Full Press Release Details
Intellia Therapeutics Reports Financial Results
for Second Quarter 2016
CAMBRIDGE, Mass., August 4, 2016 (GLOBE NEWSWIRE) Intellia Therapeutics, Inc. (NASDAQ:NTLA), a leading genome editing company focused on the
development of potentially curative therapeutics using CRISPR/Cas9 technology, today reported financial results and recent company highlights for the quarter ended June 30, 2016.
Intellia has made substantial progress with our science, financing and operations in the first half of 2016, said Nessan Bermingham, Ph.D., Chief
Executive Officer and Founder, Intellia Therapeutics. Our product focus, therapeutic discovery and development strength, delivery expertise and intellectual property portfolio make Intellia well positioned to advance CRISPR/Cas9 into
clinically meaningful genome editing therapeutics for patients with severe and life-threatening diseases.
Second Quarter 2016 Financial Results
As of June 30, 2016, Intellia had $300.7 million in cash and cash equivalents, which includes net proceeds from its initial public offering. Net loss for
the second quarter 2016 was $6.9 million, compared to $3.0 million in the same period in 2015.
Collaboration revenue was $4.2 million in the second
quarter 2016, compared to $1.4 million in the same period of 2015. The increase in collaboration revenue is primarily attributable to the inclusion of amounts recognized under the Regeneron collaboration in 2016.
Research and development expenses in the second quarter 2016 were $7.4 million, compared to $2.0 million in the same period in 2015. This increase in expenses
is primarily attributable to the growth of the Company s research and development organization to accelerate the development of the CRISPR/Cas9 platform and Intellia s proprietary and partnered pipeline candidates.
General and administrative expenses were $3.7 million in the second quarter of 2016, compared to $2.8 million for the same period in 2015. The increase in
general and administrative expenses is primarily driven by incremental expenses to support the Company s operations as a new public company, as well as increased headcount-based expenses to support the Company s overall growth.
Research & Development Highlights
advancing its pipeline through a risk-mitigated approach focused on sentinel indication development, platform delivery expansion, and preclinical and clinical scale up. The Company is focused on developing the following programs:
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. Intellia was named as one of the top 10 biotech start-ups by Nature Biotechnology. In September 2015, Intellia was named a
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward
looking statements include, but are not limited to, statements regarding our ability to advance CRISPR/Cas9 into therapeutic products for severe and life-threatening diseases; the potential timing and advancement of our clinical trials; the impact
of our collaborations with Novartis and Regeneron on our development programs; the potential indications we may pursue, including our sentinel indications; the potential timing of regulatory filings regarding our development programs; and potential
commercialization opportunities for product candidates. Any forward-looking statements in this press release are based on management s current expectations 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, the risk that any one or more of our product candidates will
not be successfully developed and commercialized, the risk of cessation or delay of any of the ongoing or planned clinical trials and/or our development of our product candidates, the risk that the results of previously conducted studies involving
similar product candidates will not be repeated or observed in ongoing or future studies involving current product candidates, the risk that our collaboration with Novartis or Regeneron will not continue or will not be successful, and
risks related to our ability to protect and maintain our intellectual property position. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in
the forward-looking statements, see the section entitled Risk Factors in our most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other
important factors in our 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
Intellia Therapeutics, Inc.
Consolidated Statements of Operations
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Collaboration revenue | $ | 4,206 | $ | 1,377 | $ | 5,983 | $ | 2,663 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 7,422 | 1,966 | 12,647 | 3,337 | ||||||||||||
| General and administrative | 3,729 | 2,833 | 6,975 | 3,943 | ||||||||||||
| Total operating expenses | 11,151 | 4,799 | 19,622 | 7,280 | ||||||||||||
| Operating loss | (6,945 | ) | (3,422 | ) | (13,639 | ) | (4,617 | ) | ||||||||
| Interest income | 46 | 51 | ||||||||||||||
| Loss before income taxes | (6,899 | ) | (3,422 | ) | (13,588 | ) | (4,617 | ) | ||||||||
| Income tax benefit | 382 | 484 | ||||||||||||||
| Net loss | $ | (6,899 | ) | $ | (3,040 | ) | $ | (13,588 | ) | $ | (4,133 | ) |
Intellia Therapeutics, Inc.
Consolidated Balance Sheets Data
| June 30, 2016 | December 31, 2015 | |||||||
| Cash and cash equivalents | $ | 300,687 | $ | 75,816 | ||||
| Total assets | 310,624 | 82,139 | ||||||
| Total liabilities | 87,022 | 14,783 | ||||||
| Convertible preferred stock | 88,557 | |||||||
| Total stockholders equity (deficit) | 223,602 | (21,201 | ) |
Chief External Affairs & Communications Officer