CRSPCRISPR Therapeutics AG

Biological Products, (no Diagnostic Substances)

Revenue: $4M; 91% YoY
Operating margin: -18933.6%; 1414% YoY
EBITDA: −$645M; 44% YoY
Market cap: $5.0B
Employees: 200,000; $18 revenue each
Net debt / EBITDA: —; $395M net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$17M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
21× of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$18 · 2nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$5.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$18M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$915M	$1M	$371M	$37M	$4M	91%
Operating income	$374M	−$673M	−$223M	−$467M	−$665M	42%
Net income	$378M	−$650M	−$154M	−$366M	−$582M	59%
Operating cash flow	$539M	−$496M	−$260M	−$143M	−$345M	142%
Capex	$82M	$37M	$9M	$2M	$914K	52%
Stock-based comp	$102M	$98M	$81M	$87M	$72M	16%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 16, 2021	Versant Ventures IV, LLC	SC 13D/A	0.5%	Passive
Sep 18, 2020	Versant Venture Capital IV, L.P.	SC 13D/A	3.0%	Passive
Jul 10, 2020	GLAXOSMITHKLINE PLC	SC 13D/A	4.8%	Passive
Feb 14, 2020	GLAXOSMITHKLINE PLC	SC 13D/A	5.5%	Passive
Feb 4, 2020	Bayer Global Investments B.V.	SC 13D/A	4.9%	Passive
Jan 24, 2020	Bayer Global Investments B.V.	SC 13D/A	6.1%	Passive
Jan 10, 2020	Bayer Global Investments B.V.	SC 13D/A	7.2%	Passive
Jun 28, 2019	Versant Venture Capital IV, L.P.	SC 13D/A	4.7%	Passive
Jun 7, 2019	VERTEX PHARMACEUTICALS INC / MA	SC 13D/A	10.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 30
Net: −$18M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$22M	34	120
FY2024	$33M	$10M	65	114
FY2023	$12M	$25M	103	115
FY2022	$21M	$2M	67	111
FY2021	$17M	−$27M	124	125