v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

13. Segment Information

The Company operates as one operating segment, which is the business of discovering, developing and commercializing therapies. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker, or CODM. The Company’s chief executive officer, as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources and planning and forecasting for future periods.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss. The measure is used to monitor budget versus actual results to evaluate the performance of the segment.

The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. All material long-lived assets are located in the United States. Long-lived assets consist of property and equipment, net, and operating lease right-of-use assets.

The following table illustrates information about segment revenue, significant segment expenses and segment operating loss for the periods presented (in thousands):

 

 

Three Months Ended June 30,

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

10,000

 

 

$

—

 

 

$

11,000

 

 

$

—

 

Grant revenue

 

 

181

 

 

 

892

 

 

 

639

 

 

 

1,757

 

Less1:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense2

 

 

53,708

 

 

 

59,232

 

 

 

110,737

 

 

 

119,565

 

Acquired in-process research and development3

 

 

2,473

 

 

 

96,253

 

 

 

2,473

 

 

 

96,253

 

General and administrative expense4

 

 

5,957

 

 

 

6,840

 

 

 

12,553

 

 

 

13,357

 

Collaboration expense, net - Vertex5

 

 

40,272

 

 

 

45,153

 

 

 

86,221

 

 

 

102,662

 

Collaboration expense, net - Sirius6

 

 

3,444

 

 

 

500

 

 

 

4,950

 

 

 

500

 

Stock-based compensation expense

 

 

17,316

 

 

 

17,607

 

 

 

33,640

 

 

 

37,819

 

Depreciation expense

 

 

4,280

 

 

 

4,631

 

 

 

8,582

 

 

 

9,349

 

Other segment items7

 

 

(26,115

)

 

 

(20,775

)

 

 

(33,432

)

 

 

(33,203

)

Segment net loss

 

 

(91,154

)

 

 

(208,549

)

 

 

(214,085

)

 

 

(344,545

)

Reconciliation of profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments or reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss

 

 

(91,154

)

 

 

(208,549

)

 

 

(214,085

)

 

 

(344,545

)

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) Research and development expense for the three and six months ended June 30, 2026 excludes $7.8 million and $15.7 million of stock-based compensation expense, respectively, and $2.2 million and $4.4 million of depreciation expense, respectively. Research and development expense for the three and six months ended June 30, 2025 excludes

$7.8 million and $17.5 million of stock-based compensation expense, respectively, and $2.4 million and $4.8 million of depreciation expense, respectively.

(3) Acquired in-process research and development expense for the three and six months ended June 30, 2026 was not material. The $96.3 million acquired in-process research and development expense for the three and six months ended June 30, 2025 is attributable to the costs incurred upon entering the Sirius Agreement, as described in Note 6 of the notes to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

(4) General and administrative expense for the three and six months ended June 30, 2026 excludes $9.5 million and $17.9 million of stock-based compensation expense, respectively, and $2.1 million and $4.2 million of depreciation expense, respectively. General and administrative expense for the three and six months ended June 30, 2025 excludes $9.8 million and $20.3 million of stock-based compensation expense, respectively, and $2.3 million and $4.6 million of depreciation expense, respectively.

(5) Collaboration costs specific to the Vertex Hemoglobinopathy Agreements (as defined in Note 6) accounted for under ASC 808 are presented within “collaboration expense, net” in the condensed consolidated statements of operations and comprehensive loss.

(6) In the second quarter of 2025, the Company entered into the Sirius Agreement (as defined in Note 6). Collaboration costs, net of reimbursements, related to the Sirius Collaboration Products under the Sirius Agreement are presented within “research and development expense” in the condensed consolidated statements of operations and comprehensive loss. In the first quarter of 2026, the significant expense categories reviewed by the CODM were updated to include collaboration costs, net of reimbursements, associated with the Sirius Collaboration Products. As a result, the Company recast segment amounts for the three and six months ended June 30, 2025 to reflect the updated significant expense categories.

(7) Other segment items include interest income (expense), net, the change in fair value of corporate equity securities and income tax expense.

The Company operates in the United States and Switzerland. Collaboration revenue is attributed to the CRISPR Therapeutics AG entity, which is domiciled in Switzerland.