$CRSP
CRISPR Therapeutics AG

2020 Q3 Form 10-Q Financial Statement

#000156459020048169 Filed on October 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $148.0K $211.9M $318.0K
YoY Change -99.93% 37542.63% -70.77%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.50M $15.50M $15.80M
YoY Change 38.71% 51.96% 24.41%
% of Gross Profit
Research & Development $71.01M $57.20M $39.53M
YoY Change 24.14% 43.72% 54.23%
% of Gross Profit
Depreciation & Amortization $2.300M $1.300M $1.000M
YoY Change 76.92% 62.5% 11.11%
% of Gross Profit
Operating Expenses $92.55M $72.77M $55.30M
YoY Change 27.19% 45.54% 44.11%
Operating Profit -$92.40M $139.2M -$54.98M
YoY Change -166.4% -381.52% 47.46%
Interest Expense $0.00 -$3.400M -$1.000M
YoY Change -100.0% 240.0% -16.67%
% of Operating Profit -2.44%
Other Income/Expense, Net $160.0K -$466.0K $1.369M
YoY Change -134.33% -59.19% 584.5%
Pretax Income -$92.24M $138.7M -$53.61M
YoY Change -166.5% -374.25% 40.04%
Income Tax $200.0K $300.0K $100.0K
% Of Pretax Income 0.22%
Net Earnings -$92.44M $138.4M -$53.70M
YoY Change -166.78% -372.96% 39.91%
Net Earnings / Revenue -62458.78% 65.32% -16886.48%
Basic Earnings Per Share -$1.32 $2.52 -$1.01
Diluted Earnings Per Share -$1.32 $2.40 -$1.01
COMMON SHARES
Basic Shares Outstanding 70.14M 54.83M 53.19M
Diluted Shares Outstanding 70.14M 57.60M 53.19M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.167B $629.7M $427.9M
YoY Change 85.34% 29.22% 33.84%
Cash & Equivalents $1.041B $629.7M $427.9M
Short-Term Investments $125.7M
Other Short-Term Assets $24.80M $34.30M $10.30M
YoY Change -27.7% 289.77% 4.04%
Inventory
Prepaid Expenses
Receivables $100.0K $39.00K $321.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.391B $664.1M $438.5M
YoY Change 109.45% 33.7% 32.67%
LONG-TERM ASSETS
Property, Plant & Equipment $37.92M $21.07M $20.16M
YoY Change 79.96% 16.45% 9.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.50M $668.0K $669.0K
YoY Change 2519.76% 2.77% -82.85%
Total Long-Term Assets $94.10M $56.53M $55.77M
YoY Change 66.48% 154.45% 146.78%
TOTAL ASSETS
Total Short-Term Assets $1.391B $664.1M $438.5M
Total Long-Term Assets $94.10M $56.53M $55.77M
Total Assets $1.485B $720.6M $494.2M
YoY Change 106.08% 38.87% 39.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.00M $3.374M $7.143M
YoY Change 463.13% -35.38% 58.73%
Accrued Expenses $35.45M $22.40M $18.63M
YoY Change 58.26% -13.31% 46.68%
Deferred Revenue $47.73M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.10M $79.78M $31.41M
YoY Change 5.42% 147.16% 69.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $57.60M $235.0K $220.0K
YoY Change 24410.64% -13.92% -99.68%
Total Long-Term Liabilities $57.60M $235.0K $220.0K
YoY Change 24410.64% -13.92% -99.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.10M $79.78M $31.41M
Total Long-Term Liabilities $57.60M $235.0K $220.0K
Total Liabilities $141.7M $128.7M $126.6M
YoY Change 10.09% 26.7% 43.82%
SHAREHOLDERS EQUITY
Retained Earnings -$255.3M -$393.7M
YoY Change 4.62%
Common Stock $847.2M $761.4M
YoY Change 28.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $57.00K $57.00K
YoY Change 0.0%
Treasury Stock Shares $257.0K $257.0K
Shareholders Equity $1.343B $591.9M $367.7M
YoY Change
Total Liabilities & Shareholders Equity $1.485B $720.6M $494.2M
YoY Change 106.08% 38.87% 39.97%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$92.44M $138.4M -$53.70M
YoY Change -166.78% -372.96% 39.91%
Depreciation, Depletion And Amortization $2.300M $1.300M $1.000M
YoY Change 76.92% 62.5% 11.11%
Cash From Operating Activities -$75.70M $133.4M -$36.38M
YoY Change -156.74% -768.1% 44.31%
INVESTING ACTIVITIES
Capital Expenditures -$5.520M -$2.460M -$2.170M
YoY Change 124.39% 256.52% 317.31%
Acquisitions
YoY Change
Other Investing Activities -$324.8M
YoY Change
Cash From Investing Activities -$330.3M -$2.460M -$2.170M
YoY Change 13328.05% 256.52% 317.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 512.9M 70.89M 29.65M
YoY Change 623.5% -62.34% 694.91%
NET CHANGE
Cash From Operating Activities -75.70M 133.4M -36.38M
Cash From Investing Activities -330.3M -2.460M -2.170M
Cash From Financing Activities 512.9M 70.89M 29.65M
Net Change In Cash 106.9M 201.9M -8.900M
YoY Change -47.06% 20.46% -59.55%
FREE CASH FLOW
Cash From Operating Activities -$75.70M $133.4M -$36.38M
Capital Expenditures -$5.520M -$2.460M -$2.170M
Free Cash Flow -$70.18M $135.9M -$34.21M
YoY Change -151.65% -804.77% 38.56%

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. <span style="color:#212529;">On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, revenue recognition, equity-based compensation expense and reported amounts of expenses during the period. Significant estimates in these consolidated financial statements have been made in connection with revenue recognition and equity-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.</span><span style="color:#000000;"> Changes in estimates are reflected in reported results in the period in which they become known.</span></p>
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CY2020Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
915704000
CY2020Q3 crsp Cash Equivalents Gross Unrealized Losses Before Tax
CashEquivalentsGrossUnrealizedLossesBeforeTax
1000
CY2020Q3 crsp Cash Equivalents Fair Value
CashEquivalentsFairValue
915703000
CY2020Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
324716000
CY2020Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
11000
CY2020Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
154000
CY2020Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
324573000
CY2020Q3 crsp Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
1240420000
CY2020Q3 crsp Cash Equivalents And Available For Sale Debt Securities Gross Unrealized Gains Before Tax
CashEquivalentsAndAvailableForSaleDebtSecuritiesGrossUnrealizedGainsBeforeTax
11000
CY2020Q3 crsp Cash Equivalents And Available For Sale Debt Securities Gross Unrealized Losses Before Tax
CashEquivalentsAndAvailableForSaleDebtSecuritiesGrossUnrealizedLossesBeforeTax
155000
CY2020Q3 crsp Cash Equivalents And Available For Sale Debt Securities Fair Value
CashEquivalentsAndAvailableForSaleDebtSecuritiesFairValue
1240276000
CY2019Q4 us-gaap Marketable Securities
MarketableSecurities
0
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
107900000
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2020Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
100000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
100000
CY2020Q3 crsp Debt Securities Available For Sale Securities Remaining Maturity Greater Than Three Year
DebtSecuritiesAvailableForSaleSecuritiesRemainingMaturityGreaterThanThreeYear
0
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
56547000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
43376000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
18623000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12046000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37924000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31330000
CY2020Q3 us-gaap Depreciation
Depreciation
2300000
us-gaap Depreciation
Depreciation
6600000
CY2019Q3 us-gaap Depreciation
Depreciation
1300000
us-gaap Depreciation
Depreciation
3300000
crsp Joint Venture Agreement Date
JointVentureAgreementDate
2015-12-19
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14327000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15229000
CY2020Q3 crsp Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
15973000
CY2019Q4 crsp Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
9434000
CY2020Q3 crsp Accrued License Fees Current
AccruedLicenseFeesCurrent
915000
CY2019Q4 crsp Accrued License Fees Current
AccruedLicenseFeesCurrent
750000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1762000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2040000
CY2020Q3 crsp Accrued Intellectual Property Costs Current
AccruedIntellectualPropertyCostsCurrent
1864000
CY2019Q4 crsp Accrued Intellectual Property Costs Current
AccruedIntellectualPropertyCostsCurrent
2311000
CY2020Q3 crsp Accrued Property And Equipment
AccruedPropertyAndEquipment
566000
CY2019Q4 crsp Accrued Property And Equipment
AccruedPropertyAndEquipment
407000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
38000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
35445000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30180000
CY2016Q4 us-gaap Equity Method Investments
EquityMethodInvestments
36500000
CY2016 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-36500000
CY2020Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
6784000
CY2020Q3 crsp Prepaid Expenses And Other Current Assets Fair Value Disclosure
PrepaidExpensesAndOtherCurrentAssetsFairValueDisclosure
2565000
CY2020Q3 us-gaap Property Plant And Equipment Fair Value Disclosure
PropertyPlantAndEquipmentFairValueDisclosure
9340000
CY2020Q3 crsp Operating Lease Assets Fair Value Disclosure
OperatingLeaseAssetsFairValueDisclosure
11003000
CY2020Q3 crsp Restricted Cash Fair Value Disclosure
RestrictedCashFairValueDisclosure
1226000
CY2020Q3 crsp Accrued Expenses And Other Current Liabilities Fair Value Disclosure
AccruedExpensesAndOtherCurrentLiabilitiesFairValueDisclosure
3915000
CY2020Q3 crsp Operating Lease Liabilities Fair Value Disclosure
OperatingLeaseLiabilitiesFairValueDisclosure
11003000
CY2020Q3 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
16000000
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
115172786
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.03
CY2020Q3 crsp Common Stock Registered Share Capital
CommonStockRegisteredShareCapital
71633951
CY2019Q4 crsp Common Stock Registered Share Capital
CommonStockRegisteredShareCapital
61036566
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
115172786
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
103901006
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
47088000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
37667000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7782437
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.30
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1468758
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
56.19
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1011236
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
22.34
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
307053
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
41.35
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7932906
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
36.66
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3741338
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
28.68
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
7932906
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
36.66
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
105500000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-92439000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
138423000
us-gaap Net Income Loss
NetIncomeLoss
-241826000
us-gaap Net Income Loss
NetIncomeLoss
36316000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70143481
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54829057
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64159224
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53380123
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70143481
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57598901
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64159224
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55821420
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.32
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.68
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.32
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.77
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8842224
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3805225
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8842224
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3945321
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000.0
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.002
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.002
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.012

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