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Intellia's (NTLA) Q2 Earnings & Revenues Fall Shy of Estimates
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Intellia Therapeutics, Inc. (NTLA - Free Report) incurred second-quarter 2024 loss of $1.31 per share (excluding a one-time expense of change in fair value of investments), which was wider than the Zacks Consensus Estimate of a loss of $1.21. In the year-ago quarter, Intellia had incurred a loss of $1.40 per share.
Including the above one-time expense, the company reported a loss of $1.52 per share in the second quarter of 2024.
The company’s total revenues currently comprise only collaboration revenues. NTLA reported revenues of $7 million for the second quarter of 2024 compared with $13.6 million reported in the year-ago quarter. Revenues missed the Zacks Consensus Estimate of $20 million.
The year-over-year decrease in revenues was due to a $6.6 million reduction in revenues related to the AvenCell license and collaboration agreement.
Shares of Intellia have decreased 26.6% year to date compared with the industry’s decline of 5.9%.
Image Source: Zacks Investment Research
Quarter in Details
Intellia’s collaboration revenues also missed our model estimate of $11.2 million.
Research and development expenses totaled $114.2 million, down 0.9% from the year-ago quarter’s figure. The decrease was due to a decrease in employee-related expenses.
General and administrative expenses increased around 3.6% year over year to $31.8 million due to an increase in stock-based compensation.
As of Jun 30, 2024, NTLA had cash, cash equivalents and marketable securities worth $939.9 million compared with $953.4 million as of Mar 31, 2024.
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.
The phase III MAGNITUDE study evaluates the safety and efficacy of NTLA-2001 in patients with ATTR amyloidosis with cardiomyopathy.
During the second quarter of 2024, NTLA received approval for its application under the new European Union Clinical Trials Regulation, which will ensure the phase III study on NTLA-2001 to proceed in Denmark, Germany, France, Italy, Spain and Sweden.
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 also plans to initiate a pivotal phase III study evaluating NTLA-2001 to treat hereditary ATTR amyloidosis with polyneuropathy by 2024-end.
NTLA is evaluating another pipeline candidate, NTLA-2002, in a phase I/II study for the treatment of hereditary angioedema (HAE). In June 2024, the company reported encouraging long-term data from the phase I portion of the study on NTLA-2002 for the given indication.
Per management, the long-term data has bolstered the candidate's potential as a groundbreaking treatment for HAE as patients experienced durable elimination of their HAE attacks in the ongoing phase I/II study.
The company has completed enrollment in the phase II portion of its study. The company plans to begin a pivotal phase III study on NTLA-2002 (50 mg dose) in the HAE indication later in the second half of 2024, subject to regulatory feedback.
In July 2024, NTLA received authorization for its Clinical Trial Application from the United Kingdom’s Medicine and Healthcare products Regulatory Agency to initiate a phase I/II study on NTLA-3001, an in vivo gene insertion candidate, for the treatment of alpha-1 antitrypsin deficiency (AATD) associated lung disease.
Intellia plans to dose the first patient in a phase I/II study on NTLA-3001 for treating AATD later in the second half of 2024.
Intellia Therapeutics, Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have increased 32.5%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents. Loss per share estimates for 2025 have narrowed from $3.44 to $3.21. Year to date, shares of TRDA have lost 4.3%.
TRDA’s earnings beat estimates in two of the trailing four quarters while meeting the same on the remaining two occasions, the average surprise being 42.18%.
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Intellia's (NTLA) Q2 Earnings & Revenues Fall Shy of Estimates
Intellia Therapeutics, Inc. (NTLA - Free Report) incurred second-quarter 2024 loss of $1.31 per share (excluding a one-time expense of change in fair value of investments), which was wider than the Zacks Consensus Estimate of a loss of $1.21. In the year-ago quarter, Intellia had incurred a loss of $1.40 per share.
Including the above one-time expense, the company reported a loss of $1.52 per share in the second quarter of 2024.
The company’s total revenues currently comprise only collaboration revenues. NTLA reported revenues of $7 million for the second quarter of 2024 compared with $13.6 million reported in the year-ago quarter. Revenues missed the Zacks Consensus Estimate of $20 million.
The year-over-year decrease in revenues was due to a $6.6 million reduction in revenues related to the AvenCell license and collaboration agreement.
Shares of Intellia have decreased 26.6% year to date compared with the industry’s decline of 5.9%.
Image Source: Zacks Investment Research
Quarter in Details
Intellia’s collaboration revenues also missed our model estimate of $11.2 million.
Research and development expenses totaled $114.2 million, down 0.9% from the year-ago quarter’s figure. The decrease was due to a decrease in employee-related expenses.
General and administrative expenses increased around 3.6% year over year to $31.8 million due to an increase in stock-based compensation.
As of Jun 30, 2024, NTLA had cash, cash equivalents and marketable securities worth $939.9 million compared with $953.4 million as of Mar 31, 2024.
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.
The phase III MAGNITUDE study evaluates the safety and efficacy of NTLA-2001 in patients with ATTR amyloidosis with cardiomyopathy.
During the second quarter of 2024, NTLA received approval for its application under the new European Union Clinical Trials Regulation, which will ensure the phase III study on NTLA-2001 to proceed in Denmark, Germany, France, Italy, Spain and Sweden.
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 also plans to initiate a pivotal phase III study evaluating NTLA-2001 to treat hereditary ATTR amyloidosis with polyneuropathy by 2024-end.
NTLA is evaluating another pipeline candidate, NTLA-2002, in a phase I/II study for the treatment of hereditary angioedema (HAE). In June 2024, the company reported encouraging long-term data from the phase I portion of the study on NTLA-2002 for the given indication.
Per management, the long-term data has bolstered the candidate's potential as a groundbreaking treatment for HAE as patients experienced durable elimination of their HAE attacks in the ongoing phase I/II study.
The company has completed enrollment in the phase II portion of its study. The company plans to begin a pivotal phase III study on NTLA-2002 (50 mg dose) in the HAE indication later in the second half of 2024, subject to regulatory feedback.
In July 2024, NTLA received authorization for its Clinical Trial Application from the United Kingdom’s Medicine and Healthcare products Regulatory Agency to initiate a phase I/II study on NTLA-3001, an in vivo gene insertion candidate, for the treatment of alpha-1 antitrypsin deficiency (AATD) associated lung disease.
Intellia plans to dose the first patient in a phase I/II study on NTLA-3001 for treating AATD later in the second half of 2024.
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 #3 (Hold).
Some better-ranked stocks in the biotech sector are Fulcrum Therapeutics, Inc. (FULC - Free Report) and Entrada Therapeutics, Inc. (TRDA - 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 Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have increased 32.5%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents. Loss per share estimates for 2025 have narrowed from $3.44 to $3.21. Year to date, shares of TRDA have lost 4.3%.
TRDA’s earnings beat estimates in two of the trailing four quarters while meeting the same on the remaining two occasions, the average surprise being 42.18%.