Intellia Therapeutics, Inc. (NTLA)

Price$12.22Cached quoteAs of 2026-09-22 07:20 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong clinical promise offsets heavy cash use.

Using 140.0 million June shares, the observed quote implies an equity value near $1.64 billion, about 2.3 times June book equity. Intellia held $628.4 million of cash and marketable investments against $73.4 million of debt; September’s $75 million borrowing adds equal cash and debt before fees. Enterprise value—equity value plus debt minus liquid funds—is therefore roughly $1.09 billion. That is not liquidation-cheap, yet it remains modest if the lead treatment succeeds, supporting a balanced verdict.

Big pictureIntellia has no product sales yet, so losses will continue before any launch.

All revenue so far has come from collaborations. Second-quarter revenue fell to $7.7 million from $14.2 million, while the net loss reached $106.6 million. Operating cash use totaled $200.5 million in the first half. Free cash flow—cash left after operations and equipment spending—was approximately negative $202 million. June liquid funds equaled about 1.6 years of that recent annualized burn, while management expects funding into 2028. Medical demand is not economically cyclical, but spending follows volatile trial, approval, and launch cycles.

Business strengthConvincing late-stage results support the platform, while a past safety scare limits confidence.

In the 80-patient Phase 3 HAELO trial, one lonvo-z dose reduced monthly hereditary-angioedema attacks by 87% versus placebo; 62% of treated patients were attack- and therapy-free, versus 11% on placebo. No serious adverse events were reported in the treatment arm through the main observation period, and regulators granted priority review. The bull case is a wholly owned, first one-time treatment with meaningful clinical differentiation. The bear case is that Intellia still has no approved product, commercial record, or proven long-term pricing and durability.

What could change the storyApproval and successful uptake could unlock value, but financing may keep shrinking each share’s claim.

The clearest positive threshold is approval by the regulator’s March 10, 2027 target date, followed by payer coverage and meaningful patient uptake without new durability concerns. The financing record demands caution: shares outstanding rose 37%, from 102.0 million at December 2024 to 140.0 million at June 2026, and have more than doubled since 2020. April’s offering raised about $195 million net. September’s loan may reduce immediate dilution, but its minimum interest rate is 9.15%; delays or weak sales could still require more capital.

AI: News

Priority review beginsRegulators began a faster review, moving Intellia’s first potential product closer to market.

On September 8, the Food and Drug Administration accepted lonvo-z for priority review and set March 10, 2027 as its target decision date. It currently plans no advisory-committee meeting. The filing rests on an 80-patient trial showing 87% fewer monthly attacks versus placebo. Reuters reported a 6.4% premarket rise, consistent with investor relief, although timing alone cannot establish lasting causation. Acceptance is not approval; manufacturing, labeling, durability, and benefit-risk review remain.

Secured funding addedNew secured borrowing extends funding flexibility but introduces expensive interest and repayment obligations.

On September 4, Intellia arranged a five-year secured facility of up to $400 million. Only $75 million was funded immediately; $225 million depends on approval, revenue, or equity-raising milestones, while another $100 million requires lender agreement. Interest equals a short-term benchmark plus 6.15 percentage points, with a minimum total rate of 9.15%. The facility may postpone share issuance and support launch spending, but it is costly capital secured against company assets rather than risk-free funding.

Second program restartsThe delayed second program restarted, while genetic screening may reduce—but not erase—its safety risk.

On August 6, Intellia said enrollment had restarted in both late-stage nex-z studies. Analysis of more than 600 patient samples found that the highest liver-enzyme elevations occurred in carriers of one human leukocyte antigen allele, an immune-system gene marker; Intellia is providing genetic-screening results to investigators. This offers a specific risk-control approach but does not prove the marker caused every event. Earlier holds followed severe liver injury and a patient death, so clean safety data remain essential to the program’s value.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$67.7M	$57.9M	$36.3M	$52.1M	$33.1M	$58.0M	$43.1M	$30.4M	$26.1M	$16.5M	—
Gross profit	—	—	—	—	$33.1M	$58.0M	$43.1M	$30.4M	—	—	—
Gross margin	—	—	—	—	100.00%	100.00%	100.00%	100.00%	—	—	—
Research & development	$388.9M	$466.3M	$435.1M	$420.0M	$229.8M	$150.4M	$108.4M	$89.1M	$67.6M	$31.8M	$11.2M
Operating expenses	$508.7M	$592.1M	$551.6M	$510.3M	$300.9M	$194.6M	$149.5M	$121.3M	$95.7M	$48.6M	—
Operating income	−$441.0M	−$534.3M	−$515.3M	−$458.2M	−$267.9M	−$136.6M	−$106.4M	−$90.9M	−$69.6M	−$32.2M	−$13.4M
Operating margin	−651.67%	−923.10%	−1,420.51%	−879.04%	−810.37%	−235.51%	−246.78%	−298.58%	−266.32%	−195.15%	—
EBITDA	−$431.2M	−$524.0M	−$506.3M	−$450.6M	−$261.0M	−$130.3M	−$100.8M	−$86.4M	−$66.6M	−$31.1M	−$13.1M
EBITDA margin	−637.23%	−905.33%	−1,395.77%	−864.51%	−789.52%	−224.63%	−233.81%	−283.91%	−254.86%	−188.45%	—
Net income	−$412.7M	−$519.0M	−$481.2M	−$474.2M	−$267.9M	−$134.2M	−$474.2M	−$85.3M	−$67.5M	−$31.6M	−$12.4M
Net profit margin	−609.85%	−896.77%	−1,326.51%	−909.78%	−810.49%	−231.46%	−1,100.12%	−280.42%	−258.62%	−191.97%	—
Basic EPSper basic share	-$3.81	-$5.25	-$5.42	-$6.16	-$3.78	-$2.40	-$2.11	-$1.98	-$1.88	-$1.42	-$51.02
Diluted EPSper diluted share	-$3.81	-$5.25	-$5.42	-$6.16	-$3.78	-$2.40	-$2.11	-$1.98	-$1.88	-$1.42	-$51.02

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

12.05%of listed shares

ARK Investment Management LLC16.88M shares · Jun 30, 2026

View holders

Top 20 reported holders of NTLA
Holder	% owned
ARK Investment Management LLC	12.05%16.88M shares
BlackRock, Inc.	11.01%15.41M shares
STATE STREET CORP	6.60%9.23M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.24%7.33M shares
D. E. Shaw & Co., Inc.	4.60%6.44M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.31%6.03M shares
TWO SIGMA INVESTMENTS, LP	3.74%5.24M shares
FMR LLC	3.41%4.77M shares
RA CAPITAL MANAGEMENT, L.P.	3.23%4.53M shares
REGENERON PHARMACEUTICALS, INC.	2.64%3.7M shares
GEODE CAPITAL MANAGEMENT, LLC	2.59%3.63M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	2.34%3.28M shares
Sumitomo Mitsui Trust Group, Inc.	2.07%2.9M shares
Amova Asset Management Americas, Inc.	2.07%2.9M shares
DIMENSIONAL FUND ADVISORS LP	1.86%2.6M shares
GOLDMAN SACHS GROUP INC	1.62%2.26M shares
UBS Group AG	1.54%2.15M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC	1.48%2.07M shares
Contrarius Group Holdings Ltd	1.40%1.96M shares
JUPITER ASSET MANAGEMENT LTD	1.32%1.85M shares

Percentages use 140.02M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$2.41M disclosed value

Sells (SEC code S)33$2.75M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 2, 2026Form 4	BASTA JAMESEVP, General Counsel	SellCommon Stock	1.2K	$13.78	$16.7K	156.8K
Mar 2, 2026Form 4	Clark ElianaEVP, Chief Technical Officer	SellCommon Stock	607	$13.78	$8.4K	93.9K
Jan 5, 2026Form 4	LEONARD JOHN MPresident and CEO	SellCommon Stock	34.1K	$9.21	$314.5K	1.01M
Jan 5, 2026Form 4	Schultes Birgit CEVP, Chief Scientific Officer	SellCommon Stock	8.5K	$9.21	$78.4K	98.5K
Jan 5, 2026Form 4	BASTA JAMESEVP, General Counsel	SellCommon Stock	10.4K	$9.21	$95.8K	101.5K

Review ownership filings at SEC.gov ↗

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Intellia Therapeutics, Inc. (NTLA)

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