Free cash flow remains deeply negative with a -75.0% margin in 2026Q1, reflecting a business model that relies on external capital to sustain operations despite significant stock-based compensation add-backs often exceeding $15 million per quarter.
| Cash from Operations | -399.96M | -345.01M | -142.77M | -260.38M | -495.74M | 538.97M | -238.37M | 56.68M | -96.24M | -70.1M | -55.31M | 59.43M | -4.79M |
| Operating CF Margin % | - | -9829.46% | -407.93% | -70.37% | -113702.06% | 59.03% | -33152.43% | 19.57% | -3080.63% | -170.98% | -1071.07% | 24059.92% | - |
| Operating CF Growth % | -185.16% | -141.65% | 45.17% | 47.48% | -191.98% | 326.11% | -520.57% | 158.89% | -37.29% | -26.73% | -193.07% | 1339.89% | - |
| Net Income | -568.53M | -581.6M | -366.25M | -153.61M | -650.17M | 377.66M | -348.87M | 66.86M | -164.98M | -68.36M | -23.2M | -25.83M | -6.8M |
| Depreciation & Amortization | 19.06M | 19.48M | 19.26M | 19.84M | 24.17M | 17.95M | 9.18M | 4.72M | 3.52M | 3.02M | 925K | 127K | 38K |
| Stock-Based Compensation | 52.29M | 72.5M | 86.57M | 81.03M | 97.95M | 102.39M | 66.02M | 44.06M | 34.98M | 18.87M | 10.84M | 3.68M | 695K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.28M | 0 | -53.71M | -20K | 0 |
| Other Non-Cash Items | 95.6M | 72.72M | -38.62M | -14.04M | 12.47M | 14.11M | 1.86M | -10.53M | 15.41M | 1.75M | 8.05M | 97K | -260K |
| Working Capital Changes | 1.63M | 71.88M | 156.27M | -193.59M | 19.84M | 26.86M | 33.44M | -48.43M | 10.55M | -25.39M | 1.78M | 81.37M | 1.53M |
| Change in Receivables | 0 | 25M | 175M | -200M | 305K | -161K | -45K | -11K | 2.54M | 531K | -2.82M | -339K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -37.51M | -25.75M | 0 | 332.3M | -551.3M | -1.09M | 0 | 0 |
| Change in Payables | -15.54M | 44.89M | 0 | -20.25M | 5.16M | 37.51M | 25.75M | 0 | -323.28M | 546.62M | 3.86M | 0 | 0 |
| Cash from Investing | -422.79M | -31.8M | -280.48M | 374.65M | -258.65M | -1.04B | -541.17M | 1.32M | -2.77M | -8.31M | 31.88M | -1.15M | 0 |
| Capital Expenditures | -1.21M | -914K | -1.9M | -9.47M | -37.19M | -81.7M | -18.36M | -6.68M | -2.77M | -7.81M | -3.02M | -1.15M | 0 |
| CapEx % of Revenue | 29.54% | 26.04% | 5.43% | 2.56% | 8529.36% | 8.95% | 2553.27% | 2.31% | 88.76% | 19.06% | 58.4% | 467.21% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 221.47M | 953.73M | 522.81M | 0 | 0 | 0 | -100K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -25M | -34M | 0 | -2.5M | -221.47M | -953.73M | -522.81M | 8.01M | 0 | -500K | 35M | 0 | 0 |
| Cash from Financing | 1.01B | 426.03M | 331.98M | 62.66M | 38.59M | 250.94M | 1.02B | 430.98M | 315.93M | 2.61M | 183.22M | 96.73M | 5.12M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.01M | 38.24M | 0 |
| Equity Issued (Net) | 988.68M | 426.03M | 300.69M | 62.66M | 970K | 213.27M | 982.29M | 415.02M | 307M | 0 | 149.99M | 58.62M | 5.16M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -57K | 0 | 0 | 0 | 0 |
| Other Financing | 18.66M | 0 | 31.29M | 0 | 37.62M | 37.68M | 33.86M | 15.96M | 8.94M | 2.61M | -1.78M | -127K | -36K |
| Net Change in Cash | 180.9M | 49.3M | -91.29M | 177.59M | -715.88M | -245.52M | 236.66M | 489M | 216.9M | -75.76M | 159.56M | 155.02M | 584K |
| Free Cash Flow | -401.18M | -345.93M | -144.68M | -269.85M | -532.93M | 457.27M | -256.72M | 49.99M | -99.01M | -77.91M | -58.33M | 58.27M | -4.79M |
| FCF Margin % | -9777.63% | -9855.5% | -413.36% | -72.93% | -122231.42% | 50.08% | -35705.7% | 17.26% | -3169.4% | -190.04% | -1129.47% | 23592.71% | - |
| FCF Growth % | -30.31% | -139.11% | 46.39% | 49.37% | -216.55% | 278.12% | -613.52% | 150.49% | -27.08% | -33.58% | -200.09% | 1315.81% | - |
| FCF per Share | -4.18 | -3.85 | -1.71 | -3.41 | -6.85 | 5.69 | -3.89 | 0.88 | -2.06 | -1.94 | -4.76 | 1.99 | -0.16 |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.59x | 0.39x | 1.70x | 0.76x | 1.43x | 0.68x | 0.85x | 0.58x | 1.03x | 2.38x | -2.30x | 0.70x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical and Commercial Execution
According to quarterly financial data, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios fluctuating between -1.08 and 1.34, suggesting that reported earnings are currently poor indicators of the company's actual cash-generating capacity or underlying operational efficiency.
The significant variance between net losses and operating cash flow suggests that non-cash items and working capital swings are heavily distorting the company's financial profile. Investors should monitor whether this volatility stabilizes as the company transitions from a research-focused entity to a commercial-stage organization.
As reported in recent filings, CRSP continues to experience deep free cash flow deficits, with quarterly FCF margins frequently exceeding -100%, indicating that the company remains in a heavy investment phase where capital outflows significantly outpace the limited revenue generated from its therapeutic pipeline.
The consistent negative FCF trajectory underscores the high cost of maintaining clinical programs and commercial infrastructure. Without a clear path to self-sustaining cash flow, the company appears reliant on external financing to bridge the gap between its current R&D intensity and future commercial milestones.
Based on the provided cash flow statements, working capital changes have been a major source of quarterly variance, including a notable $210.5 million inflow in 2024Q1 followed by subsequent outflows, which suggests that the timing of milestone payments and collaboration payables creates significant liquidity noise.
This lumpy working capital profile makes it difficult to forecast short-term cash needs with precision. The reliance on these irregular inflows warrants further investigation into the sustainability of the company's current cash management strategy during periods of high operational expenditure.
As indicated by the reported figures, CRSP maintains a relatively low absolute level of capital expenditure, with quarterly outlays often remaining below $1 million, which suggests that the company's primary cash burn is driven by operating expenses rather than heavy investment in physical manufacturing assets.
The low capital intensity may imply that the company is leveraging third-party infrastructure or partnership-based manufacturing models to manage its asset base. While this preserves cash in the near term, it may limit the company's long-term control over its supply chain and production scalability.
Based on historical cash flow data, stock-based compensation consistently adds back significant amounts to operating cash flow, with quarterly figures often exceeding $15 million, which effectively masks the true economic cost of talent acquisition and retention within the company's R&D-heavy business model.
By excluding these non-cash expenses from the operating cash flow, the company's reported cash burn may appear more manageable than it is on an economic basis. Investors should consider the dilutive impact of this compensation strategy when evaluating the long-term value proposition for shareholders.
Quick answers to the most common questions about buying CRSP stock.
CRISPR Therapeutics AG (CRSP) generated $-345.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CRISPR Therapeutics AG (CRSP) reported negative free cash flow of $345.9M in 2025, indicating capital requirements exceeded cash from operations.
CRISPR Therapeutics AG (CRSP) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.