"CRISPR Therapeutics is a clinical-stage gene editing company focused on the development of CRISPR/Cas9-based therapeutics. We think the company's proprietary technology has the potential to build blockbusters in rare diseases, such as exa-cel for the treatment of sickle cell disease, or SCD, and transfusion-dependent beta-thalassemia, or TDT. Although the company currently operates without an economic moat, we believe potential success through regulatory approvals for its therapies could push us to consider a narrow moat rating in the future.