NTLA: Highlights from the RBC Healthcare Conference

研报英文原文证据摘录

NTLA: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Luca Issi, Ph.D. (Analyst)

Lisa Walter, Ph.D. (Analyst)

Shelby Hill, Ph.D. (Senior Associate)

Cassie Yuan, Ph.D. (Senior Associate)

May 20, 2026

Intellia Therapeutics, Inc.

Highlights from the RBC Healthcare Conference

NASDAQ: NTLA | USD 11.94 | Sector Perform | Speculative Risk | Price Target USD 15.00

Sentiment: Neutral

We hosted NTLA’s John Leonard (CEO) for a fireside chat. Our top takeaways include: 1) the HAE rolling BLA remains on track for

completion 2H26; 2) mgmt remains confident in the commercial opportunity for HAE; 3) Both TTR-CM and TTR-PN clinical holds

have been lifted, and patient screening has resumed. Reiterate Sector Perform, Speculative Risk.

HAE BLA on Track, Commercial Build Underway - NTLA's rolling BLA submission is ongoing, targeting completion in 2H26. Mgmt

notes RMAT designation affords frequent and substantive FDA engagement with an additional advantage being an increased

likelihood of priority review. On pricing, mgmt was measured but constructive, declining to provide specifics but suggested a

premium over the annual cost of current chronic therapies is a reasonable assumption. NTLA also noted the durability and depth of

response could support higher pricing. Standard contracting models are expected rather than value-based agreements, as payers

are generally unenthusiastic about the administrative burden the latter requires. Mgmt noted some step-edit requirements are

possible, though the vast majority of pts will have already cycled through qualifying therapies. On the competitive landscape,

mgmt acknowledged the progress current therapies have made but emphasized that the majority of pts still experience attacks,