CRSP → $25.00 by Jul 18, 2026.

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 …