Intellia Therapeutics(US:NTLA)2024-11-07 21:05Financing and Cash Position - The company has raised approximately $2,758.3 million to fund operations through various financing methods since inception until September 30, 2024[95]. - Net cash provided by financing activities was $183.4 million during the nine months ended September 30, 2024, including $176.9 million from at-the-market offerings[149]. - As of September 30, 2024, the company had $944.7 million in cash, cash equivalents, and marketable securities[135]. - The company expects to fund ongoing operating expenses and capital requirements into late 2026 based on current cash and collaboration funding[142]. - The company raised an aggregate of $2,758.3 million since inception through various financing methods, including public offerings and collaboration agreements[135]. - The company has $249.1 million in shares of common stock remaining eligible for sale under the amended 2022 Sale Agreement[138]. Clinical Trials and Development - The pivotal Phase 3 MAGNITUDE trial for NTLA-2001 is currently enrolling patients, with a 2:1 randomization of NTLA-2001 to placebo, and the first patients were dosed in March 2024[99]. - The MAGNITUDE-2 trial for hereditary ATTR amyloidosis (ATTRv-PN) is set to evaluate 50 adults, with primary endpoints including change in modified Neuropathy Impairment Score +7 at month 18[100]. - NTLA-2002 has shown a 98% mean reduction in monthly HAE attack rate compared to baseline in a Phase 1 study, with eight out of ten patients remaining completely attack-free for over 18 months[107]. - The company plans to submit a biologics license application for NTLA-2002 in 2026 following the ongoing Phase 3 study[104]. - The Phase 1/2 trial of NTLA-2002 met its primary efficacy and all secondary endpoints, leading to the selection of a 50 mg dose for further evaluation[106]. - The company is advancing multiple ex vivo programs for immuno-oncology and autoimmune diseases, alongside its in vivo candidates[96]. - The company is focused on developing curative CRISPR/Cas9-based medicines and expanding its gene editing capabilities with proprietary technologies[92]. - The company has received FDA clearance for the IND application to initiate the MAGNITUDE-2 trial for ATTRv-PN[100]. - The company is the clinical and commercial lead party in a co-development arrangement with Regeneron for the ATTR program, sharing approximately 25% of worldwide development costs and profits[102]. - In the Phase 1/2 study of NTLA-2002, 8 out of 11 patients in the 50 mg arm remained attack-free for 16 weeks after a single dose, indicating a potential functional cure for HAE[109]. - NTLA-3001 is set to initiate a first-in-human study by year-end 2024, with expectations to dose the first patient in a Phase 1/2 study involving up to 30 patients[111]. - The median reduction in serum TTR was 90% at day 28 after redosing with NTLA-2001, indicating a significant pharmacodynamic effect[112]. Financial Performance - Collaboration revenue decreased by $2.9 million to $9.1 million for the three months ended September 30, 2024, primarily due to a reduction in revenue under the AvenCell license agreement[121]. - Research and development expenses increased by $9.7 million to $123.4 million for the three months ended September 30, 2024, compared to the same period in 2023[124]. - General and administrative expenses rose by $1.1 million to $30.5 million for the three months ended September 30, 2024, mainly due to an increase in stock-based compensation[125]. - Collaboration revenue increased by $6.8 million to $45.0 million for the nine months ended September 30, 2024, compared to $38.2 million in the same period of 2023[129]. - Operating loss for the three months ended September 30, 2024, was $144.8 million, compared to $131.1 million for the same period in 2023, reflecting an increase of $13.7 million[122]. - Total operating expenses for the three months ended September 30, 2024, were $153.9 million, an increase of $10.8 million from $143.1 million in the same period of 2023[122]. - Other income, net increased by $0.2 million to $9.1 million for the three months ended September 30, 2024, primarily due to changes in equity method losses and fair value of investments[126]. - Research and development expenses increased by $23.3 million to $349.4 million for the nine months ended September 30, 2024, compared to $326.1 million for the same period in 2023, representing a 7% increase[130]. - External development expenses for NTLA-2001 rose by $11.7 million (30%) to $51.2 million, while NTLA-2002 expenses increased by $14.7 million (90%) to $31.1 million[131][132]. - General and administrative expenses increased by $5.9 million to $93.4 million during the nine months ended September 30, 2024, primarily due to a $6.3 million increase in stock-based compensation[133]. - Net cash used in operating activities was $263.7 million for the nine months ended September 30, 2024, compared to $301.0 million for the same period in 2023[144][146]. - The company anticipates an increase in expenses for the remainder of 2024 as it continues to develop clinical programs[140].