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CRISPR (CRSP) Q4 Earnings Surpass Estimates, Sales Miss
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CRISPR Therapeutics AG (CRSP - Free Report) reported a net loss per share of $1.41 in fourth-quarter 2022, narrower than the Zacks Consensus Estimate and our estimate of a loss of $2.32 and $2.59, respectively. The company had posted a loss of $1.84 per share in the year-ago period.
CRISPR Therapeutics' total revenues, comprising collaboration revenues, came in at $0.01 million in the fourth quarter compared with $12.9 million reported in the year-ago period. The year-ago period figure comprised of both grant and collaboration revenues. Revenues substantially missed both the Zacks Consensus Estimate and our estimate of $12.2 million and $0.2 million, respectively.
Post the announcement of the fourth-quarter results, CRISPR’s shares rose 1.3% in after-market trading on Feb 21. Yet, the stock has declined 16.2% in the past year compared with the industry’s fall of 6.7%.
Image Source: Zacks Investment Research
Quarter in Detail
For the reported quarter, research and development expenses rose 0.4% year over year to $103.6 million, while general and administrative expenses were down 10.6% to $21.2 million.
Collaboration expenses for the third quarter reached $6.8 million, down 78.6% year-over-year. This significant decline was attributed to the company’s exercise of an option deferring specified costs on the exa-cel program, which is being developed in collaboration with Vertex Pharmaceuticals (VRTX - Free Report) .
As of Dec 31, 2022, the company had cash, cash equivalents and marketable securities of $1.87 billion compared with $1.97 billion as of Sep 30, 2022.
Full-Year Results
For 2022, CRISPR Therapeutics generated total revenues of $1.2 million, reflecting a substantial decline from the previous year’s revenues of $915.0 million, almost all of which was received as collaboration revenues from Vertex Pharmaceuticals.
For the same period, the company reported a loss of $8.36 per share against the year-ago earnings of $4.70.
Pipeline Updates
CRISPR Therapeutics is developing 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.
Last November, partner Vertex started a rolling biologics licensing application (BLA) submission with the FDA seeking approval for exa-cel in SCD and TDT indications. The companies expect to complete the submission by the end of first-quarter 2023. Vertex has also already filed similar submissions on exa-cel in Europe last December.
Apart from exa-cel, CRISPR Therapeutics is also developing two chimeric antigen receptor T cell (CAR-T) therapy candidates — CTX110 and CTX130 — for hematological and solid-tumor cancers.
Last December, management announced data from the phase I CARBON study, which evaluated CTX110 in relapsed/refractory B-cell malignancies. Data from the study showed the benefits of consolidation dosing with CTX110, including a further improvement in the efficacy profile of study participants. Based on these results, management started a phase II study evaluating the consolidation regimen of CTX110.
CRISPR is also advancing several next-generation CAR-T product candidates, namely — CTX112 targeting CD19 antigen and CTX131 targeting CD70 antigen. These candidates have been designed to enhance CAR-T potency. Clinical studies on both candidates are expected to start later this year.
CRISPR Therapeutics also announced plans to advance its lead in vivo program, CTX310, into clinical development later this year. The candidate has been designed to target angiopoietin-related protein 3 (ANGPTL3), which is responsible for the development of atherosclerotic cardiovascular disease.
eFFECTOR Therapeutics’ loss estimates for 2023 have narrowed down from 96 cents per share to 88 cents over the past 60 days. Shares of eFFECTOR have plunged 90.7% in the past year.
Earnings of EFTR beat earnings estimates in each of the trailing four quarters, delivering an average earnings surprise of 104.56%. In the last reported quarter, EFTR earnings beat estimates by 14.81%.
ADMA Biologics’ loss estimates per share for 2023 have improved from 20 cents to 19 cents in the past 60 days. Shares of ADMA have surged 129.2% in the past year.
Earnings of ADMA Biologics beat earnings estimates in two of the last four quarters, missed the mark on one occasion and met the mark on the other. On average, the company delivered a trailing four-quarter earnings surprise of 1.81%. In the last quarter, ADMA’s earnings met estimates.
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CRISPR (CRSP) Q4 Earnings Surpass Estimates, Sales Miss
CRISPR Therapeutics AG (CRSP - Free Report) reported a net loss per share of $1.41 in fourth-quarter 2022, narrower than the Zacks Consensus Estimate and our estimate of a loss of $2.32 and $2.59, respectively. The company had posted a loss of $1.84 per share in the year-ago period.
CRISPR Therapeutics' total revenues, comprising collaboration revenues, came in at $0.01 million in the fourth quarter compared with $12.9 million reported in the year-ago period. The year-ago period figure comprised of both grant and collaboration revenues. Revenues substantially missed both the Zacks Consensus Estimate and our estimate of $12.2 million and $0.2 million, respectively.
Post the announcement of the fourth-quarter results, CRISPR’s shares rose 1.3% in after-market trading on Feb 21. Yet, the stock has declined 16.2% in the past year compared with the industry’s fall of 6.7%.
Image Source: Zacks Investment Research
Quarter in Detail
For the reported quarter, research and development expenses rose 0.4% year over year to $103.6 million, while general and administrative expenses were down 10.6% to $21.2 million.
Collaboration expenses for the third quarter reached $6.8 million, down 78.6% year-over-year. This significant decline was attributed to the company’s exercise of an option deferring specified costs on the exa-cel program, which is being developed in collaboration with Vertex Pharmaceuticals (VRTX - Free Report) .
As of Dec 31, 2022, the company had cash, cash equivalents and marketable securities of $1.87 billion compared with $1.97 billion as of Sep 30, 2022.
Full-Year Results
For 2022, CRISPR Therapeutics generated total revenues of $1.2 million, reflecting a substantial decline from the previous year’s revenues of $915.0 million, almost all of which was received as collaboration revenues from Vertex Pharmaceuticals.
For the same period, the company reported a loss of $8.36 per share against the year-ago earnings of $4.70.
Pipeline Updates
CRISPR Therapeutics is developing 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.
Last November, partner Vertex started a rolling biologics licensing application (BLA) submission with the FDA seeking approval for exa-cel in SCD and TDT indications. The companies expect to complete the submission by the end of first-quarter 2023. Vertex has also already filed similar submissions on exa-cel in Europe last December.
Apart from exa-cel, CRISPR Therapeutics is also developing two chimeric antigen receptor T cell (CAR-T) therapy candidates — CTX110 and CTX130 — for hematological and solid-tumor cancers.
Last December, management announced data from the phase I CARBON study, which evaluated CTX110 in relapsed/refractory B-cell malignancies. Data from the study showed the benefits of consolidation dosing with CTX110, including a further improvement in the efficacy profile of study participants. Based on these results, management started a phase II study evaluating the consolidation regimen of CTX110.
CRISPR is also advancing several next-generation CAR-T product candidates, namely — CTX112 targeting CD19 antigen and CTX131 targeting CD70 antigen. These candidates have been designed to enhance CAR-T potency. Clinical studies on both candidates are expected to start later this year.
CRISPR Therapeutics also announced plans to advance its lead in vivo program, CTX310, into clinical development later this year. The candidate has been designed to target angiopoietin-related protein 3 (ANGPTL3), which is responsible for the development of atherosclerotic cardiovascular disease.
CRISPR Therapeutics AG Price
CRISPR Therapeutics AG price | CRISPR Therapeutics AG Quote
Zacks Rank & Stocks to Consider
CRISPR Therapeutics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same sector are eFFECTOR Therapeutics (EFTR - Free Report) , carrying a Zacks Rank #1 (Strong Buy) and ADMA Biologics (ADMA - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
eFFECTOR Therapeutics’ loss estimates for 2023 have narrowed down from 96 cents per share to 88 cents over the past 60 days. Shares of eFFECTOR have plunged 90.7% in the past year.
Earnings of EFTR beat earnings estimates in each of the trailing four quarters, delivering an average earnings surprise of 104.56%. In the last reported quarter, EFTR earnings beat estimates by 14.81%.
ADMA Biologics’ loss estimates per share for 2023 have improved from 20 cents to 19 cents in the past 60 days. Shares of ADMA have surged 129.2% in the past year.
Earnings of ADMA Biologics beat earnings estimates in two of the last four quarters, missed the mark on one occasion and met the mark on the other. On average, the company delivered a trailing four-quarter earnings surprise of 1.81%. In the last quarter, ADMA’s earnings met estimates.