Third quarter 2026
Filed Nov 5, 2026Intellia reported lower collaboration revenue and a wider net loss in the third quarter, while advancing lonvo-z toward a March 10, 2027 PDUFA date, completing MAGNITUDE-2 enrollment and maintaining a cash runway expected at least into 2028.
R&D expense declined and the company advanced key regulatory and clinical milestones, but collaboration revenue declined, G&A expense increased and net loss widened versus the prior-year quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Collaboration revenue, three months ended September 30, 2026 (amounts in thousands)GAAP | $7.16M | – | – |
| Research and development expense, three months ended September 30, 2026 (amounts in thousands)GAAP | 83.35M | – | – |
| General and administrative expense, three months ended September 30, 2026 (amounts in thousands)GAAP | 46.14M | – | – |
| Total operating expenses, three months ended September 30, 2026 (amounts in thousands)GAAP | 129.5M | – | – |
| Operating loss, three months ended September 30, 2026 (amounts in thousands)GAAP | −122.3M | – | – |
| Interest income and other, net, three months ended September 30, 2026 (amounts in thousands)GAAP | 5.84M | – | – |
| Interest expense, three months ended September 30, 2026 (amounts in thousands)GAAP | −611K | – | – |
| Change in fair value of investments, net, three months ended September 30, 2026 (amounts in thousands)GAAP | −10.39M | – | – |
| Total other (expense) income, net, three months ended September 30, 2026 (amounts in thousands)GAAP | −5.16M | – | – |
| Net loss, three months ended September 30, 2026 (amounts in thousands)GAAP | −$127.5M | – | – |
| Net loss per share, basic and diluted, three months ended September 30, 2026GAAP | $ (0.91 ) | – | – |
| Weighted average shares outstanding, basic and diluted, three months ended September 30, 2026GAAP | 140,186 | – | – |
| Stock-based compensation expense included in R&D expenses, third quarter of 2026GAAP | $7.4M | – | – |
| Stock-based compensation expense included in G&A expenses, third quarter of 2026GAAP | $7M | – | – |
| Collaboration revenue, nine months ended September 30, 2026 (amounts in thousands)GAAP | $29.87M | – | – |
| Research and development expense, nine months ended September 30, 2026 (amounts in thousands)GAAP | 246.7M | – | – |
| General and administrative expense, nine months ended September 30, 2026 (amounts in thousands)GAAP | 118.8M | – | – |
| Total operating expenses, nine months ended September 30, 2026 (amounts in thousands)GAAP | 365.5M | – | – |
| Operating loss, nine months ended September 30, 2026 (amounts in thousands)GAAP | −335.6M | – | – |
| Interest income and other, net, nine months ended September 30, 2026 (amounts in thousands)GAAP | 16.84M | – | – |
| Interest expense, nine months ended September 30, 2026 (amounts in thousands)GAAP | −611K | – | – |
| Change in fair value of investments, net, nine months ended September 30, 2026 (amounts in thousands)GAAP | −10.96M | – | – |
| Total other (expense) income, net, nine months ended September 30, 2026 (amounts in thousands)GAAP | 5.27M | – | – |
| Net loss, nine months ended September 30, 2026 (amounts in thousands)GAAP | −$330.4M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $ (2.53 ) | – | – |
| Weighted average shares outstanding, basic and diluted, nine months ended September 30, 2026GAAP | 130,802 | – | – |
| Cash, cash equivalents and marketable securities as of September 30, 2026 (amounts in thousands)GAAP | $614.8M | – | – |
| Total assets as of September 30, 2026 (amounts in thousands)GAAP | 902.6M | – | – |
| Total liabilities as of September 30, 2026 (amounts in thousands)GAAP | 289.5M | – | – |
| Total stockholders’ equity as of September 30, 2026 (amounts in thousands)GAAP | 613.1M | – | – |
At least into 2028 outlook
- NoteThe company’s existing cash resources are expected to fund its operations at least into 2028 and well beyond lonvo-z’s anticipated U.S. approval and commercial launch in HAE in the first quarter of 2027.
- NoteThis guidance excludes all potential commercial revenues from lonvo-z and potential future funding from the company’s term loan facility.
What drove it
- Collaboration revenue decreased primarily due to a reduction in revenue from Regeneron.
- R&D expense decreased primarily due to lower external costs related to lonvo-z, lower stock-based compensation and lower research materials and contracted services costs, partially offset by higher headcount-related expenses.
- G&A expense increased primarily due to consulting costs associated with continued buildout of commercial infrastructure and higher legal, facility-related and compensation expenses.
- The company completed enrollment in MAGNITUDE-2, exceeding its targeted randomization of 60 patients, and reported significant progress advancing enrollment in MAGNITUDE.
- FDA accepted the lonvo-z BLA, granted Priority Review and set a PDUFA target action date of March 10, 2027.
Concerns
- Collaboration revenue was $7.2 million for the third quarter of 2026, compared to $13.8 million for the third quarter of 2025.
- G&A expenses were $46.1 million for the third quarter of 2026, compared to $30.5 million for the third quarter of 2025, reflecting commercial-infrastructure buildout and higher legal, facility-related and compensation expenses.
- Net loss was $127.5 million for the third quarter of 2026, compared to $101.3 million for the third quarter of 2025.
- Net loss for the third quarter of 2026 included an unrealized loss of $10.4 million due to changes in the fair value of investments.
- The cash-runway guidance excludes potential commercial revenues from lonvo-z and potential future funding from the term loan facility.
What to watch
- The March 10, 2027 PDUFA target action date for lonvo-z.
- Completion of lonvo-z commercial readiness efforts and the planned commercial launch in the first quarter of 2027.
- New lonvo-z patient perspectives and Phase 1/2 durability data planned for the November 12 investor webcast and ACAAI 2026 presentations.
- Enrollment progress in the MAGNITUDE Phase 3 trial in ATTR-CM following completed enrollment in MAGNITUDE-2.
- The impact of the up to $400 million OrbiMed term loan facility on financial and operational flexibility.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities were $614.8 million as of September 30, 2026, compared to $605.1 million as of December 31, 2025.
- In September, Intellia entered into a non-dilutive senior secured term loan facility with OrbiMed for up to $400 million.
- Total assets were 902,560 (amounts in thousands) as of September 30, 2026.
- Total liabilities were 289,471 (amounts in thousands) as of September 30, 2026.
- Total stockholders’ equity was 613,089 (amounts in thousands) as of September 30, 2026.
Analysis
Third-quarter collaboration revenue was $7.2 million, compared to $13.8 million in the third quarter of 2025, with the decline primarily attributed to lower revenue from Regeneron. The company remained a development-stage business, reporting a net loss of $127.5 million versus $101.3 million in the prior-year quarter. The current-quarter net loss included an unrealized loss of $10.4 million from changes in the fair value of investments, while the prior-year quarter included an unrealized gain of $3.4 million.
Operating spending reflected a mix of lower development costs and higher commercialization spending. R&D expense was $83.3 million compared to $94.7 million, driven by lower lonvo-z external costs, lower stock-based compensation and lower research materials and contracted services costs, partly offset by higher headcount-related expenses. G&A expense was $46.1 million compared to $30.5 million, as Intellia continued building commercial infrastructure and incurred higher consulting, legal, facility-related and compensation expenses.
The principal operating milestones centered on lonvo-z and nex-z. FDA accepted the lonvo-z BLA, granted Priority Review and set March 10, 2027 as the PDUFA target action date; FDA also advised that it was not currently planning an advisory committee. Intellia completed deployment of its field organization and expanded engagement with HAE treatment centers and payers ahead of a planned first-quarter 2027 launch. For nex-z, the company completed enrollment in MAGNITUDE-2, exceeding the targeted randomization of 60 patients, while reporting significant progress in MAGNITUDE enrollment.
Liquidity was $614.8 million in cash, cash equivalents and marketable securities as of September 30, 2026, compared with $605.1 million as of December 31, 2025. Management expects existing cash resources to fund operations at least into 2028 and well beyond the anticipated lonvo-z U.S. approval and commercial launch, excluding potential lonvo-z commercial revenue and potential future funding from the term loan facility. The September OrbiMed senior secured term loan facility, for up to $400 million, is intended to provide additional financial and operational flexibility as the company approaches regulatory and launch milestones.
Management, verbatim
This is a defining period for Intellia as we advance our late-stage pipeline and prepare for a transformative year ahead.
John Leonard, M.D., Intellia President and Chief Executive Officer
Looking to 2027, we are working toward a historic milestone: the potential approval of lonvo-z as the world’s first in vivo CRISPR-based therapy.
John Leonard, M.D., Intellia President and Chief Executive Officer
Not in the filing
stated, not guessed- Total revenue beyond reported collaboration revenue
- Reportable segment revenue and segment profitability
- Gross profit and gross margin
- Non-GAAP financial measures, including non-GAAP operating income, non-GAAP net income and non-GAAP EPS
- Prior-quarter values and sequential comparisons for reported income-statement metrics
- Operating cash flow
- Free cash flow
- Cash used in operations
- Capital expenditures
- Debt outstanding and borrowings under the OrbiMed term loan facility
- Share repurchases, dividends and other capital returns
- Forward revenue, gross margin, operating-expense or tax-rate guidance
- Prior-period outlook for comparison with actual results
- Additional executive quotes or CFO commentary
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.