Intellia Therapeutics Inc (NTLA) Q2 2024 Earnings Call Highlights: Strategic Advances and ...

GuruFocus News
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In This Article:

  • Cash, Cash Equivalents, and Marketable Securities: $939.9 million as of June 30, 2024.

  • Cash Used to Fund Operations: Approximately $234.4 million.

  • Net Equity Proceeds: $96.4 million from the company's at-the-market program.

  • Collaborator Reimbursements: $35.9 million, including a one-time $30 million payment from Regeneron.

  • Interest Income: $25.1 million.

  • Collaboration Revenue: $7 million in Q2 2024, down from $13.6 million in Q2 2023.

  • R&D Expenses: $114.2 million in Q2 2024, a decrease from $115.3 million in Q2 2023.

  • Stock-Based Compensation in R&D: $25.4 million for Q2 2024.

  • G&A Expenses: $31.8 million in Q2 2024, up from $30.7 million in Q2 2023.

  • Stock-Based Compensation in G&A: $15.4 million for Q2 2024.

  • Expected Cash Balance to Fund Operations: Into late 2026.

Release Date: August 08, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

  • Intellia Therapeutics Inc (NASDAQ:NTLA) reported positive long-term data from the Phase 1 study of NTLA-2002, with 8 out of 10 patients remaining attack-free for 18 to 26 months.

  • The company announced that NTLA-2002 met its primary efficacy and all secondary endpoints in the 16-week primary observation period of the Phase 2 study.

  • Intellia is on track to begin the Phase 3 trial for NTLA-2002 in the second half of this year, with plans to submit the BLA in 2026.

  • The rapid enrollment of the MAGNITUDE trial for NTLA-2001 is ahead of internal projections, with regulatory clearance in over a dozen countries.

  • Intellia received regulatory approval from the UK's MHRA to initiate the first-in-human study for NTLA-3001, marking progress in their gene insertion platform.

Negative Points

  • Intellia's cash, cash equivalents, and marketable securities decreased from $1 billion to approximately $939.9 million as of June 30, 2024.

  • Collaboration revenue decreased by $6.6 million compared to the second quarter of 2023, mainly due to a reduction in revenue related to the AvenCell license and collaboration agreement.

  • R&D expenses remained high at $114.2 million during the second quarter of 2024, with stock-based compensation accounting for $25.4 million.

  • G&A expenses increased slightly to $31.8 million during the second quarter of 2024, primarily due to stock-based compensation.

  • The company faces competition in patient enrollment for NTLA-3001, with other companies recruiting in the same regions.

Q & A Highlights

Q: Regarding the HAE Phase 2 data, can you talk about how competitive it is against [INS] drug? A: John Leonard, CEO: We're excited about NTLA-2002's profile. Our approach aims to reset the therapeutic regimen for HAE by offering a single dose that leads to complete elimination of attacks, unlike current therapies that focus on minor improvements. We believe NTLA-2002 will set a new standard and be without equal.

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