CRSP is heading to $25 before it goes up to $97 (in 4 years)

Net loss 2025 was $581.6M. Operating loss $665M, up 42% from 2024. Collaboration expenses rose 77% to $213.5M after the Vertex cost-deferral agreement expired. This cost is now permanent.
CRSP reported $3.51M in revenue for full year 2025. CASGEVY generated $116M in total sales but flows through Vertex's books. CRSP receives 40% of net profits and absorbs 40% of losses with no commercial control. A $221.8M deferred liability must be repaid from future CASGEVY profits before CRSP sees real cash from the drug. March 2026 they issued $550M in convertible notes, adding debt.
and marketable securities were $1.975B at end of 2025. At current burn that is roughly 3.4 years. Q4 2025 revenue was $0.864M against a $130.6M net loss that quarter. Next earnings May 11 2026. Stock hit $33 at its 52-week low and traded in the high $20s during the 2023 biotech selloff. $25 is a 57% drawdown from current price, within historical range for this ticker.

Cash
On the other side, CTX310 showed 49% LDL reduction in early data. Zugo-cel is targeting autoimmune including lupus. CASGEVY reimbursement is expanding across US, EU and Middle East with 147 patients initiating treatment in 2025. Piper Sandler price target is $110. Average analyst target around $83. 17 of 18 covering analysts rate it a buy. Simply Wall St DCF puts intrinsic value at $186. Morningstar fair value $896 with very high uncertainty rating.
Drop thesis relies on continued burn acceleration, dilution from the convertible, weak CASGEVY ramp, and sentiment. Recovery thesis relies on CTX310 or zugo-cel phase 2 readouts in a large indication by 2027 to 2028. $97 sits below most bull case DCF estimates if pipeline delivers.
All numbers from CRSP 10-K, 10-Q SEC filings and Vertex earnings disclosures.