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Intellia's (NTLA) Q4 Loss Matches Estimates, Revenues Up Y/Y
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Intellia Therapeutics (NTLA - Free Report) reported fourth-quarter 2022 loss of $1.40 per share, in line with both the Zacks Consensus Estimate and our model estimate. In the year-ago quarter, Intellia incurred a loss of $1.09 per share.
Intellias’ total revenues, including collaboration revenues, came in at $13.6 million in the fourth quarter compared with $12.9 million in the year-ago period. Revenues surpassed the Zacks Consensus Estimate of $12.2 million and our model estimate of $9.2 million.
Shares of Intellia have plunged 55.4% in the past year compared with the industry’s 8.2% decline.
Image Source: Zacks Investment Research
Quarter in Details
In the reported quarter, research and development expenses were $100 million, up 40.6% from the year-ago quarter’s reported figure. This was due to increased costs for developing Intellia’s lead programs as well as the personnel growth.
General and administrative expenses increased 6.8% year over year to $23.6 million due to increase in employee-related expenses.
As of Dec 31, 2022, NTLA had cash, cash equivalents, and marketable securities of $1.3 billion compared with $848.7 million on Sep 30, 2022.
Pipeline Updates
Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. NTLA is evaluating its in-vivo genome-editing candidate NTLA-2001 in a phase I study as a single-dose treatment of transthyretin (ATTR) amyloidosis. It is also evaluating NTLA-2002 in a phase I/II study for the treatment of hereditary angioedema (HAE).
In November, Intellia and Regeneron Pharmaceuticals (REGN - Free Report) announced positive interim results from the NTLA-2001 study for treating ATTR amyloidosis.
The study of NTLA-2001 exhibited a deep and sustained reduction in mean serum transthyretin (TTR) after single doses of 0.7mg/kg and 1.0 mg/kg of NTLA-2001 were administered in 12 patients with ATTR amyloidosis with cardiomyopathy (ATTR-CM) with New York Heart Association (NYHA) Class I – III heart failure. In December, Intellia completed patient enrollment in part II of a dose-expansion portion of the study.
NTLA-2001 is part of Intellia’s co-development and co-promotion agreement with Regeneron. While NTLA is the lead party in the deal over NTLA-2001, Regeneron shares 25% of the development costs and commercial profits. Both Intellia and Regeneron are developing therapies for hemophilia A and B.
Additionally, the NTLA-2002 study exhibited robust reductions in plasma kallikrein HAE attack rates after a single dose of 25mg/kg and 75mg/kg of NTLA-2002 was administered in all patients. The company plans to present data from phase I by the year end.
NTLA announced the submission of the investigational new drug application to the FDA to support the inclusion of U.S. sites in the phase II portion of the study. The company also announced the initiation of patient screening in the phase II portion of the phase 1/2 study of NTLA-2002 in New Zealand.
FullYear Results
For 2022, Intellia generated collaboration revenues of $52 million, up from $33 million in 2021.
The company reported a loss of $6.16 per share in 2022.
Image: Bigstock
Intellia's (NTLA) Q4 Loss Matches Estimates, Revenues Up Y/Y
Intellia Therapeutics (NTLA - Free Report) reported fourth-quarter 2022 loss of $1.40 per share, in line with both the Zacks Consensus Estimate and our model estimate. In the year-ago quarter, Intellia incurred a loss of $1.09 per share.
Intellias’ total revenues, including collaboration revenues, came in at $13.6 million in the fourth quarter compared with $12.9 million in the year-ago period. Revenues surpassed the Zacks Consensus Estimate of $12.2 million and our model estimate of $9.2 million.
Shares of Intellia have plunged 55.4% in the past year compared with the industry’s 8.2% decline.
Image Source: Zacks Investment Research
Quarter in Details
In the reported quarter, research and development expenses were $100 million, up 40.6% from the year-ago quarter’s reported figure. This was due to increased costs for developing Intellia’s lead programs as well as the personnel growth.
General and administrative expenses increased 6.8% year over year to $23.6 million due to increase in employee-related expenses.
As of Dec 31, 2022, NTLA had cash, cash equivalents, and marketable securities of $1.3 billion compared with $848.7 million on Sep 30, 2022.
Pipeline Updates
Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. NTLA is evaluating its in-vivo genome-editing candidate NTLA-2001 in a phase I study as a single-dose treatment of transthyretin (ATTR) amyloidosis. It is also evaluating NTLA-2002 in a phase I/II study for the treatment of hereditary angioedema (HAE).
In November, Intellia and Regeneron Pharmaceuticals (REGN - Free Report) announced positive interim results from the NTLA-2001 study for treating ATTR amyloidosis.
The study of NTLA-2001 exhibited a deep and sustained reduction in mean serum transthyretin (TTR) after single doses of 0.7mg/kg and 1.0 mg/kg of NTLA-2001 were administered in 12 patients with ATTR amyloidosis with cardiomyopathy (ATTR-CM) with New York Heart Association (NYHA) Class I – III heart failure. In December, Intellia completed patient enrollment in part II of a dose-expansion portion of the study.
NTLA-2001 is part of Intellia’s co-development and co-promotion agreement with Regeneron. While NTLA is the lead party in the deal over NTLA-2001, Regeneron shares 25% of the development costs and commercial profits. Both Intellia and Regeneron are developing therapies for hemophilia A and B.
Additionally, the NTLA-2002 study exhibited robust reductions in plasma kallikrein HAE attack rates after a single dose of 25mg/kg and 75mg/kg of NTLA-2002 was administered in all patients. The company plans to present data from phase I by the year end.
NTLA announced the submission of the investigational new drug application to the FDA to support the inclusion of U.S. sites in the phase II portion of the study. The company also announced the initiation of patient screening in the phase II portion of the phase 1/2 study of NTLA-2002 in New Zealand.
FullYear Results
For 2022, Intellia generated collaboration revenues of $52 million, up from $33 million in 2021.
The company reported a loss of $6.16 per share in 2022.
Intellia Therapeutics, Inc. Price and Consensus
Intellia Therapeutics, Inc. price-consensus-chart | Intellia Therapeutics, Inc. Quote
Zacks Rank & Other Stocks to Consider
Currently, Intellia has a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the same sector include Allogene Therapeuctics (ALLO - Free Report) and BeiGene (BGNE - Free Report) . Allogene Therapeuctics and BeiGene both hold a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Allogene Therapeuctics’ loss per share estimates for 2023 have narrowed from $2.84 to $2.83 in the past 30 days.
ALLO’s earnings beat estimates in all the last four quarters, the average surprise being 9.44%. The stock has declined 29.8% in the past year.
BeiGene’s loss per share estimates for 2023 have narrowed from $12.60 to $12.01 in the past 30 days. The stock has risen 3.4% in the past year.
BGNE’s earnings missed estimates in three of the last four quarters and beat the mark once, the average negative surprise being 21.98%.