Q2 2024 Intellia Therapeutics Inc Earnings Call Transcript
Key Points
- Intellia Therapeutics Inc (NTLA) reported positive long-term data from the Phase 1 study of NTLA-2002, with 8 out of 10 patients remaining attack-free for 18 to 26 months.
- The company announced that NTLA-2002 met its primary efficacy and all secondary endpoints in the 16-week primary observation period of the Phase 2 study.
- Intellia is on track to begin the Phase 3 trial for NTLA-2002 in the second half of this year, with plans to submit the BLA in 2026.
- The rapid enrollment of the MAGNITUDE trial for NTLA-2001 is ahead of internal projections, with regulatory clearance in over a dozen countries.
- Intellia received regulatory approval from the UK's MHRA to initiate the first-in-human study for NTLA-3001, marking progress in their gene insertion platform.
- Intellia's cash, cash equivalents, and marketable securities decreased from $1 billion to approximately $939.9 million as of June 30, 2024.
- Collaboration revenue decreased by $6.6 million compared to the second quarter of 2023, mainly due to a reduction in revenue related to the AvenCell license and collaboration agreement.
- R&D expenses remained high at $114.2 million during the second quarter of 2024, with stock-based compensation accounting for $25.4 million.
- G&A expenses increased slightly to $31.8 million during the second quarter of 2024, primarily due to stock-based compensation.
- The company faces competition in patient enrollment for NTLA-3001, with other companies recruiting in the same regions.
Good morning, and welcome to Intellia Therapeutics second quarter 2024 financial results conference call. My name is Drew, and I will be your conference operator today. Following formal remarks, we will open the call up for a question and answer session. This conference is being recorded at the company's request and will be available on the company's website following the end of the call.
(Operator Instructions) I will now turn the conference over to Ian Karp, Senior Vice President of Investor Relations and Corporate Communications at Intellia. Please proceed.
Thank you, operator, and good morning, everyone. Welcome to Intellia Therapeutics second quarter 2024 earnings call. Earlier this morning, Intellia issued a press release outlining the company's progress this quarter as well as topics for discussion on today's call. This release can be found on the investor and media section of Intellia's website at intelliatx.com. This call is being
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