Intellia Therapeutics (NTLA) Q4 2025 earnings summary

Executive summary

• Achieved rapid enrollment in key phase 3 trials for ATTR amyloidosis (MAGNITUDE, MAGNITUDE-2) and hereditary angioedema (HAELO), with HAELO enrollment completed ahead of schedule and positive long-term Phase 1/2 data for lonvo-z and nex-z.

• FDA clinical hold on MAGNITUDE and MAGNITUDE-2 due to liver enzyme elevations was partially resolved; MAGNITUDE-2 hold lifted with protocol amendments, while MAGNITUDE remains on hold pending further FDA review.

• Strong patient and physician interest in lonvo-z, with market research indicating high willingness to adopt the therapy if approved.

• Commercial readiness for lonvo-z is advancing, with field teams, payer engagement, and launch strategies in place; U.S. launch targeted for first half of 2027.

• Presented positive clinical data for both lonvo-z and nex-z at major scientific meetings in Q4 2025.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $605.1 million as of December 31, 2025, down from $861.7 million a year earlier.

• Collaboration revenue for Q4 2025 was $23 million, up from $12.9 million in Q4 2024, driven by contract terminations and increased cost reimbursement.

• R&D expenses decreased to $88.7 million in Q4 2025 from $116.9 million in Q4 2024, mainly due to lower employee and material costs, partially offset by higher lonvo-z clinical trial expenses.

• Net loss for Q4 2025 was $95.8 million, a significant improvement from $128.9 million in the prior-year quarter; full-year net loss was $412.7 million versus $519.0 million in 2024.

• Operating loss for Q4 2025 was $98.7 million, compared to $136.4 million in Q4 2024.

Outlook and guidance

• Cash runway expected to extend into the second half of 2027, covering key milestones including MAGNITUDE-2 enrollment completion and lonvo-z launch.

• Top-line data for lonvo-z phase 3 HAELO trial anticipated mid-2026, with BLA submission planned for the second half of 2026 and U.S. launch targeted for first half of 2027.

• MAGNITUDE-2 expected to complete enrollment in the second half of 2026; MAGNITUDE resumption pending FDA clearance.