Per the filing, the headline fact and the catch. CRISPR Therapeutics' FY2025 10-K, filed February 12, 2026, states that the company has partnered with Vertex on its lead program Casgevy and that Vertex has significant control over the Casgevy program. That single risk-factor heading is the most important deal term in the company's entire disclosure.
Why control beats headline scope in a partnership teardown: who runs commercialization typically decides how revenue, costs, and decision rights are split. CRISPR's quarterly filings note that Casgevy became the first-ever approved CRISPR-based gene-editing therapy in the world in 2023 — a genuine scientific milestone — but the first-mover prestige sits inside a structure where the partner holds the operational reins.
The biobucks-versus-cash discipline applies even here. An approval like Casgevy's can trigger partner payments — CRISPR's earlier filings reference that the FDA's approval of Casgevy triggered Vertex obligations — but a milestone triggered is not the same as a sustained profit share, and a co-developed product's economics depend on the agreement's cost- and profit-sharing mechanics, which live in the deal exhibits.
For the partner's side of the same asset, Vertex's own filings track Casgevy commercialization and patient infusions quarter by quarter, consistent with the controlling-party role CRISPR's filings describe — see Vertex's FY2024 10-K. Two companies, one product, asymmetric control.
The term-sheet read: prestige accrues to the discoverer; control — and a large share of the economics — can accrue to the commercializing partner. Every quoted term above is drawn from the companies' primary SEC filings, surfaced through EdgarBeast as a filing-evidence index, with the CRISPR Therapeutics FY2025 10-K on sec.gov as the record.