CRISPR Therapeutics AG Fair Value Disclosure
4. Fair Value Measurement
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of December 31, 2025 and 2024 (in thousands):
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Fair Value Measurements at |
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December 31, 2025 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Cash and cash equivalents: |
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Cash |
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$ |
295,412 |
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$ |
295,412 |
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|
$ |
— |
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|
$ |
— |
|
Money market funds |
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|
37,255 |
|
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|
37,255 |
|
|
|
— |
|
|
|
— |
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Commercial paper |
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|
14,892 |
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|
|
— |
|
|
|
14,892 |
|
|
|
— |
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Marketable securities: |
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Corporate debt securities |
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1,155,965 |
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|
|
— |
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|
|
1,155,965 |
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|
|
— |
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Certificates of deposit |
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101,100 |
|
|
|
— |
|
|
|
101,100 |
|
|
|
— |
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Government-sponsored enterprise securities |
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305,298 |
|
|
|
— |
|
|
|
305,298 |
|
|
|
— |
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Commercial paper |
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|
49,460 |
|
|
|
— |
|
|
|
49,460 |
|
|
|
— |
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Corporate equity securities |
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|
16,446 |
|
|
|
|
|
|
16,446 |
|
|
|
— |
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Total |
|
$ |
1,975,828 |
|
|
$ |
332,667 |
|
|
$ |
1,643,161 |
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|
$ |
— |
|
|
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Fair Value Measurements at |
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December 31, 2024 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Cash and cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
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Cash |
|
$ |
193,958 |
|
|
$ |
193,958 |
|
|
$ |
— |
|
|
$ |
— |
|
Money market funds |
|
|
74,155 |
|
|
|
74,155 |
|
|
|
— |
|
|
|
— |
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Corporate debt securities |
|
|
882 |
|
|
|
— |
|
|
|
882 |
|
|
|
— |
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U.S. Treasury securities |
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|
29,262 |
|
|
|
— |
|
|
|
29,262 |
|
|
|
— |
|
Marketable securities: |
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|
|
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|
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U.S. Treasury securities |
|
|
5,938 |
|
|
|
— |
|
|
|
5,938 |
|
|
|
— |
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Corporate debt securities |
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|
1,138,105 |
|
|
|
— |
|
|
|
1,138,105 |
|
|
|
— |
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Certificates of deposit |
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|
52,372 |
|
|
|
— |
|
|
|
52,372 |
|
|
|
— |
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Government-sponsored enterprise securities |
|
|
266,862 |
|
|
|
— |
|
|
|
266,862 |
|
|
|
— |
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Commercial paper |
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|
127,800 |
|
|
|
— |
|
|
|
127,800 |
|
|
|
— |
|
Corporate equity securities |
|
|
14,492 |
|
|
|
2,391 |
|
|
|
12,101 |
|
|
|
— |
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Total |
|
$ |
1,903,826 |
|
|
$ |
270,504 |
|
|
$ |
1,633,322 |
|
|
$ |
— |
|
Marketable securities classified as Level 1 within the valuation hierarchy consist of corporate equity securities with quoted prices in active markets. Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. Treasury securities and government agency securities, corporate bonds, commercial paper and warrants to purchase common shares of publicly traded companies. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 16, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.