Intellia Therapeutics, Inc. (NASDAQ:NTLA) has reported its operational highlights and financial results for the fourth quarter and full-year 2023, showcasing progress in its development of crispr-based gene editing therapies. The company stated that it is "off to a very strong start in 2024" and on track to achieve its strategic priorities, as highlighted by President and CEO John Leonard, M.D.
Leonard emphasized the company's focus on rapidly enrolling patients in the pivotal phase 3 magnitude trial of NTLA-2001 for the treatment of transthyretin (ATTR) amyloidosis with cardiomyopathy, with expectations to dose the first patient in the first quarter of 2024. He also noted the company's plans to initiate the phase 3 trial for NTLA-2002 for hereditary angioedema later in the year. Furthermore, Leonard highlighted the expansion of technical approaches for crispr-based therapies and the range of diseases they can potentially address, including the initiation of two first-in-human studies for product candidates leveraging the company's modular gene insertion platform.
Regarding financial results, Intellia reported a cash, cash equivalents, and marketable securities position of $1.0 billion as of December 31, 2023, which is expected to fund operations into mid-2026. Collaboration revenue decreased during the fourth quarter of 2023, driven by a one-time revenue recognition adjustment related to the extension of the technology collaboration with Regeneron to April 2026. Intellia expects to receive a $30 million payment in April 2024 as part of the collaboration extension.
The company's shares have moved -4.0%, and are now trading at a price of $25.81.
In conclusion, Intellia's recent progress and financial position indicate a positive outlook for the company as it continues to advance its crispr-based gene editing therapies and expand its impact in the field of medicine.
The company's full 8-K submission is available here.
