Intellia Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, focused on CRISPR/Cas9 gene editing technologies, experienced a decrease in cash and cash equivalents, which fell to $120.5 million from $226.7 million at the end of 2023. Total current assets also declined to $710.9 million from $998.3 million, contributing to a total asset reduction to $1.17 billion from $1.30 billion.
The accumulated deficit worsened to $(2.05 billion) from $(1.66 billion) at the end of 2023, while total stockholders’ equity decreased to $962.6 million from $1.05 billion. Despite these challenges, additional paid-in capital increased to $3.01 billion, reflecting ongoing financing activities.
Collaboration revenue for Q3 2024 was $9.1 million, down from $12.0 million in Q3 2023, although revenue for the nine months ended September 30, 2024, increased to $45.0 million from $38.2 million in the same period last year. Total operating expenses rose to $153.9 million in Q3 2024 from $143.1 million in Q3 2023, leading to an operating loss of $(144.8 million), compared to $(131.1 million) in the prior year. The net loss for Q3 2024 was $(135.7 million), an increase from $(122.2 million) in Q3 2023.
Research and development expenses for the nine months ended September 30, 2024, totaled $349.4 million, up from $326.1 million in the same period of 2023. Notably, external development expenses for the NTLA-2001 and NTLA-2002 programs increased significantly, reflecting heightened investment in these key therapeutic candidates.
The company raised $176.9 million through at-the-market offerings during the nine months ended September 30, 2024, compared to $16.2 million in the same period of 2023. This increase in financing activities contributed to a net cash provided by financing activities of $183.4 million, up from $23.8 million in the previous year.
Strategically, Intellia continues to advance its clinical programs, including the Phase 3 trials for NTLA-2001 and NTLA-2002, while also navigating legal challenges, including a patent infringement complaint filed by BlueAllele Corp. in July 2024. The company remains focused on its mission to develop curative genome editing treatments, despite the ongoing financial losses and operational challenges.
About Intellia Therapeutics, Inc.
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