Crispr Therapeutics AG (NASDAQ:CRSP) closed Tuesday’s trading session at $40.87, days after it announced that it treated the first human subject in an early stage investigating CTX001 as a treatment for beta-thalassemia.
The company announced together with its partner Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) that the study kicked off with the first human CTX001 dose delivered. Crispr has been developing the therapy to treat a rare blood illness called beta thalassemia. Additionally, the company has been developing it as a one-time treatment.
The two firms also revealed that it has kicked off the enrollment of patients in a parallel study evaluating the treatment’s ability to combat the sickle-cell disease. The first human dosing is on track to commence towards mid-year 2018.
“Treating the first patient in this study marks an important scientific and medical milestone and the beginning of our efforts to fully realize the promise of CRISPR/Cas9 therapies as a new class of potentially transformative medicines to treat serious diseases,” stated Crispr Therapeutics CEO Samarth Kulkarni.
Crispr developed CTX001 using Crispr technology which has a variety of applications due to the efficiency of its products. However, the treatments developed using this technology might take a while before securing regulatory approval.
Crispr announces its FY 2018 and Q4 2018 financials
Crispr revealed that it generated $0.1 million in total collaboration revenue during the fourth quarter of 2018 while the revenue for the entire year ended December 31, 2018, was $3.1 million. Its cash and cash equivalents for fiscal year amounted to $456.6 million. The company also reported a $47.6 million net loss during the fourth quarter while its net loss for the year ended December 31, 2018, was $165.0 million.
Crispr also revealed that its research and development expenses for the fourth quarter were $28.8 million and $113.8 million for the year ended December 31, 2018. Q4 2018 General and administrative expenses amounted to $16.5 million and $48.3 million for the entire year ended December 31, 2018. The net loss reported in the 2018 fourth quarter was $47.6 million while the net loss for the entire FY18 was $165.0 million.