Intellia Therapeutics Reports $519M Net Loss and Increased Collaboration Revenue for Fiscal Year 2024

Intellia Therapeutics, Inc. reported a net loss of $519.0 million for the fiscal year ending December 31, 2024, an increase from a loss of $481.2 million in the previous year. The company's collaboration revenue rose to $57.9 million, up from $36.3 million in 2023, primarily due to the recognition of $21.0 million from previously eliminated intra-entity profits under its agreement with AvenCell Therapeutics and a $12.8 million increase in revenue from Regeneron Pharmaceuticals. However, total operating expenses also increased, reaching $592.1 million compared to $551.6 million in 2023, driven by higher research and development costs associated with its lead product candidates, nexiguran ziclumeran (nex-z) and NTLA-2002.

The company’s research and development expenses increased by $31.2 million to $466.3 million, largely due to heightened external costs for nex-z and NTLA-2002, which saw increases of 28% and 72%, respectively. General and administrative expenses also rose by $9.3 million, primarily due to increased stock-based compensation. In contrast, other income decreased significantly, primarily due to a $32.6 million expense related to the change in fair value of investments, resulting in a total other income of $15.2 million for the year.

Intellia continues to focus on advancing its clinical programs, particularly for its CRISPR-based therapies. The company is currently conducting pivotal Phase 3 trials for both nex-z and NTLA-2002, with expectations to submit biologics license applications (BLAs) for these candidates in the coming years. The company has received orphan drug designations for both products, which could provide market exclusivity upon approval. However, the regulatory landscape remains uncertain, as the FDA has yet to approve any in vivo gene editing therapies, which could impact the timeline for commercialization.

As of December 31, 2024, Intellia had $861.7 million in cash, cash equivalents, and marketable securities, which it expects will fund operations into the first half of 2027. The company plans to focus its resources on high-value programs within its pipeline, particularly as it navigates the complexities of clinical development and regulatory approval processes. Intellia's future financial performance will depend significantly on its ability to successfully advance its product candidates through clinical trials and achieve regulatory approvals, as well as its capacity to generate revenue from potential product sales.