Intellia Therapeutics, a leading clinical-stage gene editing company, has released its financial results for the fourth quarter and full-year 2024, along with recent operational highlights.
Financial Results: Cash Position: As of December 31, 2024, the company had approximately $861.7 million in cash, cash equivalents, and marketable securities, compared to $1.0 billion as of December 31, 2023. Collaboration Revenue: Collaboration revenue was $12.9 million during the fourth quarter of 2024, compared to negative $1.9 million during the fourth quarter of 2023, mainly driven by collaboration revenue received under the Regeneron agreements. R&D Expenses: Research and development expenses were $116.9 million during the fourth quarter of 2024, compared to $109.0 million during the fourth quarter of 2023, primarily driven by the advancement of their lead programs. G&A Expenses: General and administrative expenses were $32.4 million during the fourth quarter of 2024, compared to $29.0 million during the fourth quarter of 2023, primarily related to stock-based compensation. * Net Loss: The net loss was $128.9 million for the fourth quarter of 2024, compared to $132.2 million during the fourth quarter of 2023.
Operational Highlights: Hereditary Angioedema (HAE): The company dosed the first patient with ntla-2002 in the global phase 3 HAE study and expects to complete enrollment in the second half of 2025. They also plan to submit a biologics license application in the second half of 2026 to support plans for a U.S. launch in 2027. Transthyretin (ATTR) Amyloidosis: Enrollment in the pivotal phase 3 magnitude trial of Nexiguran Ziclumeran (Nex-Z) in patients with ATTR cardiomyopathy continues to track ahead of projections, with more than 550 total patients expected to be enrolled by year-end. * Corporate Update: The company elected to prioritize late-stage programs, discontinuing NTLA-3001 and other undisclosed programs and reducing its workforce by approximately 27% in 2025.
The company plans to present longer-term data from their ongoing studies in 2025, including updated measures of clinical efficacy and safety.
Intellia Therapeutics will participate in various industry events during the first quarter of 2025 and will hold a conference call today to discuss the results. Following these announcements, the company's shares moved 10.5%, and are now trading at a price of $11.93. If you want to know more, read the company's complete 8-K report here.
