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Intellia's (NTLA) Q3 Loss Wider Than Expected, Revenues Up Y/Y
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Intellia Therapeutics (NTLA - Free Report) incurred a loss of $1.49 per share in third-quarter 2022, wider than the year-ago quarter’s loss of 97 cents and the Zacks Consensus Estimate of a loss of $1.31.
Intellia’s total revenues, including collaboration revenues, came in at $13 million in the third quarter compared with $7.2 million reported in the year-ago period. Revenues missed the Zacks Consensus Estimate of $14 million.
The significant year-over-year increase in revenues was on account of revenues from its joint venture with AvenCell and its collaboration with Kyverna Therapeutics.
Shares of Intellia have plunged 56.3% in the year so far compared with the industry’s 20.4% decline.
Image Source: Zacks Investment Research
Quarter in Detail
In the reported quarter, research and development expenses were $96.65 million, up 59.8% from the year-ago quarter’s figure, due to increased costs for developing Intellia’s lead programs plus the personnel growth.
General and administrative expenses increased 18.4% year over year to $22.15 million due to higher employee-related costs.
As of Sep 30, 2022, NTLA had cash, cash equivalents and marketable securities of $848.7 million compared with $906.9 million on Jun 30, 2022.
Pipeline Updates
Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. NTLA is evaluating its lead in-vivo genome-editing candidate NTLA-2001 in a phase I study as a single-dose treatment of transthyretin (ATTR) amyloidosis.
In September, Intellia and Regeneron Pharmaceuticals (REGN - Free Report) announced positive interim results from the cardiomyopathy arm’s ongoing phase I study of NTLA-2001 for treating ATTR amyloidosis. The study 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. The study achieved mean reductions of 93% and 92% at day 28 in the 0.7 mg/kg and 1.0 mg/kg cohort, respectively.
NTLA announced that it has initiated dosing at a 55mg dose, the fixed dose corresponding to 0.7 mg/kg, in part II, the dose-expansion portion of the study. Intellia expects to complete the patient enrollment in the program by the end of 2022.
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 also developing therapies for hemophilia A and B.
Apart from NTLA-2001, Intellia is evaluating another pipeline candidate, NTLA-2002, in an ongoing phase I/II study for the treatment of hereditary angioedema (HAE). NTLA-5001 is Intellia’s first wholly-owned ex-vivo genome editing candidate to treat cancer.
Intellia Therapeutics, Inc. Price, Consensus and EPS Surprise
Kodiak Sciences’ loss estimates for 2022 have remained steady at $7.12 over the past 30 days. Shares of Kodiak have declined 91.9% year to date. Earnings of KOD beat earnings estimates only once in the last four quarters. KOD delivered a negative earnings surprise of 20.20%, on average
Puma Biotechnology’s loss estimates for 2022 have remained steady at 6 cents in the past 30 days. Shares of PBYI have declined 29.7% year to date. Earnings of Puma beat earnings estimates in three of the trailing four quarters and missed the same in the remaining occasion. PBYI delivered an earnings surprise of 201.37%, on average.
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Intellia's (NTLA) Q3 Loss Wider Than Expected, Revenues Up Y/Y
Intellia Therapeutics (NTLA - Free Report) incurred a loss of $1.49 per share in third-quarter 2022, wider than the year-ago quarter’s loss of 97 cents and the Zacks Consensus Estimate of a loss of $1.31.
Intellia’s total revenues, including collaboration revenues, came in at $13 million in the third quarter compared with $7.2 million reported in the year-ago period. Revenues missed the Zacks Consensus Estimate of $14 million.
The significant year-over-year increase in revenues was on account of revenues from its joint venture with AvenCell and its collaboration with Kyverna Therapeutics.
Shares of Intellia have plunged 56.3% in the year so far compared with the industry’s 20.4% decline.
Image Source: Zacks Investment Research
Quarter in Detail
In the reported quarter, research and development expenses were $96.65 million, up 59.8% from the year-ago quarter’s figure, due to increased costs for developing Intellia’s lead programs plus the personnel growth.
General and administrative expenses increased 18.4% year over year to $22.15 million due to higher employee-related costs.
As of Sep 30, 2022, NTLA had cash, cash equivalents and marketable securities of $848.7 million compared with $906.9 million on Jun 30, 2022.
Pipeline Updates
Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. NTLA is evaluating its lead in-vivo genome-editing candidate NTLA-2001 in a phase I study as a single-dose treatment of transthyretin (ATTR) amyloidosis.
In September, Intellia and Regeneron Pharmaceuticals (REGN - Free Report) announced positive interim results from the cardiomyopathy arm’s ongoing phase I study of NTLA-2001 for treating ATTR amyloidosis. The study 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. The study achieved mean reductions of 93% and 92% at day 28 in the 0.7 mg/kg and 1.0 mg/kg cohort, respectively.
NTLA announced that it has initiated dosing at a 55mg dose, the fixed dose corresponding to 0.7 mg/kg, in part II, the dose-expansion portion of the study. Intellia expects to complete the patient enrollment in the program by the end of 2022.
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 also developing therapies for hemophilia A and B.
Apart from NTLA-2001, Intellia is evaluating another pipeline candidate, NTLA-2002, in an ongoing phase I/II study for the treatment of hereditary angioedema (HAE). NTLA-5001 is Intellia’s first wholly-owned ex-vivo genome editing candidate to treat cancer.
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 carries a Zacks Rank #2 (Buy).
Some better-ranked stocks in the same sector are Kodiak Sciences (KOD - Free Report) and Puma Biotechnology (PBYI - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Kodiak Sciences’ loss estimates for 2022 have remained steady at $7.12 over the past 30 days. Shares of Kodiak have declined 91.9% year to date. Earnings of KOD beat earnings estimates only once in the last four quarters. KOD delivered a negative earnings surprise of 20.20%, on average
Puma Biotechnology’s loss estimates for 2022 have remained steady at 6 cents in the past 30 days. Shares of PBYI have declined 29.7% year to date. Earnings of Puma beat earnings estimates in three of the trailing four quarters and missed the same in the remaining occasion. PBYI delivered an earnings surprise of 201.37%, on average.