The positive Phase 3 data and BLA filing for lonvo-z are significant de-risking events, but the $207M dilutive offering at $10.75/share (32% below the prior close) and ongoing cash burn create a mixed picture. Watch for BLA completion in H2 2026 and potential partnership/commercialization updates. The stock may trade on clinical milestones rather than near-term financials.
Price Chart
Executive Summary
Intellia reported Q1 2026 results with a net loss of $96.2M ($-0.81/share), narrower than the $114.3M loss in Q1 2025, while collaboration revenue declined to $15.0M from $16.6M. The key catalyst is the positive Phase 3 HAELO data for lonvo-z in HAE and the initiated rolling BLA submission, but this is offset by a $207M dilutive equity offering completed in April and a cash burn that reduced reserves from $605M to $517M in the quarter.
Key Financial Metrics
Key Facts
- Net loss improved to $96.2M ($-0.81/share) from $114.3M ($-1.10/share) YoY, beating consensus of $-0.92
- Collaboration revenue fell to $15.0M from $16.6M YoY, below $13.8M consensus
- Cash, cash equivalents and marketable securities declined to $517.2M from $605.1M at year-end 2025
- Completed $207M gross proceeds underwritten public offering in April 2026 (16.7M shares at $10.75)
- Phase 3 HAELO trial met primary endpoint: 87% reduction in HAE attacks vs placebo (p<0.0001)
- Rolling BLA submission initiated for lonvo-z; U.S. launch anticipated in first half of 2027
- FDA lifted clinical holds on MAGNITUDE and MAGNITUDE-2 Phase 3 trials for nex-z in ATTR amyloidosis
- R&D expenses decreased to $80.7M from $108.4M YoY; G&A expenses increased to $34.8M from $29.0M
Financial Impact
Net loss of $96.2M in Q1 2026; cash burn of ~$88M in the quarter; $207M gross proceeds from April offering extends runway into 2028
Risk Factors
- Dilution from April 2026 offering: 16.7M shares (plus 2.5M overallotment option) at $10.75/share
- Cash burn rate: $88M quarterly burn implies ~5-6 quarters of runway without the April offering proceeds
- Regulatory risk: BLA approval for lonvo-z not guaranteed; FDA could require additional data
- Competition in HAE market from existing therapies (Takhzyro, Haegarda, Orladeyo)
- Clinical holds on nex-z trials were only recently lifted; enrollment delays could impact timelines
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-215721 |
| Document: ntla-20260511.htm | 0001193125-26-215721 |
| Document: 0001193125-26-215721-index-headers.html | 0001193125-26-215721 |
| Document: 0001193125-26-215721-index.html | 0001193125-26-215721 |
| Document: 0001193125-26-215721.txt | 0001193125-26-215721 |
| 8-K Data (Synthetic) | 0001193125-26-215721 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 23d ago | Press Release | $12.75 $12.58 | ▼ −1.33% | ▼ −1.76% | $11.23 (−11.92%) |
Sep 8, 2026 6w ago | 8-K | $12.21 $11.60 | ▼ −5.00% | ▼ −4.66% | $11.23 (−8.03%) |
Aug 6, 2026 11w ago | 8-K | $11.24 $11.83 | ▲ +5.25% | ▲ +4.04% | $11.23 (−0.09%) |
Jun 15, 2026 19w ago | 8-K | $14.92 $15.75 | ▲ +5.56% | ▲ +6.95% | $11.23 (−24.73%) |
Jun 13, 2026 19w ago | Press Release | $14.92 $15.75 | ▲ +5.56% | ▲ +6.95% | $11.23 (−24.73%) |
Jun 1, 2026 21w ago | Press Release | $13.73 $13.54 | ▼ −1.38% | ▲ +1.37% | $11.23 (−18.21%) |
May 11, 2026 24w ago | 8-K | $14.42 $12.69 | ▼ −12.00% | ▼ −11.91% | $11.23 (−22.12%) |
Apr 27, 2026 25w ago | Press Release | $13.20 $13.87 | ▼ −5.08% | ▼ −3.38% | $11.23 (+14.92%) |
Apr 27, 2026 26w ago | 8-K | $13.04 $13.87 | ▲ +6.37% | ▲ +5.96% | $11.23 (−13.88%) |
Apr 3, 2026 29w ago | Press Release | $13.30 $14.26 | ▲ +7.22% | ▲ +3.08% | $11.23 (−15.56%) |
US Market Status
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