Revenue collapsed to $10.2M in 2026Q2 (a 90% YoY decline from the $35M peak in 2024Q4), with gross margin at -3.4% and operating margin at -11.3%, reflecting fixed manufacturing costs far ahead of commercial sales.
CRISPR Therapeutics AG (CRSP) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 25.17M | 3.51M | 35M | 370M | 436K | 913.08M | 719K | 289.59M | 3.12M | 41M | 5.16M | 247K | 0 |
| Revenue Growth % | -33.13% | -89.97% | -90.54% | 84762.39% | -99.95% | - | -99.75% | 9169.85% | -92.38% | 693.9% | 1990.69% | - | - |
| Cost of Goods Sold | 195.47M | 232.96M | 110.25M | 130.25M | 110.25M | 101.18M | 269.41M | 179.36M | 113.77M | 69.8M | 42.24M | 12.57M | 1.51M |
| COGS % of Revenue | - | 6637.01% | 315% | 35.2% | 25286.7% | 11.08% | 37469.68% | 61.94% | 3641.9% | 170.26% | 817.93% | 5090.28% | - |
| Gross Profit | -170.3M | -229.45M | -75.25M | 239.75M | -109.81M | 811.9M | -268.69M | 110.23M | -110.65M | -28.8M | -37.07M | -12.33M | -1.51M |
| Gross Margin % | -676.53% | -6537.01% | -215% | 64.8% | -25186.7% | 88.92% | -37369.68% | 38.06% | -3541.9% | -70.26% | -717.93% | -4990.28% | - |
| Gross Profit Growth % | - | -204.92% | -131.39% | 318.32% | -113.53% | 402.17% | -343.76% | 199.62% | -284.16% | 22.31% | -200.78% | -714.67% | - |
| Operating Expenses | 359.56M | 338.87M | 391.32M | 462.29M | 563.35M | 438.38M | 85.75M | 63.49M | 162.07M | 105.64M | 73.29M | 25.98M | 6.63M |
| OpEx % of Revenue | - | 9654.39% | 1118.05% | 124.94% | 129208.03% | 48.01% | 11925.87% | 21.92% | 5187.8% | 257.69% | 1419.33% | 10516.6% | - |
| Selling, General & Admin | 68.9M | 73.54M | 72.98M | 76.16M | 102.46M | 99.69M | 85.75M | 63.49M | 48.29M | 35.84M | 31.06M | 13.4M | 5.11M |
| SG&A % of Revenue | - | 2095.21% | 208.51% | 20.58% | 23500.92% | 10.92% | 11925.87% | 21.92% | 1545.9% | 87.43% | 601.39% | 5426.32% | - |
| Research & Development | 283.28M | 265.33M | 320.65M | 387.33M | 461.64M | 340.57M | 221.38M | 179.36M | 113.77M | 69.8M | 42.24M | 12.57M | 1.51M |
| R&D % of Revenue | - | 7559.17% | 916.15% | 104.68% | 105881.88% | 37.3% | 30790.26% | 61.94% | 3641.9% | 170.26% | 817.93% | 5090.28% | - |
| Other Operating Expenses | 0 | 0 | -2.31M | -1.21M | -762K | -1.88M | -221.38M | -179.36M | -5.49M | -197K | 78.51M | 16K | -236K |
| Operating Income | -529.85M | -568.32M | -466.57M | -222.54M | -673.16M | 373.53M | -354.44M | 46.74M | -158.94M | -64.65M | -68.13M | -25.73M | -6.63M |
| Operating Margin % | -2104.93% | -16191.4% | -1333.05% | -60.15% | -154394.72% | 40.91% | -49295.55% | 16.14% | -5087.8% | -157.69% | -1319.33% | -10416.6% | - |
| Operating Income Growth % | - | -21.81% | -109.66% | 66.94% | -280.22% | 205.39% | -858.31% | 129.41% | -145.86% | 5.11% | -164.8% | -288.25% | - |
| EBITDA | -511.36M | -548.84M | -447.31M | -202.7M | -648.99M | 391.48M | -345.25M | 51.47M | -155.42M | -61.62M | -67.2M | -25.6M | -6.59M |
| EBITDA Margin % | -2031.44% | -15636.44% | -1278.02% | -54.78% | -148850.69% | 42.87% | -48018.22% | 17.77% | -4975.16% | -150.31% | -1301.41% | -10365.18% | - |
| EBITDA Growth % | -11.29% | -22.7% | -120.67% | 68.77% | -265.78% | 213.39% | -770.85% | 133.11% | -152.21% | 8.3% | -162.5% | -288.56% | - |
| D&A (Non-Cash Add-back) | 18.5M | 19.48M | 19.26M | 19.84M | 24.17M | 17.95M | 9.18M | 4.72M | 3.52M | 3.02M | 925K | 127K | 38K |
| EBIT | -478.25M | -577.97M | -362.67M | -150.72M | -650.5M | 379.53M | -354.44M | 46.74M | -158.94M | -64.65M | -14.67M | -25.71M | -6.86M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.05M | -108K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | 0 | 0 | 8.05M | 108K | 0 |
| Other Income/Expense | 76.2M | -9.65M | 103.9M | 71.82M | 22.66M | 6M | 6.38M | 20.57M | -5.49M | -1.96M | 45.41M | -92K | -236K |
| Pretax Income | -453.65M | -577.97M | -362.67M | -150.72M | -650.5M | 379.53M | -348.06M | 67.31M | -164.43M | -66.61M | -22.72M | -25.82M | -6.86M |
| Pretax Margin % | -1802.19% | -16466.24% | -1036.19% | -40.74% | -149197.25% | 41.57% | -48408.34% | 23.24% | -5263.38% | -162.47% | -439.93% | -10453.85% | - |
| Income Tax | 2.49M | 3.63M | 3.59M | 2.89M | -325K | 1.87M | 809K | 448K | 553K | 1.75M | 484K | 7K | -63K |
| Effective Tax Rate % | -0.55% | -0.63% | -0.99% | -1.92% | 0.05% | 0.49% | -0.23% | 0.67% | -0.34% | -2.63% | -2.13% | -0.03% | 0.92% |
| Net Income | -456.13M | -581.6M | -366.25M | -153.61M | -650.17M | 377.66M | -348.87M | 66.86M | -164.98M | -68.36M | -23.2M | -25.83M | -6.8M |
| Net Margin % | -1812.07% | -16569.77% | -1046.43% | -41.52% | -149122.71% | 41.36% | -48520.86% | 23.09% | -5281.08% | -166.74% | -449.3% | -10456.68% | - |
| Net Income Growth % | 6.59% | -58.8% | -138.43% | 76.37% | -272.16% | 208.25% | -621.8% | 140.52% | -141.35% | -194.62% | 10.17% | -279.82% | - |
| Net Income (Continuing) | -456.13M | -581.6M | -366.25M | -153.61M | -650.17M | 377.66M | -348.87M | 66.86M | -164.98M | -68.36M | -23.2M | -25.83M | -6.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27K | 143K |
| EPS (Diluted) | -4.72 | -6.47 | -4.34 | -1.94 | -8.36 | 4.70 | -5.29 | 1.17 | -3.44 | -1.71 | -1.89 | -0.88 | -0.23 |
| EPS Growth % | 15.21% | -49.08% | -123.71% | 76.79% | -277.87% | 188.85% | -552.14% | 134.01% | -101.17% | 9.52% | -114.77% | -282.61% | - |
| EPS (Basic) | - | -6.47 | -4.34 | -1.94 | -8.36 | 4.97 | -5.29 | 1.23 | -3.44 | -1.71 | -1.89 | -0.88 | -0.23 |
| Diluted Shares Outstanding | 96.74M | 89.93M | 84.36M | 79.22M | 77.75M | 80.39M | 65.95M | 56.93M | 47.96M | 40.06M | 12.26M | 29.3M | 29.3M |
| Basic Shares Outstanding | 96.74M | 89.93M | 84.36M | 79.22M | 77.75M | 75.95M | 65.95M | 54.39M | 47.96M | 39.97M | 12.26M | 29.3M | 29.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CRSP stock.
For fiscal year 2025, CRISPR Therapeutics AG (CRSP) reported total revenue of $3.5M.
CRISPR Therapeutics AG (CRSP) reported a net loss of $581.6M for the fiscal year ending 2025.
CRISPR Therapeutics AG (CRSP) reported an operating income of $-568.3M, resulting in an operating profit margin of -16191.4%. This margin reflects the operational efficiency of the business before interest and taxes.
CRISPR Therapeutics AG (CRSP) generated $-229.4M in gross profit for the year, representing a gross profit margin of -6537.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue collapse and cash burn
Metrics are mathematically derived from official filings.
Revenue Collapse Post-Approval
CRSP's TTM revenue plummeted to $3.5M, a 90% YoY decline in the latest quarter, signaling a shift to a development-stage model after initial CASGEVY launch revenue faded.
The revenue trajectory shows a dramatic contraction from $35.0M in 2024Q4 to $10.2M in 2026Q2, with the most recent quarter still 10.4% above the prior quarter but far below the peak. This suggests the initial commercial ramp of CASGEVY was not sustained, and the company now relies on sporadic collaboration milestones. The absence of recurring product revenue indicates that the profit-share model with Vertex has yet to contribute meaningfully, and investors should monitor ATC activations and patient starts as leading indicators.
Gross Margin in Freefall
Gross margin deteriorated to -6,537% TTM, reflecting COGS of $44.6M against just $10.2M revenue, implying fixed manufacturing costs are running far ahead of commercial sales.
The gross margin has swung from positive 100% in 2024Q4 to deeply negative in subsequent quarters, indicating that the cost of goods sold for autologous therapies is not being offset by revenue. This suggests that the company is incurring significant manufacturing and supply chain costs to support CASGEVY, but patient volumes remain low. The negative gross margin is a structural issue until either volumes scale or the allogeneic platform reduces per-patient costs.
Operating Leverage Absent
Operating losses have widened to -$114.8M in 2026Q2 despite revenue growth, as R&D and SG&A expenses remain elevated, indicating no operating leverage in the current model.
Operating income has not improved even as revenue increased sequentially, with R&D spend hovering around $65M per quarter and SG&A around $15-19M. The operating margin remains deeply negative, and the company is not scaling efficiently. This suggests that the fixed cost base is substantial and not yet responsive to revenue changes, a common feature in pre-commercial biotech but concerning given the revenue collapse.
Non-Cash Charges Mask Cash Burn
Net income quality is low, with stock-based compensation of $33.6M in 2026Q2 and a one-time $0 SBC in 2026Q1, causing EPS volatility that does not reflect operational cash flow.
The wide swings in EPS, from -$0.94 to -$2.40, are partly driven by non-cash items like SBC and potential one-time charges. The $0 SBC in 2026Q1 is unusual and may indicate a change in accounting or a one-time adjustment. Investors should focus on cash burn rather than reported net income, as the latter is distorted by non-cash expenses and tax effects.
R&D Dominates Cost Structure
R&D expenses average $65-80M per quarter, representing the largest cost line, while SG&A remains stable at ~$18M, indicating a research-centric cost structure with limited commercial scaling.
The cost structure is heavily weighted toward R&D, which is typical for a biotech with multiple clinical programs. SG&A has not increased proportionally to the commercial launch, suggesting that the company is not yet investing heavily in sales infrastructure. This may indicate that the Vertex partnership is shouldering some commercial costs, but the company's own R&D pipeline remains the primary cash consumer.
2024Q4: The Peak and Pivot
2024Q4 marked the inflection point with $35M revenue and positive gross margin, followed by a 90% revenue decline, signaling the end of initial CASGEVY revenue and a pivot to development-stage.
The 2024Q4 quarter stands out as the only period with meaningful revenue and positive gross margin, likely reflecting a one-time milestone or initial product sales. The subsequent quarters show a return to near-zero revenue, indicating that the commercial ramp has stalled or that revenue recognition is lumpy. This inflection suggests that the company's financial profile is now that of a pure development-stage entity, with the balance sheet funding ongoing R&D.
What Could Invalidate the Base Case
The extreme negative margins and revenue collapse could signal that CASGEVY's commercial potential is overestimated, with manufacturing costs and slow ATC activation undermining the profit-share model.
Short-sellers might argue that the 90% revenue decline and persistent negative gross margins indicate that the autologous manufacturing model is not scalable, and that the Vertex partnership may not deliver the expected 40% profit share if costs remain high. The lack of guidance for three consecutive quarters adds uncertainty, and if ATC activation remains slow, the company could face prolonged cash burn without a clear path to profitability. Investors should monitor whether the allogeneic pipeline can offset these challenges or if dilution becomes necessary.