Intellia Q3 Loss Narrower Than Expected, Stock Down on Pipeline Trouble

Core Insights - Intellia Therapeutics reported a narrower loss of 92 cents per share for Q3 2025, compared to the expected loss of $1.02 and a loss of $1.34 per share in the same quarter last year [1][6] - Total revenues for Q3 2025 were $13.8 million, missing the consensus estimate of $16 million, but representing a 51% year-over-year increase driven by collaboration revenues with Regeneron Pharmaceuticals [2][6] - The stock price dropped approximately 29% in pre-market trading due to mixed earnings results and a significant regulatory setback for a key pipeline candidate, nexiguran ziclumeran [3][6] Financial Performance - Collaboration revenues exceeded model estimates at $13.8 million, while research and development expenses decreased by 23% to $94.7 million due to lower employee-related costs [5][6] - General and administrative expenses remained flat at $30.5 million year-over-year [7] - As of September 30, 2025, the company had cash and marketable securities totaling $669.9 million, up from $630.5 million as of June 30, 2025, which is expected to fund operations into mid-2027 [7] Pipeline Developments - Intellia's pipeline includes nexiguran ziclumeran, currently facing a clinical hold from the FDA for its phase III studies, which has led to the withdrawal of milestone guidance for this candidate [9][10] - The company is also developing lonvoguran ziclumeran for hereditary angioedema, with top-line data expected by mid-2026 [12] - The regulatory challenges surrounding nex-z have raised concerns about the future of lonvo-z, making the upcoming study outcomes critical for the company's success [4][10] Market Position - Year-to-date, Intellia's shares have declined by 19%, contrasting with the industry's growth of 11.5% [5] - Intellia currently holds a Zacks Rank of 3 (Hold), while competitors like ANI Pharmaceuticals and Acadia Pharmaceuticals have better rankings [13]