Cambridge biotech tracker · Cambridge
Intellia Therapeutics
Listed on Nasdaq as NTLA, filed under SEC industry code 2835 (diagnostic substances). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $628M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $86.7M
- avg. operating cash flow, 4 qtrs
- Runway
- 22 mo
- 12 to 24 months
- Net loss
- $107M
- Q2 '26
- R&D expense
- $82.6M
- 69% of opex
- Raised, last 4 qtrs
- +$347M
- net financing cash flow
- FDA decision
- Mar 2027
- FDA decision · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
22 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $28.9M a month.
Management’s own date
Into 2028
Jan–Dec 2028
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“Outlook Based on our research and development plans and our expectations related to the progress of our programs, we expect that our cash, cash equivalents and marketable securities as of June 30, 2026, the net proceeds from our April 2026 equity offering, as well as research and cost reimbursement funding from our collaboration agreements, will enable us to fund our ongoing operating expenses and capital expenditure requirements at least into 2028, excluding any potential milestone payments or extension fees that could be earned and distributed under our collaboration agreements, any strategic use of capital not currently in the base case 27 planning assumptions and any potential commercial revenues...”
Cash against the calendar
What the runway has to reach.
Mar 10, 2027
FDA target action date (PDUFA)
Disclosed in the 8-K filed Nov 5, 2026Does the cash reach it?
Cash past the catalyst
- Runway
- 22 months
- Time to the date
- 4 months
It is about 4 months out. At the current burn there is roughly 18 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Mar 2027FDA decisionFDA target action date (PDUFA)
- Jul 2027Phase 3A Phase 3 Study of NTLA-2001 in ATTRv-PN
- Dec 2027Phase 3MAGNITUDE: A Phase 3 Study of NTLA-2001 in Participants With Transthyretin Amyloidosis With Cardiomyopathy (ATTR-CM)
FDA decision dates disclosed in filings
“…llia Therapeutics Announces Third Quarter 2026 Financial Results and Business Updates - On track to complete lonvo-z commercial readiness efforts in advance of March 10, 2027 PDUFA date - New lonvo-z patient perspectives and Phase 1/2 durability data to be included in investor webcast and multiple presentations next week at ACAAI 2026 - C…”
Pulled from the company’s own filing text. An approval decision is a financing event as much as a clinical one, since the commercial build-out has to be funded months before any revenue from it arrives.
Pipeline
4 active trials, through phase 3.
Phase 3 · 3Phase 1/2 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a FDA target action date in Mar 2027, about 4 months out. That leaves roughly 18 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 22 months of runway
Cash and investments of $628M at Q2 '26 against an average operating cash burn of $86.7M per quarter over the last four reported quarters runs out around March 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $316M since Q3 '24
Net financing inflows of $347M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $23.5M above cash burn
The Q2 '26 net loss of $107M includes non-cash charges, including $18.1M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 69% of operating expenses
$82.6M of R&D against $120M of total operating expenses in Q2 '26, with G&A at $37.8M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $7.7M in Q2 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $2.79B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $945M | −$84.8M | −$136M | $123M | $30.5M | $9.1M | $39.6M | $82.2M |
| Q4 '24 · Dec 31, 24 | $862M | −$85.2M | −$129M | $117M | $32.4M | $12.9M | $39.6M | $2.3M |
| Q1 '25 · Mar 31, 25 | $707M | −$149M | −$114M | $108M | $29.0M | $16.6M | $21.8M | $0 |
| Q2 '25 · Jun 30, 25 | $631M | −$99.6M | −$101M | $97.0M | $27.2M | $14.2M | $22.0M | $14.7M |
| Q3 '25 · Sep 30, 25 | $670M | −$76.9M | −$101M | $94.7M | $30.5M | $13.8M | $19.6M | $115M |
| Q4 '25 · Dec 31, 25 | $605M | −$69.3M | −$95.8M | $88.7M | $33.1M | $23.0M | $16.7M | $2.0M |
| Q1 '26 · Mar 31, 26 | $517M | −$117M | −$96.2M | $80.7M | $34.8M | $15.0M | $13.5M | $33.6M |
| Q2 '26 · Jun 30, 26 | $628M | −$83.1M | −$107M | $82.6M | $37.8M | $7.7M | $18.1M | $196M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.