Intellia declines on plans to stop development of lung disease therapy

INTELLIA THERAPEUTICS

10/01/2025 17:28

(Updates)
    ** Shares of Intellia Therapeutics  NTLA.O  fall as much as
17.4% to a near five-year low of $9.93 
    ** NTLA on Thursday announced plans to discontinue its
early-stage therapy, NTLA-3001, for a type of lung disease 
    ** It also plans to cut workforce by about 27% this year
    ** Company plans to refocus resources on two of its
late-stage therapies — NTLA-2002 and nex-z — and prepare for
their commercial launch
    ** At least three brokerages cut their PT on NTLA's stock
following the company's announcement
    ** BMO Capital analysts say investors may question the
timing of NTLA's decision since dosing in the early-stage trial
of NTLA-3001 in H2 2024
    ** Discontinuing NTLA-3001 "is the right decision and
alleviates NTLA's financing overhang" - BMO Capital
    ** NTLA says it ended 2024 with about $862 million in cash
and equivalents; cash balance and expected cost savings to
provide cash runway into H1 2027
    ** Shares fell ~62% in 2024

 (Reporting by Bhanvi Satija and Puyaan Singh in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))