CRISPR Therapeutics AG (NASDAQ:CRSP), a biopharmaceutical firm focused on advancing transformative gene-based drugs for serious diseases, issued a business update and posted financial report for the fourth quarter closed December 31, 2017.
Total collaboration revenue came at $32.3 million for Q4 2017 versus $2.3 million for Q4 2016, and $41 million for the year closed December 31, 2017, versus $5.2 million for the year closed December 31, 2016. The jump in annual revenue is mainly attributable to deferred revenue noted in conjunction with the implementation of the firm’s collaboration deal with Vertex.
Samarth Kulkarni, PhD, the CEO of CRISPR Therapeutics, expressed that 2017 was a remarkable year for company as they reached their objective of filing the first clinical study application for a CRISPR-based treatment. Besides the accomplishments in their hemoglobinopathies program, they recorded remarkable progress with their versatile immuno-oncology platform and supported their team with senior leaders across different major functions.
The CEO of CRISPR expressed that in 2018 they anticipate to build on their success by starting a Phase 1/2 trial of CTX001 in β-thalassemia, the first firm-sponsored clinical study for a CRISPR-based treatment. They also intend to start clinical studies of CTX001 for sickle cell ailment in the U.S. this year. Further, in immuno-oncology, which is a vital area of focus for them, they anticipate to make considerable progress by submitting an IND by the close of the year for CTX101.
CRISPR Therapeutics reported that R&D expenses came at $20 million for Q4 2017 versus $15.6 million for Q4 2016, and $69.8 million for the year closed December 31, 2017 versus $42.2 million for the year closed December 31, 2016. The jump in expense was led by greater investment in company’s lead hemoglobinopathies program associated with Vertex, in addition to supporting the firm’s wholly owned immuno-oncology and in vivo plans.