TenQ

The Intellia Therapeutics story

Intellia Therapeutics develops CRISPR gene editing medicines, with its transition to commercialization depending on whether lonvo-z can become an approved one-time treatment for hereditary angioedema while nex-z advances through liver safety concerns.

Intellia Therapeutics stock reportTenQ Score 7/36 · every chart and check from its filings
  • $11.42share price, last close
  • $1.6Bmarket value
  • 7/36TenQ Score checks passed

The story in brief

  • Lonvo-z enters review. On September 8, 2026, the FDA accepted lonvo-z’s biologics license application with Priority Review, following an 87% reduction in attacks versus placebo in Phase 3 HAELO.
  • Nex-z enrollment resumes. Intellia reported resumed Phase 3 enrollment in the quarter to June 2026 and introduced HLA genotyping after linking a specific allele to the highest observed liver enzyme elevations.
  • Financing supports launch preparations. Following a $195 million public offering in April 2026, Intellia secured a $400 million senior secured loan facility with OrbiMed in September 2026, with $75 million funded at closing.

What drives the business

  • Intellia’s strategy centers on gene editing treatments administered through a single intravenous infusion, led by wholly owned lonvo-z for hereditary angioedema, a disease for which approximately 7,000 patients receive treatment in the U.S.
  • Its other lead candidate, nex-z for transthyretin amyloidosis, is developed with Regeneron under an agreement that gives Regeneron approximately 25% of worldwide development costs and commercial profits, while Intellia leads development and commercialization.
  • In Phase 3 HAELO, 62% of lonvo-z patients were entirely attack free and therapy free during the six-month efficacy evaluation period, compared with 11% receiving placebo.
  • Collaboration revenue fell to $7.7 million in the quarter to June 2026 from $14.2 million in the quarter to June 2025, primarily because of lower revenue from Regeneron.
  • Commercial infrastructure spending helped lift general and administrative expenses to $37.8 million from $27.2 million over those periods, while research and development expenses declined to $82.6 million from $97.0 million.

What the price assumes

The reverse DCF cannot measure the growth embedded in the $12.10 share price because free cash flow and operating earnings are negative, leaving the valuation dependent on future profits.

Against $60 million in revenue over the last twelve months, the price represents 28.5x sales, above the TenQ sales check’s bar of under 2.5x.

Revenue growth of 12.6% over the last twelve months exceeded the company’s annual pace of 9.1% over the last three years but fell short of the TenQ sector comparison of 20.4%.

What could change the story

  • Nex-z’s resumed enrollment does not resolve its safety uncertainty, following the liver injury event that prompted clinical holds in October 2025 and the subsequent association between a specific HLA allele and elevated liver enzymes.
  • Lonvo-z still requires regulatory approval, and both lead programs face competition from genome editing, gene therapy and traditional treatments.
  • CMS proposals including GLOBE, GUARD and GENEROUS could affect potential revenue by incorporating most-favored-nation drug pricing into Medicare and Medicaid.
  • Free cash flow of -$349 million over the last twelve months underscores the failed TenQ self-funding check, while the April 2026 equity offering illustrates reliance on outside capital.
  • The OrbiMed facility adds secured borrowing obligations, and access beyond the initial $75 million includes up to $225 million subject to milestones and $100 million subject to mutual agreement.

What to watch next

  • The FDA’s scheduled action date for lonvo-z is March 10, 2027, following application acceptance in September 2026, and Intellia plans a U.S. launch in the first half of 2027 if approved.
  • Intellia expects to complete MAGNITUDE-2 enrollment in the second half of 2026, with enrollment progress, liver safety findings and the use of HLA genotyping remaining important measures of nex-z’s progress.
  • Cash balances and commercial infrastructure expenses will show how launch preparations affect funding needs, against $628.4 million in cash, cash equivalents and marketable securities at June 30, 2026.
  • Management’s August 2026 guidance projected funding at least into 2028 without potential lonvo-z commercial revenue, before the September 2026 OrbiMed financing.

Sources

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