Pivotal ATTR Program Screening Resumes; HAE BLA Submission Progressing

研报英文原文证据摘录

Pivotal ATTR Program Screening Resumes; HAE BLA Submission Progressing

Biotechnology

Intellia Therapeutics

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 11, 2026

Price: $14.09 (05/8/2026) Pivotal ATTR Program Screening Resumes;

Price Target: NA HAE BLA Submission Progressing

BUY (1)

ESG SCORE: 56/100

Joseph Thome, Ph.D. THE TD COWEN INSIGHT

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NTLA reported a Q1 net loss of $96MM and cash of $517MM as of March 31 pre-raise. Recall

joseph.thome@tdsecurities.com

the company presented positive topline results from its Ph. III HAELO study of lonvo-z in HAE

Key Data this past April and started a rolling BLA submission. Clinical holds on the ATTR program have

Symbol NASDAQ: NTLA been lifted, and patient screening has re-launched. While execution is key, we see NTLA as

Beta: 1.93 undervalued for HAE alone.

52-Week Range: $27.98-$6.87

Market Cap: $1.7B Ph. III HAELO Data Keep The Ball Rolling On Lonvo-z

Net Debt (MM): $324.2

Last month NTLA released Ph. III data of its in vivo gene editing candidate lonvo-z for the

Cash/Share: $2.32

treatment of hereditary angioedema (HAE) (see our note here). The Ph. III HAELO study

Dil. Shares Out (MM): 139.7

enrolled a total of 80 pts with Type I or Type II HAE to receive lonvo-z 50mg or pbo (2:1),

Enterprise Value

$1,170.5 with number of attacks over wks 5 to 28 as the primary endpoint. The trial met this with a(MM):

BV/Share: $5.77 compelling 87% reduction in monthly HAE attack rate vs. placebo (p<0.0001) after a single

Dividend: $0.00 treatment. While data on attack-free rate (62% vs 11% in pbo arm) were perhaps a little lighter

Yield: 0.0% vs. expectations from the Ph. II, mgmt expects this rate will improve over time. Further, the

38% of patients that did not achieve freedom still saw a 72% mean attack-rate reduction, and