The dilution-and-runway math, plainly. In its Q1 2026 quarterly report on Form 10-Q, filed May 4, 2026, CRISPR Therapeutics reported cash and cash equivalents of about $423 million at March 31, 2026, up from roughly $348 million at December 31, 2025. Research and development expense for the quarter was about $69 million.
That cash build matters because gene-editing platforms burn for years before products self-fund. The company's FY2025 10-K, filed February 12, 2026, reported full-year 2025 R&D of about $285 million — down from roughly $310 million in 2024 — which tells you the annualized spend the cash position has to cover.
Here is the structural catch a balance sheet alone won't show you. The company's filings repeatedly disclose that it has partnered with Vertex on its lead program, Casgevy, and that — in the 10-K's own framing — Vertex has significant control over the Casgevy program. For a single-flagship company, the economics of that partnership shape how much of any future product cash flow actually reaches CRISPR's own runway.
So the investor-protective read is two-sided: the cash position improved quarter over quarter, which buys time; but the lead asset's commercial control sits substantially with a partner, which constrains how much that lead asset can independently fund. Both facts are disclosed in the same set of filings.
Every figure above is drawn from CRISPR Therapeutics' primary SEC filings — surfaced through EdgarBeast as an evidence index and quoted from the Q1 2026 Form 10-Q and FY2025 Form 10-K on sec.gov.