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Intellia (NTLA) Q1 Loss Wider Than Expected, Revenues Beat

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Intellia Therapeutics NTLA incurred a loss of $1.96 per share for first-quarter 2022, wider than the year-ago loss of 69 cents as well as the Zacks Consensus Estimate of a loss of $1.11.

Intellia’s total revenues, comprising collaboration revenues, came in at $11.3 million for the first quarter compared with $6.4 million reported in the year-ago period. Revenues also beat the Zacks Consensus Estimate of $10.3 million.

The significant year-over-year increase in revenues was on account of revenues recorded by the company from its joint venture with AvenCell.

Shares of Intellia have plunged 57.7% in the year so far compared with the industry’s 22.7% decline.

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Zacks Investment Research


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Quarter in Detail

For the reported quarter, research and development expenses were $133.1 million, up 238.9% from the year-ago figure due to increased costs for developing Intellia’s lead programs plus upfront and other payments related to the acquisition of closely-held Rewrite Therapeutics in February.

General and administrative expenses also surged 64.8% year over year to $22.4 million due to higher employee-related costs.

As of Mar 31, 2022, NTLA had cash, cash equivalents and marketable securities of $994.7 million compared with $1,086 million on Dec 31, 2021.

Pipeline Updates

Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. NTLA is evaluating its lead in-vivo genome-editing candidate NTLA-2001 in a phase I study as a single-dose treatment of transthyretin (ATTR) amyloidosis. This study is evaluating NTLA-2001 in two separate arms, featuring one in ATTR amyloidosis with polyneuropathy (ATTRv-PN) patients and another in ATTR amyloidosis with cardiomyopathy (ATTR-CM) patients.

In February, Intellia reported interim data from the ATTRv-PN arm, which evaluated four different doses of NTLA-2001. ATTRv-PN patients treated with NTLA-2001 exhibited a dose-dependent reduction in serum TTR levels, achieving mean reductions of 52%, 87%, 86% and 93% at day 28 in the 0.1 mg/kg, 0.3 mg/kg, 0.7 mg/kg and 1.0 mg/kg dose cohorts, respectively.

Based on this data, NTLA decided to move forward with a fixed dose of 80mg in the part 2 portion of the phase I study. Alongside its Q1 earnings results, NTLA announced that it started dosing patients in the part 2 portion of the phase I study in the ATTRv-PN arm.

Intellia expects to present interim data from the ATTR-CM arm in second-half 2022.

NTLA-2001 is part of Intellia’s co-development and co-promotion agreement with Regeneron Pharmaceuticals REGN. While NTLA is the lead party in the deal over NTLA-2001, Regeneron shares 25% of the development costs and commercial profits. Both Intellia and Regeneron are also developing therapies for hemophilia A and B.

Apart from NTLA-2001, Intellia is evaluating another pipeline candidate, NTLA-2002, in an ongoing phase I/II study for the treatment of hereditary angioedema (HAE). NTLA-2002 aims to prevent HAE attacks by suppressing plasma kallikrein activity. Interim data from the study is expected in second-half 2022.

NTLA-5001 is Intellia’s first wholly-owned ex-vivo genome editing candidate for the treatment of cancer. In March this year, NTLA announced that it dosed the first patient with NTLA-5001 in a phase I/IIa study. The study is evaluating the candidate in adults with persistent or recurrent acute myeloid leukemia (AML) who had previously received first-line therapy.

Intellia Therapeutics, Inc. Price

Intellia Therapeutics, Inc. Price
Intellia Therapeutics, Inc. Price

Intellia Therapeutics, Inc. price | Intellia Therapeutics, Inc. Quote

Zacks Rank & Stocks to Consider

Intellia currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the overall healthcare sector are Alkermes ALKS and Amicus Therapeutics FOLD. While Alkermes sports a Zacks Rank #1 (Strong Buy) at present, Amicus Therapeutics carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Alkermes’ loss per share estimates for 2022 have narrowed from 14 cents to 3 cents in the past 30 days. Shares of ALKS have risen 20% in the year-to-date period.

Earnings of Alkermes beat estimates in each of the last four quarters, the average being 350.5%. In the last reported quarter, Alkermes delivered an earnings surprise of 1,100%.

Amicus Therapeutics’ loss per share estimates for 2023 have narrowed from 19 cents to 16 cents in the past 30 days. Shares of FOLD have declined 42.7% in the year-to-date period.

Earnings of Amicus Therapeutics missed estimates in three of the last four quarters and beat the mark on one occasion, witnessing a negative surprise of 28%, on average. In the last reported quarter, Amicus Therapeutics delivered a negative earnings surprise of 107.1%.


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