Intellia Therapeutics Reports First Quarter 2024 Financial Results
Ticker: NTLA · Form: 10-Q · Filed: May 9, 2024 · CIK: 1652130
Sentiment: neutral
Topics: biotechnology, gene editing, 10-Q, financial results, partnerships
TL;DR
<b>Intellia Therapeutics filed its Q1 2024 10-Q, detailing financial results and mentioning key partnerships.</b>
AI Summary
Intellia Therapeutics, Inc. (NTLA) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Intellia Therapeutics, Inc. filed a 10-Q for the period ending March 31, 2024. The company's fiscal year ends on December 31. Key entities mentioned include Regeneron Pharmaceuticals, Inc., Avencell Therapeutics Inc., and Kyverna Therapeutics Inc. The filing references financial instruments such as Asset-Backed Securities and Corporate Debt Securities. Specific dates of interest include March 31, 2024, December 31, 2023, and May 9, 2024.
Why It Matters
For investors and stakeholders tracking Intellia Therapeutics, Inc., this filing contains several important signals. This filing provides a quarterly update on Intellia's financial health and operational status, crucial for investors tracking its progress in the gene editing space. The mention of specific entities like Regeneron and Kyverna highlights ongoing collaborations and potential future developments in their therapeutic pipelines.
Risk Assessment
Risk Level: medium — Intellia Therapeutics, Inc. shows moderate risk based on this filing. The company operates in the highly competitive and regulated biotechnology sector, with significant R&D expenses and reliance on partnerships, as indicated by the mention of multiple collaborations and the nature of its business.
Analyst Insight
Monitor the company's R&D progress and partnership updates, particularly with Regeneron, as these are key drivers of future value.
Key Numbers
- 2024-03-31 — Period End Date (Quarterly period for the 10-Q filing)
- 2023-12-31 — Previous Year End Date (Reference point for financial comparisons)
- 2024-05-09 — Filing Date (Date the 10-Q was filed)
Key Players & Entities
- Intellia Therapeutics, Inc. (company) — Filer of the 10-Q report
- Regeneron Pharmaceuticals, Inc. (company) — Mentioned in relation to collaborations and arrangements
- Avencell Therapeutics Inc. (company) — Mentioned as an entity
- Kyverna Therapeutics Inc. (company) — Mentioned as an entity
- David Lebwohl (person) — Mentioned in the filing
FAQ
When did Intellia Therapeutics, Inc. file this 10-Q?
Intellia Therapeutics, Inc. filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Intellia Therapeutics, Inc. (NTLA).
Where can I read the original 10-Q filing from Intellia Therapeutics, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Intellia Therapeutics, Inc..
What are the key takeaways from Intellia Therapeutics, Inc.'s 10-Q?
Intellia Therapeutics, Inc. filed this 10-Q on May 9, 2024. Key takeaways: Intellia Therapeutics, Inc. filed a 10-Q for the period ending March 31, 2024.. The company's fiscal year ends on December 31.. Key entities mentioned include Regeneron Pharmaceuticals, Inc., Avencell Therapeutics Inc., and Kyverna Therapeutics Inc..
Is Intellia Therapeutics, Inc. a risky investment based on this filing?
Based on this 10-Q, Intellia Therapeutics, Inc. presents a moderate-risk profile. The company operates in the highly competitive and regulated biotechnology sector, with significant R&D expenses and reliance on partnerships, as indicated by the mention of multiple collaborations and the nature of its business.
What should investors do after reading Intellia Therapeutics, Inc.'s 10-Q?
Monitor the company's R&D progress and partnership updates, particularly with Regeneron, as these are key drivers of future value. The overall sentiment from this filing is neutral.
Risk Factors
- Reliance on Collaboration and Licensing Agreements [medium — financial]: The company's ability to generate revenue is significantly dependent on its collaboration and license agreements, particularly with Regeneron Pharmaceuticals, Inc.
- Regulatory Approval Process [high — regulatory]: The development and commercialization of gene editing therapies are subject to extensive regulatory review and approval processes by agencies like the FDA.
- Competition in the Gene Editing Market [high — market]: The gene editing field is highly competitive, with numerous companies developing similar technologies, posing a risk to market share and pricing.
- Research and Development Risks [medium — operational]: Significant investment in research and development carries inherent risks, including the possibility of failure to achieve desired therapeutic outcomes or technical challenges.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q
- 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC
Glossary
- 10-Q
- A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance and condition for a specific quarter.)
- Gene Editing
- A group of technologies that give scientists the ability to change DNA. (This is the core technology platform of Intellia Therapeutics, and its success is critical to the company's valuation.)
Filing Stats: 4,269 words · 17 min read · ~14 pages · Grade level 17.5 · Accepted 2024-05-09 16:25:24
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share NTLA The Nasdaq Global Ma
Filing Documents
- ntla-20240331.htm (10-Q) — 1848KB
- ntla-ex10_1.htm (EX-10.1) — 41KB
- ntla-ex31_1.htm (EX-31.1) — 13KB
- ntla-ex31_2.htm (EX-31.2) — 13KB
- ntla-ex32_1.htm (EX-32.1) — 8KB
- 0000950170-24-057046.txt ( ) — 7417KB
- ntla-20240331.xsd (EX-101.SCH) — 1163KB
- ntla-20240331_htm.xml (XML) — 1174KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 26
Controls and Procedures
Item 4. Controls and Procedures . 27
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 28
Risk Factors
Item 1A. Risk Factors 28 I tem 2. Unregistered Sales of Equity Securities and Use of Proceeds 71
Other Information
Item 5. Other Information 71
Exhibits
Item 6. Exhibits 72
– FINANCI AL INFORMATION
PART I – FINANCI AL INFORMATION
Financi al Statements
Item 1. Financi al Statements INTELLIA THERAPEUTICS, INC. Condensed Consolidated Balance Sheets (unaudited) (Amounts in thousands except share and per share data) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 171,979 $ 226,748 Marketable securities 619,315 685,475 Accounts receivable 36,427 36,456 Prepaid expenses and other current assets 56,322 49,651 Total current assets 884,043 998,330 Marketable securities - noncurrent 162,090 99,864 Property and equipment, net 32,075 32,760 Operating lease right-of-use assets 110,424 115,375 Equity method investment - 11,765 Investments and other assets 70,957 42,883 Total assets $ 1,259,589 $ 1,300,977 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 13,689 $ 7,452 Accrued expenses 43,276 67,017 Current portion of operating lease liability 18,763 18,599 Current portion of deferred revenue 22,184 22,140 Total current liabilities 97,912 115,208 Deferred revenue, net of current portion 33,440 38,853 Long-term operating lease liability 92,100 96,747 Total liabilities 223,452 250,808 Commitments and contingencies (Note 6) Stockholders' equity: Common stock, $ 0.0001 par value; 240,000,000 shares authorized at March 31, 2024 and December 31, 2023; 96,333,373 and 92,997,158 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 10 9 Additional paid-in capital 2,802,889 2,710,797 Accumulated other comprehensive loss ( 947 ) ( 2,258 ) Accumulated deficit ( 1,765,815 ) ( 1,658,379 ) Total stockholders' equity 1,036,137 1,050,169 Total liabilities and stockholders' equity $ 1,259,589 $ 1,300,977 See notes to condensed consolidated financial statements. 3 INTELLIA THERAPEUTICS, INC. Condensed Consolidated Statements of Operations and Comprehensi