Intellia Therapeutics Inc (NTLA) Reports Q3 2023 Financial Results and Progress in CRISPR Therapies
Intellia Therapeutics Inc (NASDAQ:NTLA) announced FDA clearance for NTLA-2001 IND application, initiating Phase 3 trial by year-end.
Reported a strong cash position of $992.5 million as of September 30, 2023.
Research and development expenses increased to $113.7 million, reflecting advancement in lead programs.
Net loss widened to $122.2 million for Q3 2023 compared to the same period last year.
On November 9, 2023, Intellia Therapeutics Inc (NASDAQ:NTLA), a leader in genome editing, reported its financial results for the third quarter ended September 30, 2023, and provided updates on its clinical programs. The company is making significant strides in developing CRISPR-based therapies, with the FDA clearing the NTLA-2001 IND application for late-stage clinical development and the planned initiation of the MAGNITUDE pivotal Phase 3 trial in patients with transthyretin (ATTR) amyloidosis with cardiomyopathy by year-end.
Operational Highlights and Clinical Progress
Intellia's President and CEO, John Leonard, M.D., expressed that 2023 has been a year of remarkable progress with two IND clearances for investigational in vivo CRISPR therapies. The company is on track to complete enrollment for the NTLA-2002 Phase 2 study for hereditary angioedema (HAE) in Q4 2023 and plans to submit a Clinical Trial Application (CTA) for NTLA-3001 for alpha-1 antitrypsin deficiency (AATD)-associated lung disease in Q1 2024. Intellia and Regeneron have expanded their research collaboration to develop in vivo CRISPR-based gene editing therapies focused on neurological and muscular diseases.
Financial Performance
Intellia ended the third quarter with a robust cash position of $992.5 million. The decrease from $1.3 billion as of December 31, 2022, was primarily due to cash used to fund operations. Collaboration revenue decreased slightly to $12.0 million in Q3 2023 from $13.3 million in the same period last year. Research and development expenses saw a significant increase to $113.7 million, driven by the advancement of lead programs and personnel growth. General and administrative expenses also rose to $29.4 million, mainly due to an increase in stock-based compensation. Consequently, the net loss for the quarter was $122.2 million, compared to a net loss of $113.2 million in Q3 2022.
Looking Forward
Intellia is poised to initiate a global pivotal study for NTLA-2001 for ATTR-CM by year-end 2023 and is preparing for a Phase 3 study of NTLA-2001 for the treatment of ATTRv-PN. The company also plans to complete enrollment in the Phase 2 portion of the NTLA-2002 study for HAE in Q4 2023 and submit a CTA application for NTLA-3001 for AATD-associated lung disease in Q1 2024.
Intellia Therapeutics Inc (NASDAQ:NTLA) will discuss these results in a conference call and is actively participating in upcoming healthcare conferences to further engage with the investor community. The company continues to leverage its CRISPR-based technologies to develop novel, potentially curative therapeutics and is committed to advancing its pipeline and platform towards realizing the potential of CRISPR-based medicines.
For more detailed information about Intellia Therapeutics Inc (NASDAQ:NTLA)'s financial results, operational highlights, and upcoming milestones, please visit intelliatx.com.
Explore the complete 8-K earnings release (here) from Intellia Therapeutics Inc for further details.
This article first appeared on GuruFocus.
