We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Intellia Therapeutics, Inc. (NTLA - Free Report) reported first-quarter 2024 loss of $1.06 per share, which was narrower than the Zacks Consensus Estimate of a loss of $1.35. In the year-ago quarter, Intellia incurred a loss of $1.17 per share.
The reported loss excluded a one-time expense of change in fair value of investments, net, including which the company reported a loss of $1.12 per share in the first quarter of 2024.
The company’s total revenues currently comprise only collaboration revenues. NTLA reported revenues of $28.9 million for the first quarter of 2024 compared with $12.6 million reported in the year-ago quarter. The year-over-year increase in revenues was due to a $21 million non-cash revenue recognition adjustment related to the AvenCell collaboration.
The top line beat the Zacks Consensus Estimate of $16 million.
Shares of Intellia were up 8.1% on May 9 following the announcement of the better-than-expected results. However, the stock has decreased 18.4% year to date compared with the industry’s decline of 6.2%. Image Source: Zacks Investment Research
Quarter in Details
Intellia’s collaboration revenues also beat our model estimate of $12.8 million.
Research and development expenses totaled $111.8 million, up almost 15.1% from the year-ago quarter’s figure. The rise was primarily due to an increase in expenses for the advancement of lead pipeline programs.
General and administrative expenses increased around 13.5% year over year to $31.1 million due to an increase in stock-based compensation.
As of Mar 31, 2024, NTLA had cash, cash equivalents and marketable securities worth $953.4 million compared with $1 billion as of Dec 31, 2023.
Pipeline Updates
Intellia is collaborating with Regeneron Pharmaceuticals (REGN - Free Report) for the development of its investigational in vivo genome-editing candidate, NTLA-2001.
NTLA-2001 is part of the company’s co-development and co-promotion agreement with Regeneron. While NTLA is the lead party in the deal for NTLA-2001, REGN shares 25% of the development costs and commercial profits.
In March 2024, NTLA dosed the first patient in the phase III MAGNITUDE study evaluating the safety and efficacy of NTLA-2001 in patients with ATTR amyloidosis with cardiomyopathy. If the data from the MAGNITUDE study is found to be positive, it will enable regulatory filings for the drug across the world.
The company is also evaluating NTLA-2001 to treat hereditary ATTR amyloidosis with polyneuropathy (ATTRv-PN).
Along with the earnings press release, NTLA announced that it has aligned with the FDA for a pivotal phase III study design, which will support a biologics license application (BLA) filing for NTLA-2001 as a single-dose treatment in ATTRv-PN pending review of its investigational new drug application. The said study is likely to begin by 2024-end.
NTLA is evaluating another pipeline candidate, NTLA-2002, in a phase I/II study for the treatment of hereditary angioedema (HAE). Intellia has completed enrollment in the phase II portion of its early-mid-stage study of NTLA-2002 for HAE.
Top-line data from the phase II portion of the study is expected in mid-2024, while full results are expected to be presented at a medical conference in the second half of 2024.
The company plans to begin a pivotal phase III study, including U.S. patients, on NTLA-2002 in the HAE indication in the second half of 2024, contingent upon regulatory feedback.
Intellia submitted a clinical trial application to initiate a first-in-human phase I study of NTLA-3001 in December 2023. The company plans to begin patient dosing later in 2024.
This apart, Intellia entered into a strategic collaboration with ReCode to develop novel gene editing therapies for cystic fibrosis in February 2024. The company is advancing multiple programs in collaboration with partners for treating various immuno-oncology and autoimmune diseases.
Intellia Therapeutics, Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Third Harmonic Bio’s 2024 loss per share have narrowed from $1.65 to $1.35. Year to date, shares of THRD have rallied 12.1%.
THRD’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 37.72%.
In the past 60 days, estimates for Entera Bio’s 2024 loss per share have narrowed from 75 cents to 25 cents. Year to date, shares of ENTX have surged 323.3%.
ENTX’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 10.66%.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Intellia's (NTLA) Q1 Earnings & Revenues Beat Estimates
Intellia Therapeutics, Inc. (NTLA - Free Report) reported first-quarter 2024 loss of $1.06 per share, which was narrower than the Zacks Consensus Estimate of a loss of $1.35. In the year-ago quarter, Intellia incurred a loss of $1.17 per share.
The reported loss excluded a one-time expense of change in fair value of investments, net, including which the company reported a loss of $1.12 per share in the first quarter of 2024.
The company’s total revenues currently comprise only collaboration revenues. NTLA reported revenues of $28.9 million for the first quarter of 2024 compared with $12.6 million reported in the year-ago quarter. The year-over-year increase in revenues was due to a $21 million non-cash revenue recognition adjustment related to the AvenCell collaboration.
The top line beat the Zacks Consensus Estimate of $16 million.
Shares of Intellia were up 8.1% on May 9 following the announcement of the better-than-expected results. However, the stock has decreased 18.4% year to date compared with the industry’s decline of 6.2%.
Image Source: Zacks Investment Research
Quarter in Details
Intellia’s collaboration revenues also beat our model estimate of $12.8 million.
Research and development expenses totaled $111.8 million, up almost 15.1% from the year-ago quarter’s figure. The rise was primarily due to an increase in expenses for the advancement of lead pipeline programs.
General and administrative expenses increased around 13.5% year over year to $31.1 million due to an increase in stock-based compensation.
As of Mar 31, 2024, NTLA had cash, cash equivalents and marketable securities worth $953.4 million compared with $1 billion as of Dec 31, 2023.
Pipeline Updates
Intellia is collaborating with Regeneron Pharmaceuticals (REGN - Free Report) for the development of its investigational in vivo genome-editing candidate, NTLA-2001.
NTLA-2001 is part of the company’s co-development and co-promotion agreement with Regeneron. While NTLA is the lead party in the deal for NTLA-2001, REGN shares 25% of the development costs and commercial profits.
In March 2024, NTLA dosed the first patient in the phase III MAGNITUDE study evaluating the safety and efficacy of NTLA-2001 in patients with ATTR amyloidosis with cardiomyopathy. If the data from the MAGNITUDE study is found to be positive, it will enable regulatory filings for the drug across the world.
The company is also evaluating NTLA-2001 to treat hereditary ATTR amyloidosis with polyneuropathy (ATTRv-PN).
Along with the earnings press release, NTLA announced that it has aligned with the FDA for a pivotal phase III study design, which will support a biologics license application (BLA) filing for NTLA-2001 as a single-dose treatment in ATTRv-PN pending review of its investigational new drug application. The said study is likely to begin by 2024-end.
NTLA is evaluating another pipeline candidate, NTLA-2002, in a phase I/II study for the treatment of hereditary angioedema (HAE). Intellia has completed enrollment in the phase II portion of its early-mid-stage study of NTLA-2002 for HAE.
Top-line data from the phase II portion of the study is expected in mid-2024, while full results are expected to be presented at a medical conference in the second half of 2024.
The company plans to begin a pivotal phase III study, including U.S. patients, on NTLA-2002 in the HAE indication in the second half of 2024, contingent upon regulatory feedback.
Intellia submitted a clinical trial application to initiate a first-in-human phase I study of NTLA-3001 in December 2023. The company plans to begin patient dosing later in 2024.
This apart, Intellia entered into a strategic collaboration with ReCode to develop novel gene editing therapies for cystic fibrosis in February 2024. The company is advancing multiple programs in collaboration with partners for treating various immuno-oncology and autoimmune diseases.
Intellia Therapeutics, Inc. Price, Consensus and EPS Surprise
Intellia Therapeutics, Inc. price-consensus-eps-surprise-chart | Intellia Therapeutics, Inc. Quote
Zacks Rank & Stocks to Consider
Intellia currently has a Zacks Rank #3 (Hold).
Some top-ranked stocks in the healthcare sector are Third Harmonic Bio, Inc. (THRD - Free Report) and Entera Bio Ltd. (ENTX - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Third Harmonic Bio’s 2024 loss per share have narrowed from $1.65 to $1.35. Year to date, shares of THRD have rallied 12.1%.
THRD’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 37.72%.
In the past 60 days, estimates for Entera Bio’s 2024 loss per share have narrowed from 75 cents to 25 cents. Year to date, shares of ENTX have surged 323.3%.
ENTX’s earnings beat estimates in three of the trailing four quarters and missed the same once, the average surprise being 10.66%.