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CAMBRIDGE, Mass. - Intellia Therapeutics, Inc. (NASDAQ:NTLA) saw its stock rise 5% after the gene editing company reported better-than-expected fourth quarter results and provided updates on its clinical pipeline.
The clinical-stage biotech posted adjusted earnings per share of -$1.27, beating analyst estimates of -$1.34. Revenue came in at $12.87 million, surpassing the consensus forecast of $9.28 million and representing a significant increase from -$1.9 million in the same quarter last year.
Intellia ended 2024 with $861.7 million in cash and equivalents, which it expects will fund operations into the first half of 2027.
The company highlighted progress across its three pivotal Phase 3 studies. For its hereditary angioedema (HAE) program NTLA-2002, Intellia dosed the first patient in the global HAELO study and aims to complete enrollment in the second half of 2025. It plans to submit a Biologics License Application in the second half of 2026 to support a potential U.S. launch in 2027.
"We are off to an excellent start in 2025 with renewed focus and strong operational execution across our three, pivotal Phase 3 studies," said Intellia President and CEO John Leonard, M.D.
For its transthyretin amyloidosis programs, enrollment in the Phase 3 MAGNITUDE trial for cardiomyopathy is ahead of projections, with over 550 patients expected to be enrolled by year-end. The company is also on track to dose the first patient in Q1 2025 for its Phase 3 MAGNITUDE-2 trial in hereditary ATTR amyloidosis with polyneuropathy.
Intellia’s R&D expenses rose to $116.9 million in Q4, up from $109 million YoY, as it advanced its lead programs. The company recently streamlined operations, reducing its workforce by 27% to focus on near-term value creation.
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