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Intellectia.AI Updated: 1970-01-01
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Intellia Therapeutics Reports Second Quarter 2024 Earnings
Intellia Therapeutics, Inc. (NASDAQ: NTLA), a leading clinical-stage gene editing company, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $7.0 million | $13.6 million | -48.53% | $19.16 million |
| Earnings Per Share (EPS) | -$1.23 | -$1.23 | ||
| Net Loss | $147.0 million | $123.7 million | 18.82% |
Despite a decline in second quarter revenue compared to the same period last year, due largely to a reduction in collaboration revenue, Intellia’s financial position remains robust. The net loss widened year-over-year, driven primarily by increased general and administrative (G&A) expenses.
Segment Revenue Performance
| Segment | Q2 2024 | Q2 2023 | Performance Versus Guidance |
|---|---|---|---|
| Collaboration Revenue | $7.0 million | $13.6 million | Below Guidance |
The drop in collaboration revenue significantly impacted total revenue. This decrease was mainly driven by a reduction in revenue related to the AvenCell license and collaboration agreement.
Key Operational Data
| Metric | Data |
|---|---|
| Cash Position | $939.9 million |
| R&D Expenses | $114.2 million |
| G&A Expenses | $31.8 million |
Comments from Company Officers
“We are delighted to report the Phase 2 study of NTLA-2002 met its primary efficacy and all secondary endpoints,” said Intellia President and CEO John Leonard, M.D. “With these positive results and our recent successful end-of-Phase 2 meeting with the FDA, we see a clear path to initiating the Phase 3 trial in the coming months. We look forward to presenting the detailed Phase 2 results at a medical meeting in the fourth quarter as we continue to advance what we believe could be a functional cure for hereditary angioedema.”
Dividends and Share Repurchase Program
No mention of any announced dividends or share repurchase programs was made in the earnings release.
Forward Guidance
Intellia provided robust forward guidance with several key timelines: - Phase 3 trial of NTLA-2002 for hereditary angioedema on track to begin in 2H 2024. - Rapid enrollment continues in the Phase 3 MAGNITUDE trial of NTLA-2001 for ATTR amyloidosis with cardiomyopathy. - Phase 3 study of NTLA-2001 for hereditary ATTR amyloidosis with polyneuropathy to begin by year-end. - Expectation to dose the first patient in the Phase 1/2 study of NTLA-3001 for alpha-1 antitrypsin deficiency in 2H 2024.
Stock Price Movement
Following the release of the earnings report, Intellia’s stock experienced a modest decline of 0.73%.
Overall, Intellia's continued advancement in clinical trials and a solid cash position highlight its potential to revolutionize the field of gene editing, despite some challenges reflected in its financial performance.
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