Full Press Release Details
Intellia Therapeutics Reports Financial Results
for Third Quarter 2016
CAMBRIDGE, Mass., November 1, 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 results for the quarter ended September 30, 2016 and provided an update on recent highlights and upcoming events.
We have demonstrated substantial progress in our research, including being the first company to present data showing high levels of in vivo
editing in animal models using systemic lipid nanoparticles to deliver CRISPR/Cas9 components, said Nessan Bermingham, Ph.D., Chief Executive Officer and Founder, Intellia Therapeutics. We continue to make further enhancements and remain
focused on advancing the development of CRISPR/Cas9-based therapeutics for patients with severe unmet medical needs.
Third Quarter 2016 Financial Results
As of September 30, 2016, Intellia had $290.6 million in cash and cash equivalents. Net loss for the third quarter 2016 was $7.5 million, compared to $3.0
million in the same period in 2015.
Collaboration revenue was $4.9 million in the third quarter 2016, compared to $1.7 million in the same period of
2015. For the Novartis collaboration, Intellia recognized $2.0 million and $1.7 million in the third quarters of 2016 and 2015, respectively. The Regeneron collaboration, announced in April 2016, for which the Company recognized $2.9 million in the
third quarter of 2016, was the primary driver of the increase in collaboration revenue.
Research and development expenses in the third quarter 2016 were
$7.9 million, compared to $3.5 million in the same period in 2015. This increase in expenses is primarily attributable to accelerating the development of our CRISPR/Cas9 platform and advancing our sentinel indications. These expenses include
compensation and benefits for employees, including equity-based compensation, and expansion of Intellia s facilities and laboratories.
administrative expenses were $4.7 million in the third quarter of 2016, compared to $1.5 million for the same period in 2015. The increase in general and administrative expenses is primarily driven by expenses to support the Company s overall
growth and costs associated with being a publicly traded company.
Intellia will present at the Fortune Brainstorm Health 2016 Conference in San Diego on November 2, 2016, the Credit Suisse Healthcare Conference in
Arizona on November 7, 2016, and the Jefferies 2016 Healthcare Conference in London on November 16, 2016.
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 more about
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 STATEMENT OF OPERATIONS (UNAUDITED)
(Amounts in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Collaboration revenue | $ | 4,869 | $ | 1,688 | $ | 10,852 | $ | 4,351 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 7,861 | 3,458 | 20,509 | 6,795 | ||||||||||||
| General and administrative | 4,705 | 1,531 | 11,680 | 5,474 | ||||||||||||
| Total operating expenses | 12,566 | 4,989 | 32,189 | 12,269 | ||||||||||||
| Operating loss | (7,697 | ) | (3,301 | ) | (21,337 | ) | (7,918 | ) | ||||||||
| Interest income | 215 | 266 | ||||||||||||||
| Loss before income taxes | (7,482 | ) | (3,301 | ) | (21,071 | ) | (7,918 | ) | ||||||||
| Income tax benefit | 282 | 766 | ||||||||||||||
| Net loss | $ | (7,482 | ) | $ | (3,019 | ) | $ | (21,071 | ) | $ | (7,152 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.22 | ) | $ | (10.27 | ) | $ | (1.16 | ) | $ | (48.65 | ) | ||||
| Weighted average shares outstanding, basic and diluted | 34,316 | 294 | 18,098 | 147 |
INTELLIA THERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEET DATA (UNAUDITED)
(Amounts in thousands)
| September 30, | December 31, | |||||||
| 2016 | 2015 | |||||||
| Cash and cash equivalents | $ | 290,618 | $ | 75,816 | ||||
| Total assets | 301,469 | 82,139 | ||||||
| Total liabilities | 83,345 | 14,783 | ||||||
| Convertible preferred stock | 88,557 | |||||||
| Total stockholders equity (deficit) | 218,124 | (21,201 | ) |