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CRISPR Therapeutics (CRSP) Q3 Loss Narrower Than Expected
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CRISPR Therapeutics (CRSP - Free Report) reported a net loss per share of $1.41 in the third quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of $1.98. In the year-ago period, the company had posted a loss of $2.24 per share.
In the absence of any marketed product, CRISPR Therapeutics did not record any revenues during the quarter. The Zacks Consensus Estimate for total revenues stood at $20.7 million. In the year-ago quarter, revenues were less than $0.1 million.
Quarter in Detail
In the reported quarter, research and development expenses fell 22% year over year to $90.7 million, owing to reduced variable external research and manufacturing costs.
Also, general and administrative expenses declined 32% to $18.3 million due to a fall in external professional costs.
Collaboration expenses in the quarter reached $23.4 million, down 40% year over year. The downside can be attributed to the fact that CRSP reached the $110.3 million deferral limit on costs related to the exa-cel program (being developed in collaboration with Vertex Pharmaceuticals [(VRTX - Free Report) ]) in third-quarter 2023. Last year, this limit was not reached until fourth-quarter 2022.
Shares of CRISPR Therapeutics have gained 25.4% year to date against the industry’s fall of 21.1%.
Image Source: Zacks Investment Research
As of Sep 30, 2023, CRISPR Therapeutics had cash, cash equivalents, marketable securities and accounts receivables of $1.74 billion compared with $1.84 billion as of Jun 30, 2023.
Pipeline Updates
CRISPR Therapeutics developed exa-cel — an investigational ex-vivo CRISPR gene-edited therapy for treating sickle cell disease (“SCD”) and transfusion-dependent beta-thalassemia (“TDT”) — in partnership with Vertex Pharmaceuticals.
In June, CRISPR Therapeutics and Vertex announced that the FDA accepted their biologics license application (BLA) submissions seeking approval for exa-cel in SCD and TDT indications and a final decision is expected by Dec 8, 2023, and Mar 30, 2024, respectively. The companies have filed similar regulatory submissions for exa-cel in Europe, which were validated in January.
Last month, an FDA advisory committee appeared satisfied with CRISPR/Vertex’s regulatory filing on exa-cel in SCD indication. This likely moves the gene therapy closer to gaining potential marketing approval from the agency.
Apart from exa-cel, CRISPR Therapeutics is developing two CAR-T cell therapy candidates — CTX110 and CTX130 — for hematological and solid-tumor cancers. The company has been enrolling patients in the phase II study evaluating CTX110 in relapsed/refractory B-cell malignancies. CRSP is enrolling patients in the ongoing phase I COBALT-LYM study evaluating CTX130 targeting CD70 to treat relapsed or refractory T-cell malignancies.
CRSP is advancing two next-generation CAR-T product candidates, CTX112 (targeting CD19-positive B-cell malignancies) and CTX131 (targeting relapsed or refractory solid tumors), in separate phase I/II studies. These candidates have been designed to enhance CAR-T potency.
Recently, management started a phase I study evaluating its lead in-vivo program, CTX310, designed to target ANGPTL3, which is responsible for the development of atherosclerotic cardiovascular disease (ASCVD). It also plans to move another in vivo program, CTX320, targeting lipoprotein(a) [Lp(a)], into clinical development in first-half 2024.
In the past 30 days, estimates for Acadia’s 2023 loss per share have narrowed from 41 cents to 37 cents. During the same period, the earnings estimates per share for 2024 have risen from 60 cents to 68 cents. Shares of ACAD are up 51.2% in the year-to-date period.
Earnings of Acadia beat estimates in two of the last four quarters while missing the mark on the other two occasions, witnessing an average earnings surprise of 20.33%. In the last reported quarter, Acadia’s earnings beat estimates by 108.33%.
In the past 30 days, the estimate for Alkermes’ 2023 and 2024 EPS have increased from $1.61 to $1.63 and $1.93 to $2.14, respectively. Shares of ALKS are down 5.1% in the year-to-date period.
Earnings of Alkermes beat estimates in each of the last four quarters, witnessing an average earnings surprise of 93.34%. Alkermes’ earnings beat estimates by 45.45%.
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CRISPR Therapeutics (CRSP) Q3 Loss Narrower Than Expected
CRISPR Therapeutics (CRSP - Free Report) reported a net loss per share of $1.41 in the third quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of $1.98. In the year-ago period, the company had posted a loss of $2.24 per share.
In the absence of any marketed product, CRISPR Therapeutics did not record any revenues during the quarter. The Zacks Consensus Estimate for total revenues stood at $20.7 million. In the year-ago quarter, revenues were less than $0.1 million.
Quarter in Detail
In the reported quarter, research and development expenses fell 22% year over year to $90.7 million, owing to reduced variable external research and manufacturing costs.
Also, general and administrative expenses declined 32% to $18.3 million due to a fall in external professional costs.
Collaboration expenses in the quarter reached $23.4 million, down 40% year over year. The downside can be attributed to the fact that CRSP reached the $110.3 million deferral limit on costs related to the exa-cel program (being developed in collaboration with Vertex Pharmaceuticals [(VRTX - Free Report) ]) in third-quarter 2023. Last year, this limit was not reached until fourth-quarter 2022.
Shares of CRISPR Therapeutics have gained 25.4% year to date against the industry’s fall of 21.1%.
Image Source: Zacks Investment Research
As of Sep 30, 2023, CRISPR Therapeutics had cash, cash equivalents, marketable securities and accounts receivables of $1.74 billion compared with $1.84 billion as of Jun 30, 2023.
Pipeline Updates
CRISPR Therapeutics developed exa-cel — an investigational ex-vivo CRISPR gene-edited therapy for treating sickle cell disease (“SCD”) and transfusion-dependent beta-thalassemia (“TDT”) — in partnership with Vertex Pharmaceuticals.
In June, CRISPR Therapeutics and Vertex announced that the FDA accepted their biologics license application (BLA) submissions seeking approval for exa-cel in SCD and TDT indications and a final decision is expected by Dec 8, 2023, and Mar 30, 2024, respectively. The companies have filed similar regulatory submissions for exa-cel in Europe, which were validated in January.
Last month, an FDA advisory committee appeared satisfied with CRISPR/Vertex’s regulatory filing on exa-cel in SCD indication. This likely moves the gene therapy closer to gaining potential marketing approval from the agency.
Apart from exa-cel, CRISPR Therapeutics is developing two CAR-T cell therapy candidates — CTX110 and CTX130 — for hematological and solid-tumor cancers. The company has been enrolling patients in the phase II study evaluating CTX110 in relapsed/refractory B-cell malignancies. CRSP is enrolling patients in the ongoing phase I COBALT-LYM study evaluating CTX130 targeting CD70 to treat relapsed or refractory T-cell malignancies.
CRSP is advancing two next-generation CAR-T product candidates, CTX112 (targeting CD19-positive B-cell malignancies) and CTX131 (targeting relapsed or refractory solid tumors), in separate phase I/II studies. These candidates have been designed to enhance CAR-T potency.
Recently, management started a phase I study evaluating its lead in-vivo program, CTX310, designed to target ANGPTL3, which is responsible for the development of atherosclerotic cardiovascular disease (ASCVD). It also plans to move another in vivo program, CTX320, targeting lipoprotein(a) [Lp(a)], into clinical development in first-half 2024.
CRISPR Therapeutics AG Price
CRISPR Therapeutics AG price | CRISPR Therapeutics AG Quote
Zacks Rank & Other Stocks to Consider
CRISPR Therapeutics currently carries a Zacks Rank #2 (Buy). Some other better-ranked stocks in the overall healthcare sector include Acadia Pharmaceuticals (ACAD - Free Report) and Alkermes (ALKS - Free Report) , also carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 30 days, estimates for Acadia’s 2023 loss per share have narrowed from 41 cents to 37 cents. During the same period, the earnings estimates per share for 2024 have risen from 60 cents to 68 cents. Shares of ACAD are up 51.2% in the year-to-date period.
Earnings of Acadia beat estimates in two of the last four quarters while missing the mark on the other two occasions, witnessing an average earnings surprise of 20.33%. In the last reported quarter, Acadia’s earnings beat estimates by 108.33%.
In the past 30 days, the estimate for Alkermes’ 2023 and 2024 EPS have increased from $1.61 to $1.63 and $1.93 to $2.14, respectively. Shares of ALKS are down 5.1% in the year-to-date period.
Earnings of Alkermes beat estimates in each of the last four quarters, witnessing an average earnings surprise of 93.34%. Alkermes’ earnings beat estimates by 45.45%.