NTLA Q2 Earnings In Line, Top Line Misses on Lower Regeneron Revenues

NTLA's Q2 Results in Detail

Research and development expenses declined 14.9% year over year to $82.6 million. The decrease was due to lower external costs related to Intellia’s lead development programs, lonvo-z and nex-z, and lower stock-based compensation, partly offset by higher employee-related expenses due to increased headcount.

General and administrative expenses increased 39% year over year to $37.8 million. The increase was primarily driven by costs associated with the ongoing buildout of Intellia's commercial infrastructure, higher legal expenses and stock-based compensation.

As of June 30, 2026, Intellia had cash, cash equivalents and marketable securities worth $628.4 million compared with $517.2 million as of March 31, 2026.

Following the completion of an underwritten public offering of common stock in April, which generated approximately $195 million in net proceeds, the company expects its existing cash resources to fund operations at least into 2028 and well beyond the anticipated U.S. commercial launch of lonvo-z for hereditary angioedema (HAE) in the first half of 2027.

Year to date, shares of NTLA have surged 25% compared with the industry’s 3.6% growth.

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Intellia's Lonvo-z Regulatory Progress

Intellia continued to advance lonvoguran ziclumeran (lonvo-z) for HAE. The phase III HAELO study met its primary endpoint and all key secondary endpoints, with a one-time infusion reducing attacks by 87% compared with placebo over the six-month efficacy evaluation period.

NTLA expects the FDA to accept its biologics license application for lonvo-z to treat HAE in the second half of 2026. If approved, Intellia plans a U.S. commercial launch in the first half of 2027 and has been building its field medical, reimbursement and strategic accounts teams ahead of that potential launch.

NTLA's Key Pipeline Updates

Intellia is developing nexiguran ziclumeran (nex-z) with Regeneron for transthyretin (ATTR) amyloidosis. Both phase III studies of nex-z, MAGNITUDE in ATTR cardiomyopathy and MAGNITUDE-2 in hereditary ATTR amyloidosis with polyneuropathy, were previously placed on clinical hold by the FDA.

Earlier this year, the FDA lifted the clinical holds on both studies, following which enrollment and dosing resumed in both studies in the first quarter of 2026. NTLA remains on track to complete enrollment in MAGNITUDE-2 in the second half of 2026. Management said screening activity is accelerating globally. The MAGNITUDE study has enrolled well over 650 patients.

Working with Regeneron and external experts, Intellia analyzed more than 600 patient samples across nex-z clinical studies. The analysis found that the highest observed liver transaminase elevations occurred in patients carrying one specific HLA allele.

About 12% of the analyzed samples carried the allele, while most carriers did not experience severe transaminase elevations. Intellia has incorporated HLA typing into both ongoing phase III nex-z studies and is providing the information to investigators and patients during screening or before crossover.

NTLA’s Zacks Rank & Stocks to Consider

Intellia currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the biotech sector are Harmony Biosciences HRMY and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Harmony Biosciences’ 2026 earnings per share have risen from $3.20 to $3.33, while estimates for 2027 have increased from $3.64 to $3.92 during the same time. HRMY shares have gained 3.5% year to date.

Harmony Biosciences’ earnings missed estimates in three of the trailing four quarters and beat on the remaining occasion, delivering an average negative surprise of 13.97%.

Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $2.97 to $3.02, while estimates for 2027 have increased from $4.81 to $5.31 during the same time. LQDA shares have surged 159.3% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 54.40%.

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