Intellia Therapeutics Announces First Quarter 2017 Financial Results First to demonstrate single dose, in vivo results using a proprietary lipid nanoparticle delivery system showing: approximately 97 percent reduction in

Intellia Therapeutics Announces First Quarter 2017 Financial Results

CAMBRIDGE, Mass., May 2, 2017

(GLOBE NEWSWIRE) Intellia Therapeutics, Inc. (NASDAQ: NTLA), a leading genome editing company focused on the development of potentially curative therapeutics using CRISPR technology, announced financial results for the first quarter 2017.

The first quarter of 2017 has been highly productive for Intellia as we continue to advance our preclinical programs toward developing

life-transforming therapies. Building on our earlier results showing 97 percent in vivo reduction of serum transthyretin protein levels, our durability data also continue to demonstrate stable liver editing and support our vision that

genome editing could be effective with just a single dose, said Nessan Bermingham, Ph.D., chief executive officer, and founder, Intellia Therapeutics. We expect to advance preclinical studies significantly this year by progressing our

technology in non-human primate studies and look toward its potential broad clinical applications to help treat patients with unmet medical needs.

During the first quarter of 2017, the company achieved numerous important milestones:

Significantly advanced the genome editing field with unprecedented liver editing and lipid nanoparticle delivery data using CRISPR/Cas9 as a potential one-time treatment.

Defended and enhanced our CRISPR/Cas9 foundational and therapeutic intellectual property position.

First Quarter 2017 Financial Results

Collaboration Revenue

Collaboration revenue was

$6.2 million for the first quarter of 2017, compared to $1.8 million for the first quarter of the prior year. The increase in collaboration revenue in 2017 was primarily driven by amounts recognized under our collaboration agreement with

Regeneron Pharmaceuticals, Inc (Regeneron), which was entered into in April 2016.

Through March 31, 2017, the company received $103.1 million

in funding under its collaborations with Novartis Institutes for BioMedical Research, Inc. (Novartis) and Regeneron, excluding amounts received for equity investments, and recorded accounts receivable of $2.4 million. Excluding the

$2.6 million of the upfront payment received from Novartis which was allocated to the purchase of equity securities, we recognized $28.8 million in collaboration revenue under these agreements through March 31, 2017 and had remaining

deferred revenue of $74 million as of March 31, 2017.

Research and development expenses increased $8.2 million to $13.4 million during the first quarter 2017, compared to $5.2 million during the

same period of 2016. This increase was driven primarily by increased salary and related headcount-based expenses, including equity-based compensation expenses, as the company grew to 88 research and development employees as of March 31, 2017,

from 44 research and development employees as of March 31, 2016. This increase supported the advancement of our early-stage research programs, including consumption of laboratory supplies and research materials.

General and administrative expenses increased $2.5 million to $5.7 million during the first quarter of this year, compared to $3.2 million in

the first quarter of 2016. This increase was driven primarily by increased salary and related headcount-based expenses, including equity-based compensation expenses, as the company grew to 31 general and administrative employees as of March 31,

2017, from 17 general and administrative employees as of March 31, 2016. The company also incurred increased corporate insurance, legal, and other professional expenses related to its expanding operations since becoming a public company in May

Our net loss was $12.6 million for the first quarter 2017, compared to $6.7 million for the first

equivalents at March 31, 2017 were $258 million, compared to $64 million for the same quarter in 2016. The increase in cash and cash equivalents was primarily attributable to $115.5 million in proceeds from our initial public

offering, $55 million in concurrent private placements and a $75 million upfront payment from Regeneron in April 2016, partially offset by cash used in operations.

Our primary uses of capital will

continue to be research and development services, compensation and related expenses, laboratory and related supplies, legal and other regulatory expenses, patent prosecution, filing and maintenance costs for our licensed intellectual property, and

general overhead costs.

During 2017, the company expects expenses to continue to increase compared to prior periods in connection with our ongoing

activities, particularly as research and development and preclinical activities gather momentum, and we spend a full year occupying our new office and laboratory facility, which we began to occupy in the fourth quarter of 2016.

As of March 31, 2017, the company had an accumulated deficit of $66.2 million. We expect our losses to increase as we continue to incur significant

research and development and other expenses related to our ongoing operations. Based on our research and development plans and expectations related to the progress of the company s programs, we expect that cash and cash equivalents as of

March 31, 2017, as well as technology access and research funding from Novartis and Regeneron, will enable Intellia to fund operating expenses and capital expenditures through mid-2019, without giving

effect to any potential milestone payments or extension fees received under our collaboration agreements with Novartis and Regeneron.

Upcoming Events During the Second Quarter 2017

The company expects to make presentations at the following upcoming scientific and investor conferences:

About Intellia Therapeutics

Intellia Therapeutics is a leading genome editing company focused on the development of proprietary, potentially curative therapeutics using the

CRISPR/Cas9 system. Intellia believes the CRISPR/Cas9 technology has the potential to transform medicine by permanently editing disease-associated genes in the human body with a single treatment course. Our combination of deep scientific, technical

and clinical development experience, along with our leading intellectual property portfolio, puts us in a unique position to unlock broad therapeutic applications of the CRISPR/Cas9 technology and create a new class of therapeutic products. Learn

Forward-Looking Statements

This press release contains forward-looking statements of Intellia within the meaning of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include, but are not limited to, express or implied statements regarding Intellia s ability to advance and expand the CRISPR/Cas9 technology to develop into human therapeutic products, as well as our CRISPR/Cas9

intellectual property portfolio; our ability to achieve stable liver editing; effective genome editing with a single treatment dose; the potential timing and advancement of our preclinical studies, including

non-human primate studies, and clinical trials; the intellectual property position and strategy of Intellia s licensors; actions by government agencies; the impact of our collaborations with Novartis and

Regeneron on our development programs; the potential timing of regulatory filings regarding our development programs; the potential commercialization opportunities, including value and market, for product candidates; our expectations regarding our

uses of capital, expenses, future accumulated deficit and other 2017 financial results; and our ability to fund operations through mid-2019. Any forward-looking statements in this press release are based on

management s current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking

statements. These risks and uncertainties include, but are not limited to: risks related to Intellia s ability to protect and maintain our intellectual property position; risks related to the ability of our licensors to protect and maintain

their intellectual property position; uncertainties related to the initiation and conduct of studies and other development requirements for our product candidates; the risk that any one or more

of Intellia s product candidates will not be successfully developed and commercialized; the risk that the results of preclinical studies will be predictive of future results in connection with future studies; and the risk that Intellia s

collaborations with Novartis or Regeneron will not continue or will not be successful. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Intellia s actual results to differ from

those contained in the forward-looking statements, see the section entitled Risk Factors in Intellia s most recent annual report on Form 10-K filed with the Securities and Exchange Commission,

as well as discussions of potential risks, uncertainties, and other important factors in Intellia s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and

Intellia Therapeutics undertakes no duty to update this information unless required by law.

INTELLIA THERAPEUTICS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in thousands except per share data)

INTELLIA THERAPEUTICS, INC.

CONSOLIDATED BALANCE SHEET DATA (UNAUDITED)

(Amounts in thousands)

Jennifer Mound Smoter

Senior Vice President, External Affairs & Communications

Executive Vice President, Chief Financial Officer