The activation of these centers has progressed rapidly following the initial launch.

• End of 2024: More than 50 ATCs activated globally.
• As of May 1, 2025: More than 65 ATCs activated globally.
• As of August 4, 2025: The target of 75 ATCs activated globally was achieved.

Patient engagement metrics show the conversion from referral to treatment initiation:

Metric (as of date)	Value	Reference Point
Patients with first cell collection (May 1, 2025)	Approximately 90
Patients with first cell collection (Aug 4, 2025)	Approximately 115
Patients referred to ATCs (Sep 30, 2025)	Nearly 300
Patients completing first cell collection (Sep 30, 2025)	Approximately 165
Patients who received infusions (Sep 30, 2025)	39

Direct engagement with payers and government agencies focuses on securing access through complex reimbursement agreements.

This engagement has resulted in securing patient access across multiple jurisdictions for CASGEVY:

• As of August 2025, access was secured for eligible SCD and TDT patients in 10 countries through reimbursement agreements.
• Vertex secured a formal reimbursement agreement with NHS England for SCD patients.
• The U.S. Centers for Medicare & Medicaid Services (CMS) initiated the Cell & Gene Therapy Access Model, an outcomes-based arrangement.
• Recent agreements include access in Northern Ireland, Scotland, and Denmark as of August 2025.

Dedicated medical affairs teams educate physicians at ATCs, supporting the high-touch model required for cell therapy administration.

The collaborative relationship management with strategic partner Vertex Pharmaceuticals governs the commercialization of CASGEVY.

The financial structure of this relationship dictates revenue sharing and operational leadership:

Area of Responsibility	Lead Party	Financial Split (Cost/Profit)
Global Development, Manufacturing, Commercialization (CASGEVY)	Vertex	60/40 (Vertex/CRISPR Therapeutics)
U.S. Commercialization (CASGEVY)	CRISPR Therapeutics	60/40 (Vertex/CRISPR Therapeutics)

Vertex is the manufacturer and exclusive license holder of CASGEVY. Vertex expects clear line of sight to over $100 million in total CASGEVY revenue for the year 2025. CRISPR Therapeutics recognized $0.9 million in grant revenue in Q3 2025, with collaboration expense net at $57.1 million for the same quarter.

Patient advocacy group outreach supports the rare disease patient population for whom CASGEVY is indicated.

CRISPR Therapeutics maintained a strong balance sheet to support these customer-facing and development activities, holding approximately $1.9 billion in cash, cash equivalents, and marketable securities as of September 30, 2025.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Channels

You're looking at how CRISPR Therapeutics AG gets its transformative therapies, like Casgevy, into the hands of patients and how they push their pipeline data out to the scientific community. It's a hybrid model, relying heavily on a partner for the heavy lifting on the commercial side, but also building out specialized access points.

For Casgevy, the immediate channel is a highly specialized, controlled network. CRISPR Therapeutics and its partner, Vertex Pharmaceuticals, have successfully activated a global network of over 75 Authorized Treatment Centers (ATCs) for Casgevy across all approved regions as of their Q2 2025 update. To be fair, the initial ramp was slow, but by the end of Q3 2025, nearly 300 patients had been referred to these ATCs, showing the channel is expanding its patient throughput capacity.

The commercial execution channel is primarily driven by Vertex Pharmaceuticals' established infrastructure. Vertex leads the global development, manufacturing, and commercialization of Casgevy, operating under an amended collaboration agreement where they split program costs and profits worldwide 60:40 with CRISPR Therapeutics. This structure means Vertex is responsible for the complex distribution logistics and sales force engagement. Vertex reported Casgevy sales of $30.4 million in the second quarter of 2025, reflecting accelerating market adoption. CRISPR Therapeutics' share of an estimated total 2025 revenue expectation is pegged at over $100 million.

Here's a quick look at how the commercial and partnership channels break down:

Channel Component	Lead Entity	Key Metric/Region	Financial/Volume Data
Casgevy Commercialization	Vertex Pharmaceuticals	Global Distribution	Vertex Q2 2025 Sales: $30.4 million
Casgevy Access Network	Authorized Treatment Centers (ATCs)	Global Activation	Over 75 ATCs activated as of mid-2025
Sirius Collaboration (SRSD107)	CRISPR Therapeutics / Sirius	U.S. Commercialization	Upfront payment to Sirius: $25 million cash + $70 million equity
Sirius Collaboration (SRSD107)	CRISPR Therapeutics / Sirius	Greater China Commercialization	Cost/Profit sharing is 50-50 for SRSD107

For pipeline candidates, the channel to market is direct clinical development and regulatory pathways. CRISPR Therapeutics manages this internally, focusing on advancing its wholly-owned assets. For instance, CTX112, targeting CD19 for oncology and autoimmune indications, was awarded regenerative medicine advanced therapy (RMAT) designation by the FDA, which streamlines the regulatory channel. You can expect broad updates for CTX112 in the second half of 2025.

Disseminating clinical data uses established scientific channels. This is how you build credibility for the pipeline. CRISPR Therapeutics planned a late-breaking oral presentation for its CTX310 Phase 1 data at the American Heart Association (AHA) Scientific Sessions 2025, scheduled for November 7 - 10, 2025, in New Orleans, Louisiana. Furthermore, Phase 1 data for CTX310 was also presented at the 2025 Annual Scientific Sessions of the American College of Cardiology.

The company also uses strategic partnerships to establish regional commercialization channels. The collaboration with Sirius Therapeutics, announced in 2025, is a prime example for siRNA therapies like SRSD107. CRISPR Therapeutics will lead commercialization in the U.S., while Sirius leads in Greater China. This partnership involved an upfront payment of $25 million in cash and $70 million in equity to Sirius.

These channels are all about getting the product to the patient or getting the data to the key opinion leaders. Finance: review the Q3 2025 revenue share reconciliation from Vertex by next Tuesday.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Customer Segments

You're looking at the core groups CRISPR Therapeutics AG serves, which is really about who gets access to their groundbreaking gene-editing therapies, both now with Casgevy and in the pipeline.

Patients with Sickle Cell Disease (SCD) and Transfusion-Dependent Beta Thalassemia (TDT) eligible for Casgevy.

This is the immediate, commercial customer base for Casgevy, which CRISPR Therapeutics co-developed with Vertex Pharmaceuticals. The therapy has regulatory approvals in 9 countries as of mid-2025, including the U.S., U.K., and the E.U.. The total addressable market (TAM) in these approved regions is estimated to be around 60,000 patients. For the U.S. and Europe alone, the addressable market is at least 35,000 patients, with potential to reach 166,000 if in vivo strategies are used. As of September 30, 2025, the adoption rate shows that approximately 165 patients globally had completed their first cell collection, and 39 patients had received their infusions. This is a ramp-up from the 29 infusions completed by June 30, 2025. In Italy, which has the largest TDT population in Europe, there are approximately 5,000 people aged 12 and older with TDT and around 2,300 with SCD. The list price for Casgevy is $2.2 million.

Here's a quick look at the adoption metrics as of late 2025:

Metric	Value as of Q3 2025 (Sept 30)	Context
Total Patients with Cell Collection Initiated (Global)	Approximately 165	Since launch through September 30th, 2025
Total Patients Infused (Global)	39	Since launch through September 30th, 2025
Cell Collections in First Nine Months of 2025	110	Double the total for all of 2024
Vertex Q3 2025 Revenue from Casgevy	$17 million	Realized from Casgevy sales in Q3 2025 alone

Oncologists and hematologists at specialized hospitals and treatment centers.

These professionals are the gatekeepers and administrators of the ex vivo therapy. The commercial rollout depends on activating and training staff at Authorized Treatment Centers (ATCs). CRISPR Therapeutics achieved its target of 75 ATCs globally. By the end of 2024, 50 ATCs were activated globally. The momentum continued, with more than 65 ATCs activated globally as of March 31, 2025. These centers are where the complex process of cell collection and subsequent infusion happens.

Patients with B-cell malignancies and autoimmune diseases (target for CTX112).

CTX112 is a key pipeline asset targeting CD19, and it has already shown promising early data in difficult-to-treat patient populations. The FDA granted CTX112 Regenerative Medicine Advanced Therapy (RMAT) designation. In oncology, preliminary data demonstrated responses in all 6 patients treated who had previously relapsed post-T-cell engager-based therapies (TCEs). This included 3 large B-cell lymphoma (LBCL) patients refractory to TCEs. The company planned a broad update on CTX112 in oncology and autoimmune disease in mid-2025.

Large patient populations with cardiometabolic diseases (target for CTX310/320).

CRISPR Therapeutics is using its in vivo LNP delivery platform for these indications. CTX310 targets ANGPTL3 for dyslipidemias, and CTX320 targets LPA for elevated Lipoprotein(a) [Lp(a)]. Elevated Lp(a) is a risk factor for cardiovascular events affecting up to 20% of the global population. Initial Phase 1 data for CTX310 showed impressive lipid reductions, with peak reductions in triglycerides (TG) up to 82% and in LDL up to 86%. The company planned to present complete Phase 1 data for CTX310 in the second half of 2025.

Global healthcare systems and government payers (e.g., CMS, European agencies).

Payer acceptance is critical given the high upfront cost of gene therapy. Vertex has secured access through reimbursement agreements for eligible patients in 10 countries as of mid-2025. In the U.S., the Centers for Medicare & Medicaid Services (CMS) proposed to reimburse hospitals 75% of the cost of administering Casgevy for fiscal year 2025, which is higher than the typical 65% New Technology Add-on Payment (NTAP). In Europe, Italy's Medicines Agency (AIFA) reached a reimbursement agreement, which is significant because Italy has approximately 5,000 TDT patients aged 12 and older. The list price in some markets reaches up to $2.8 million per administration.

• CMS enhanced payment is intended to last for the two-to-three year newness period.
• Italy joins 7 other European countries with reimbursement agreements for Casgevy.
• The therapy's value proposition to payers centers on eliminating lifelong transfusions and hospitalizations.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving CRISPR Therapeutics AG's operations as of late 2025. For a company at this stage, the cost structure is heavily weighted toward discovery and development, which is exactly what the numbers show.

Here's a quick look at the key operating expenses for the first nine months of 2025:

Expense Category	Period	Amount (USD)
Research & Development (R&D) Expenses	Q1-Q3 2025 (YTD)	$201.3 million
General & Administrative (G&A) Expenses	Q1-Q3 2025 (YTD)	$55.1 million
Collaboration Expense, net	Q3 2025 Only	$57.1 million

The dominant R&D expenses are the engine room here, totaling $201.3 million for Q1-Q3 2025. This spend reflects the heavy lifting required to advance the pipeline, including in vivo gene editing candidates and next-generation CAR T programs like CTX112™.

You see a significant hit from Collaboration Expense, net, which was $57.1 million in Q3 2025 alone. This is largely tied to the co-development and commercialization efforts for CASGEVY® with Vertex Pharmaceuticals. Under that amended agreement, Vertex leads global development, manufacturing, and commercialization, but CRISPR Therapeutics still shares program costs and profits worldwide on a 60/40 split.

The General and Administrative (G&A) costs, which cover overhead and support functions, came in at $55.1 million for the first three quarters of 2025. This is a necessary cost to support the growing commercial launch of CASGEVY and the overall corporate infrastructure.

When we talk about manufacturing and supply chain costs for complex ex vivo cell therapy, much of that is embedded within the collaboration expense structure for CASGEVY, as Vertex is the manufacturer and exclusive license holder. However, the company is also advancing its own internally developed programs, like the anti-CD117 ADC, which carries its own separate manufacturing development costs.

Also baked into the overall cost base are expenses related to the intellectual property environment. The foundational CRISPR patent rights remain fiercely contested across jurisdictions. While specific, direct litigation expense figures aren't broken out in the standard quarterly reports, you must budget for the ongoing legal risks associated with this complex landscape, which involves proceedings across the US and Europe between key patent holders like the CVC group and the Broad Institute.

The cost structure is clearly defined by these major buckets:

• R&D expenses were $72.5 million in Q1 2025 and $69.9 million in Q2 2025.
• G&A was $19.3 million in Q1 2025 and $18.9 million in Q2 2025.
• The Sirius collaboration added a one-time $96.3 million Acquired In-Process R&D Expense in Q2 2025.

Finance: draft 13-week cash view by Friday.

CRISPR Therapeutics AG (CRSP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of CRISPR Therapeutics AG's business model as of late 2025, which is heavily weighted toward its landmark collaboration with Vertex Pharmaceuticals, supplemented by non-product related income streams.

Collaboration revenue from Casgevy sales is the most significant expected driver, though the actual recognized revenue in the third quarter was still modest compared to the full-year expectation. Vertex Pharmaceuticals expects a clear line of sight to over $100 million in total CASGEVY revenue for 2025. CRISPR Therapeutics shares in this revenue on a 60/40 split, meaning CRISPR Therapeutics is entitled to 40% of the profits. Based on Vertex's projection, this implies a potential full-year 2025 revenue share for CRISPR Therapeutics of around $40 million. To be fair, Vertex realized $17 million in revenue from Casgevy sales in the third quarter of 2025 alone, showing the commercial momentum building through the final months of the year.

The reported total revenue for CRISPR Therapeutics AG for the third quarter ended September 30, 2025, was $0.889 million. For the nine months ended September 30, 2025, total revenue reached $2.65 million. This reported revenue was primarily sourced from grant income.

The company also generates income from its large cash position. For the third quarter of 2025, Other income was $26.2 million, which the company stated was primarily from interest income and changes in the fair value of investments. This income helps offset operating expenses. The cash position remained substantial, with cash, cash equivalents, and marketable securities totaling approximately $1.94 billion as of September 30, 2025.

Strategic partnerships contribute through milestone payments, although specific upfront payments for 2025 are not explicitly detailed in the latest reports, other than the impact of the Sirius collaboration. The Sirius Therapeutics collaboration, established in 2025, involves co-development and an equal sharing of costs and profits for the lead program SRSD107. The year-to-date net loss was influenced by $96.3 million of acquired in-process R&D tied to the Sirius collaboration.

Here's a quick look at the key financial figures impacting the revenue and income side as of Q3 2025:

Revenue Component / Metric	Amount (USD)	Period / Date
Total Revenue	0.889 million	Q3 2025
Total Revenue	2.65 million	Nine Months Ended September 30, 2025
Vertex Casgevy Total Revenue Expectation (Partner)	Over $100 million	Full Year 2025 Projection
Vertex Casgevy Revenue Recognized (Partner)	$17 million	Q3 2025
CRISPR Therapeutics Casgevy Share Percentage	40%	Agreement Term
Other Income (Interest/Investments)	$26.2 million	Q3 2025
Cash, Cash Equivalents, and Marketable Securities	$1,944.1 million	September 30, 2025
Acquired In-Process R&D (Sirius Impact)	$96.3 million	Year to Date 2025

Future product sales from wholly-owned pipeline assets are not yet contributing to recognized revenue, but clinical progress is key to future value. The pipeline is advancing with several updates expected:

• Positive top-line data from the Phase 1 clinical trial of CTX310 targeting ANGPTL3, with data presentation anticipated in the second half of 2025.
• Broad updates expected for CTX112 in oncology and autoimmune diseases in the second half of 2025.
• CTX131 updates also expected in 2025.
• Preclinical data for CTX460 demonstrated in vivo gene correction, with clinical trial initiation planned for mid-2026.

R&D reimbursement from collaboration agreements is implicitly part of the cost-sharing structure, as evidenced by the collaboration expense, net, which was $57.1 million in Q3 2025. This figure represents CRISPR Therapeutics' share of the costs, which is offset by revenue sharing, but the specific reimbursement component is not broken out separately from the expense in the public filings.

Equity investments are realized through capital raises, such as issuing 5.1 million shares under an ATM for net proceeds of $286.8 million during the first nine months of 2025.

Finance: draft 13-week cash view by Friday.