Intellia Therapeutics(US:NTLA)2023-08-02 16:00Funding and Financial Overview - Intellia Therapeutics has raised approximately $2,404.8 million since inception through various funding methods, including IPOs and collaboration agreements[112]. - All revenue to date has been collaboration revenue, indicating a focus on strategic partnerships for development and commercialization[112]. - Collaboration revenue decreased by $0.4 million to $13.6 million for the three months ended June 30, 2023, compared to $14.0 million for the same period in 2022[137]. - Collaboration revenue increased by $0.9 million to $26.2 million for the six months ended June 30, 2023, compared to $25.3 million in 2022[142]. - The net loss for the six months ended June 30, 2023, was $226.8 million, a decrease of $20.7 million compared to a net loss of $247.6 million in 2022[141]. - Net cash used in operating activities was $199.7 million for the six months ended June 30, 2023, compared to $164.9 million for the same period in 2022, reflecting increased spending in research and development[159]. - The company expects its current cash and funding from collaborations to cover operating expenses and capital requirements beyond the next 24 months[156]. - The company issued 35,349 shares at an average price of $44.58 per share during the six months ended June 30, 2023, resulting in net proceeds of $1.5 million[152]. - Cash used in investing activities was $156.8 million for the six months ended June 30, 2023, primarily due to purchases of marketable securities[161]. - As of June 30, 2023, the company had $1,072.1 million in cash, cash equivalents, and marketable securities[147]. Research and Development Progress - The lead in vivo candidates, NTLA-2001 and NTLA-2002, are the first CRISPR/Cas9-based therapies administered systemically for precision gene editing in humans[113]. - NTLA-2001 aims to be the first single-dose treatment for ATTR amyloidosis, with an IND application planned for submission to the FDA in September 2023[116]. - NTLA-2002 has shown a 95% mean reduction in monthly attack rate in a Phase 1/2 study, with a median follow-up duration of 9.0 months[121]. - NTLA-3001 is designed to restore functional A1AT protein levels after a single dose, with a Clinical Trial Application planned for submission by the end of 2023[123]. - NTLA-2003 aims to halt liver disease progression by inactivating the SERPINA1 gene, with IND-enabling activities expected to be completed by the end of 2023[124]. - The company is advancing multiple ex vivo programs for immuno-oncology and autoimmune diseases, alongside its in vivo initiatives[113]. - The company plans to initiate a global pivotal Phase 3 study for NTLA-2001 for ATTR-CM by the end of 2023, pending regulatory feedback[116]. Expenses and Financial Performance - Research and development expenses increased by $25.1 million to $115.3 million for the three months ended June 30, 2023, representing a 28% increase compared to $90.2 million in 2022[138]. - Research and development expenses decreased by $10.9 million to $212.4 million for the six months ended June 30, 2023, compared to $223.3 million in 2022, a 5% decrease[143]. - General and administrative expenses rose by approximately $8.5 million to $30.7 million for the three months ended June 30, 2023, compared to $22.1 million in 2022[139]. - General and administrative expenses increased by $13.6 million to $58.1 million for the six months ended June 30, 2023, compared to $44.5 million for the same period in 2022[144]. - Employee-related expenses increased by $7.2 million during the six months ended June 30, 2023, primarily due to personnel growth[142]. - Stock-based compensation increased by $8.3 million during the six months ended June 30, 2023, driven by a larger workforce[142]. - Total operating expenses for the six months ended June 30, 2023, were $270.5 million, a slight increase of $2.7 million compared to $267.8 million in 2022[141]. Technology and Innovation - Intellia's proprietary CRISPR/Cas9 technology includes base editing and DNA writing capabilities, expanding its therapeutic applications[109]. - The company expects expenses to increase in 2023 as it continues to grow its research and development team and advance clinical programs[153]. - The company is eligible to earn milestone payments and royalties under collaborations with Novartis, SparingVision, and ONK, among others, but the timing of these payments is uncertain[148]. - The company does not have any foreign currency or derivative financial instruments, and inflation did not materially affect its results during the six months ended June 30, 2023[167].