Intellia Therapeutics, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
NTLA$11.35+2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-337952
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001193125-26-449862
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 119 previous paragraphs and 123 current paragraphs.
65 unchanged; 49 reworded; 9 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
our ability to comply with the obligations and meet the targets set forth under our credit facility;
Current report
In April 2026, we announced the initiation of a rolling biologics license application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for lonvo-z. In September 2026, the FDA accepted the BLA for lonvo-z and granted the BLA Priority Review with a Prescription Drug User Fee Act (“PDUFA”) target action date of March 10, 2027. Additionally, the FDA has advised that it is not currently planning to hold an advisory committee to discuss the application. If approved, lonvo-z would be the world’s firstin vivo CRISPR-based therapy and the only one-time treatment for HAE.
Current report
We significantly advanced our launch readiness in recent months, completing the deployment of our field organization and deepening our engagement with HAE treatment centers and payers in preparation for our planned commercial launch in the first quarter of 2027.
Current report
Other (Expense) Income, Net
Current report
Comparison of Nine Months Ended September 30, 2026 and 2025
Current report
Other (Expense) Income, Net
Current report
In September 2026, we entered into the Credit Agreement described in Note 10, “Debt,” in the notes to condensed consolidated financial statements, which provides Intellia with a five-year senior secured credit facility of up to $400 million. $75 million was drawn upon closing (the “Initial Term Loan”), several potential delayed draw term loans amounting to $225 million are available if certain targets are met and there is an uncommitted potential additional incremental term loan of up to $100 million subject to mutual agreement by the parties.
Current report
The OrbiMed Credit Facility matures on September 4, 2031, and the entire then-outstanding principal amount of the loans will be due at that time. Loans outstanding under the credit facility bear interest, payable monthly, and the delayed draw term loans are also subject to fees on the undrawn amounts of 0.50% per annum. These fees will end when the relevant delayed-draw commitments are funded or terminated, which will be no later than March 31, 2029.
Current report
As of September 30, 2026, the outstanding principal balance of the Initial Term Loan is $75 million, of which no principal payments are due within the next 12 months.
Removed paragraphs (5)
Previous report
We significantly advanced our launch readiness activities in recent months, including finalizing our field medical, reimbursement and strategic accounts teams and engaging with HAE treatment centers around the U.S. In April 2026, we announced the initiation of a rolling biologics license application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for lonvo-z. We expect the FDA to accept our submission in the second half of 2026. If approved, we plan to launch lonvo-z commercially in the first half of 2027.
Previous report
We remain on track to complete patient enrollment in MAGNITUDE-2 in the second half of 2026.
Previous report
Other Income, Net
Previous report
Comparison of Six Months Ended June 30, 2026 and 2025
Previous report
Other Income (Expense), Net
Reworded paragraphs (49)
Previous wording
our ability to execute our planned commercial launch of lonvoguran ziclumeran (“lonvo-z,” previously referred to as NTLA-2002), our program for the treatment of hereditary angioedema (“HAE”), including that the U.S. Food and Drug Administration (“FDA”) will accept our submission of a biologics license application (“BLA”) seeking approval for lonvo-z in the second half of 2026, we expect to receive approval to market lonvo-z, and we plan to launch lonvo-z in the U.S. in the first half of 2027, or the success of such program;
Current wording
our ability to execute our planned commercial launch of lonvoguran ziclumeran (“lonvo-z,” previously referred to as NTLA-2002), our program for the treatment of hereditary angioedema (“HAE”), including that the U.S. Food and Drug Administration (“FDA”) will approve our biologics license application (“BLA”) for lonvo-z such that we can launch lonvo-z in the U.S. in the first quarter of 2027, or the success of such program;
Previous wording
our ability to execute our clinical study strategy for nexiguran ziclumeran (“nex-z,” previously referred to as NTLA-2001), our program for the treatment of transthyretin (“ATTR”) amyloidosis, including our ability to complete enrollment in MAGNITUDE-2 in the second half of 2026, and our ability to successfully complete the MAGNITUDE and MAGNITUDE-2 Phase 3 studies, or the success of such program;
Current wording
our ability to execute our clinical study strategy for nexiguran ziclumeran (“nex-z,” previously referred to as NTLA-2001), our program for the treatment of transthyretin (“ATTR”) amyloidosis, including our ability to successfully complete the MAGNITUDE and MAGNITUDE-2 Phase 3 studies, or the success of such program;
Previous wording
our ability to manufacture or obtain materials for our preclinical and clinical studies, and our product candidates;
Current wording
our ability to manufacture or obtain materials for our nonclinical and clinical studies, our product candidates and, if approved, our commercial products;
Previous wording
the issuance or enforcement of, and compliance with, regulatory requirements and guidance regarding preclinical and clinical studies relevant to genome editing and our product candidates;
Current wording
the issuance or enforcement of, and compliance with, regulatory requirements and guidance regarding nonclinical and clinical studies relevant to genome editing and our product candidates;
Previous wording
For over a decade, we have applied our proprietary technologies and expertise, including CRISPR-based gene editing technologies, oligonucleotides, and lipid nanoparticles (“LNPs”), to develop novel, first-in-class product candidates. This includes the development of lonvoguran ziclumeran (“lonvo-z,” previously referred to as NTLA-2002) for the treatment of hereditary angioedema (“HAE”) and nexiguran ziclumeran (“nex-z,” previously referred to as NTLA-2001) for the treatment of transthyretin (“ATTR”) amyloidosis. These lead product candidates are the firstin vivo genome editing product candidates to advance into Phase 3 clinical development. These systemically administered CRISPR-based candidates are designed to address diseases with high unmet need with a single intravenous (“IV”) infusion that is administered in an outpatient setting. In April 2026, we reported positive topline data from the global Phase 3 HAELO clinical trial of lonvo-z in HAE, and preparations are underway for the planned commercial launch of lonvo-z in the first half of 2027, if approved.
Current wording
For over a decade, we have applied our proprietary technologies and expertise, including CRISPR-based gene editing technologies, oligonucleotides, and lipid nanoparticles (“LNPs”), to develop novel, first-in-class product candidates. This includes the development of lonvoguran ziclumeran (“lonvo-z,” previously referred to as NTLA-2002) for the treatment of hereditary angioedema (“HAE”) and nexiguran ziclumeran (“nex-z,” previously referred to as NTLA-2001) for the treatment of transthyretin (“ATTR”) amyloidosis. These lead product candidates are the firstin vivo genome editing product candidates to advance into Phase 3 clinical development. These systemically administered CRISPR-based candidates are designed to address diseases with high unmet need with a single intravenous (“IV”) infusion that is administered in an outpatient setting. In April 2026, we reported positive topline data from the global Phase 3 HAELO clinical trial of lonvo-z in HAE, and preparations are underway for the planned commercial launch of lonvo-z in the first quarter of 2027, if approved.
Previous wording
Our strategy is to (1) advance the clinical development of our lead CRISPR-based product candidates, (2) build and leverage a fully integrated commercial-stage infrastructure, (3) expand our pipeline utilizing our expertise and proprietary technologies, and (4) collaborate with partners to expand our technology reach and maximize our return on investment. All of our revenue to date has been collaboration revenue. Since our inception and through June 30, 2026, we have funded our operations through our initial public offering (“IPO”), private placements, follow-on public offerings, at-the-market offerings, the sale of convertible preferred stock and through our collaboration agreements.
Current wording
Our strategy is to (1) advance the clinical development of our lead CRISPR-based product candidates, (2) build and leverage a fully integrated commercial-stage infrastructure, (3) expand our pipeline utilizing our expertise and proprietary technologies, and (4) collaborate with partners to expand our technology reach and maximize our return on investment. All of our revenue to date has been collaboration revenue. Since our inception and through September 30, 2026, we have funded our operations through our initial public offering (“IPO”), private placements, follow-on public offerings, at-the-market offerings, the sale of convertible preferred stock, debt financing and our collaboration agreements.
Previous wording
Lonvo-z is a wholly owned, investigationalin vivo CRISPR-based therapeutic candidate designed to inactivate thekallikrein B1 (“KLKB1”)gene in the liver, drive consistent, deep and potentially lifelong reduction in kallikrein levels, and dramatically reduce or eliminate HAE attacks via a one-time treatment. It also aims to eliminate the significant burdens associated with currently available HAE therapies.
Current wording
Lonvo-z is a wholly owned, investigationalin vivo CRISPR-based therapeutic candidate that is designed as a one-time treatment and is intended to inactivate thekallikrein B1 (“KLKB1”)gene in the liver to permanently lower kallikrein and bradykinin levels, and to eliminate HAE attacks and the need for lifelong treatment.
Previous wording
HAELO is our Phase 3 clinical study of lonvo-z for the treatment of HAE. HAELO is a global, randomized, double-blind, placebo-controlled study that was designed to evaluate the efficacy and safety of lonvo-z planned for 60 adults with Type I or Type II HAE. Patients were randomized 2:1 to receive a single 50 mg infusion of lonvo-z or placebo. Patients randomized to the placebo arm are eligible for optional crossover to lonvo-z at week 28. The primary endpoint is the number of HAE attacks from week 5 through week 28. In January 2025, we announced that the first patient had been dosed in the global Phase 3 study. In September 2025, we announced that enrollment was completed. In total, 80 patients were enrolled in the trial and received a one-time 50 mg dose of lonvo-z or placebo.
Current wording
HAELO is our Phase 3 clinical study of lonvo-z for the treatment of HAE. HAELO is a global, randomized, double-blind, placebo-controlled study that was designed to evaluate the efficacy and safety of lonvo-z for adults with Type I or Type II HAE. Patients were randomized 2:1 to receive a single 50 mg infusion of lonvo-z or placebo. Patients randomized to the placebo arm are eligible for optional crossover to lonvo-z at week 28. The primary endpoint is the number of HAE attacks from week 5 through week 28. In January 2025, we announced that the first patient had been dosed in the global Phase 3 study. In September 2025, we announced that enrollment was completed. In total, 80 patients were enrolled in the trial and received a one-time 50 mg dose of lonvo-z or placebo.
Previous wording
Nex-z is an investigationalin vivo CRISPR-based therapeutic candidate designed to inactivate the TTR gene in the liver, thereby preventing the production of TTR protein. Delivered with ourin vivo LNP technology, nex-z offers the possibility of halting and reversing the disease by driving a deep, consistent and potentially lifelong reduction in TTR protein after a one-time treatment.
Current wording
Nex-z is an investigationalin vivo CRISPR-based therapeutic candidate designed to inactivate the TTR gene in the liver, thereby preventing the production of transthyretin (“TTR”) protein. Delivered with ourin vivo LNP technology, nex-z offers the possibility of halting and reversing disease by driving a rapid, deep, consistent and potentially lifelong reduction in TTR protein after a one-time treatment.
Previous wording
Intellia has advanced enrollment in its MAGNITUDE and MAGNITUDE-2 Phase 3 clinical trials of nex-z in ATTR amyloidosis with cardiomyopathy (“ATTR-CM”) and hereditary ATTR amyloidosis with polyneuropathy (“ATTRv-PN”), respectively. We remain on track to complete patient enrollment in MAGNITUDE-2 in the second half of 2026.
Current wording
Intellia has made significant progress advancing enrollment in its MAGNITUDE Phase 3 clinical trial of nex-z in ATTR amyloidosis with cardiomyopathy (“ATTR-CM”). On November 4, we announced that we completed enrollment in our MAGNITUDE-2 Phase 3 clinical trial in hereditary ATTR amyloidosis with polyneuropathy (“ATTRv-PN”) during the third quarter, exceeding our targeted randomization of 60 patients.
Previous wording
In January 2026, we announced that the FDA lifted the clinical hold on the IND for MAGNITUDE-2 for patients with ATTRv-PN. In March 2026, we announced that the FDA lifted the clinical hold on the IND for MAGNITUDE for patients with ATTR-CM. Patient enrollment is advancing in both trials.
Current wording
In January 2026, we announced that the FDA lifted the clinical hold on the IND for MAGNITUDE-2 for patients with ATTRv-PN. In March 2026, we announced that the FDA lifted the clinical hold on the IND for MAGNITUDE for patients with ATTR-CM.
Previous wording
In August 2026 we announced that, together with Regeneron Pharmaceuticals, Inc. (“Regeneron”) and other external experts, we recently conducted a comprehensive genomic analysis of more than 600 patient samples across nex-z clinical trials. The analysis revealed that the highest observed liver transaminase elevations were in patients carrying one specific human leukocyte antigen (“HLA”) allele. As we engage with the FDA regarding this finding, we will provide HLA genotyping results to investigators and patients enrolled or entering screening in the ongoing nex-z Phase 3 trials.
Current wording
In August 2026 we announced that, together with Regeneron Pharmaceuticals, Inc. (“Regeneron”) and other external experts, we conducted a comprehensive genomic analysis of more than 600 patient samples across nex-z clinical trials. The analysis revealed that the highest observed liver transaminase elevations were in patients carrying one specific human leukocyte antigen (“HLA”) allele. As we engage with the FDA regarding this finding, we will provide HLA genotyping results for patients who are enrolled or entering screening in the ongoing nex-z Phase 3 trials.
Previous wording
In November 2024, we announced that the FDA had cleared our nex-z IND application to initiate the MAGNITUDE-2 pivotal Phase 3 trial for ATTRv-PN. MAGNITUDE-2 is an international, randomized, double-blind, placebo-controlled study to evaluate the efficacy and safety of nex-z in 50 adults with ATTRv-PN. Patients will be randomized 1:1 to receive a single 55 mg infusion of nex-z or placebo. Patients randomized to the placebo arm will be eligible for optional crossover to receive nex-z following month 18. The primary endpoints are the change from baseline in modified Neuropathy Impairment Score +7 (mNIS+7) at month 18 and serum TTR at day 29. The mNIS+7 scale is a validated measure specifically designed to assess and quantify polyneuropathy impairment, including muscle weakness, muscle stretch reflexes, sensory loss and autonomic impairment. In April 2025, we announced that the first patient was randomized and dosed with nex-z in the global Phase 3 MAGNITUDE-2 study.
Current wording
In November 2024, we announced that the FDA had cleared our nex-z IND application to initiate the MAGNITUDE-2 pivotal Phase 3 trial for ATTRv-PN. MAGNITUDE-2 is an international, randomized, double-blind, placebo-controlled study to evaluate the efficacy and safety of nex-z in adults with ATTRv-PN. Patients will be randomized 1:1 to receive a single 55 mg infusion of nex-z or placebo. Patients randomized to the placebo arm will be eligible for optional crossover to receive nex-z following month 18. The primary endpoints are the change from baseline in modified Neuropathy Impairment Score +7 (mNIS+7) at month 18 and serum TTR at day 29. The mNIS+7 scale is a validated measure specifically designed to assess and quantify polyneuropathy impairment, including muscle weakness, muscle stretch reflexes, sensory loss and autonomic impairment. In April 2025, we announced that the first patient was randomized and dosed with nex-z in the global Phase 3 MAGNITUDE-2 study.
Previous wording
In order to treat—and potentially cure—a broader range of severe diseases, we and our collaboration partners are advancing the development of additional clinical and preclinical product candidates. Throughout our history, we have leveraged collaborations to expand and accelerate the development of product candidates. Our current relationships include our collaboration with Regeneron and other research collaborations focused on the development of product candidates. See Note 7, “Collaborations and Other Arrangements” of our condensed consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for additional information related to the terms of the agreements between us and our collaborators.
Current wording
In order to treat—and potentially cure—a broader range of severe diseases, we and our collaboration partners are advancing the development of additional clinical and nonclinical product candidates. Throughout our history, we have leveraged collaborations to expand and accelerate the development of product candidates. Our current relationships include our collaboration with Regeneron and other research collaborations focused on the development of product candidates. See Note 7, “Collaborations and Other Arrangements” of our condensed consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for additional information related to the terms of the agreements between us and our collaborators.
Previous wording
During the three and six months ended June 30, 2026 and 2025, other income (expense), net consists of interest income earned on our cash, cash equivalents, restricted cash equivalents and marketable securities and change in the fair value of our investments.
Current wording
During the three and nine months ended September 30, 2026 and 2025, other income (expense), net consists of interest income earned on our cash, cash equivalents, restricted cash equivalents and marketable securities, interest expense related to our long-term debt and change in the fair value of our investments.
Previous wording
Research and development expenses decreased by $14.4 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.
Current wording
Research and development expenses decreased by $11.4 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.
Previous wording
a $5.7 million decrease in external costs related to the development of nex-z, one of our lead product candidates, primarily due to a decrease in spend on contracted services and consulting fees;
Current wording
a $1.5 million increase in external costs related to the development of nex-z, one of our lead product candidates, primarily due to an increase in spend on contracted services and consulting fees, offset in part by a decrease in spend on drug components;
Previous wording
a $2.5 million decrease in external costs related to the development of lonvo-z, one of our lead product candidates, primarily due to a decrease in spend on drug components and contracted services, offset in part by an increase in consulting fees;
Current wording
a $4.9 million decrease in external costs related to the development of lonvo-z, one of our lead product candidates, primarily due to a decrease in spend on drug components and contracted services, offset in part by an increase in consulting fees;
Previous wording
a $1.9 million increase in employee-related expenses driven primarily by increased employee headcount in 2026, offset in part by a decrease in consulting fees;
Current wording
a $1.4 million increase in employee-related expenses driven primarily by increased employee headcount in 2026, offset in part by a decrease in consulting fees;
Previous wording
a $3.0 million decrease in research materials and contracted services driven primarily by a decrease in spend on drug components;
Current wording
a $4.6 million decrease in research materials and contracted services driven primarily by a decrease in spend on drug components;
Previous wording
a $3.3 million decrease in facility-related expenses primarily related to a decrease in rent expense allocated to research and development; and
Current wording
a $0.7 million increase in facility-related expenses primarily related to rent expense allocated to research and development resulting from the commencement of our 400 Technology Square Lease; and
Previous wording
a $4.6 million decrease in stock-based compensation driven by lower grant date fair values of share-based awards granted in the current period.
Current wording
a $4.9 million decrease in stock-based compensation driven by lower grant date fair values of share-based awards granted in the current period.
Previous wording
General and administrative expenses increased by $10.6 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. This increase is primarily related to increased legal expenses, compensation, and consulting costs associated with the continued buildout of a commercial function.
Current wording
General and administrative expenses increased by $15.6 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. This increase is primarily related to increased legal expenses, facility-related costs allocated to general and administrative, compensation, and consulting costs associated with the continued buildout of a commercial function.
Previous wording
The decrease in other income, net of $2.6 million is primarily related to a $1.6 million decrease in interest income and a $1.0 million decrease in income due to the change in fair value of our investment.
Current wording
The decrease in other income, net of $15.3 million is primarily related to a $0.9 million decrease in interest income, a $0.6 million increase in interest expense and a $13.8 million decrease in income due to the change in fair value of our investments.
Previous wording
Collaboration revenue decreased by $8.2 million to $22.7 million during the six months ended June 30, 2026, as compared to $30.9 million during the six months ended June 30, 2025. The decrease in collaboration revenue during the six months ended June 30, 2026 is primarily due to a reduction in revenue under the 2016 Regeneron Agreement, the achievement of a development milestone for the hemophilia B program under the 2016 Regeneron Agreement in 2025, and decreased material shipments to collaboration partners. Refer to Note 7 to our condensed consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for further details.
Current wording
Collaboration revenue decreased by $14.8 million to $29.9 million during the nine months ended September 30, 2026, as compared to $44.7 million during the nine months ended September 30, 2025. The decrease in collaboration revenue during the nine months ended September 30, 2026 is primarily due to a reduction in revenue under the 2016 Regeneron Agreement, the achievement of a development milestone for the hemophilia B program under the 2016 Regeneron Agreement in 2025, and decreased material shipments to collaboration partners. Refer to Note 7 to our condensed consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for further details.
Previous wording
Research and development expenses decreased by $42.1 million to $163.3 million during the six months ended June 30, 2026, as compared to $205.5 million during the six months ended June 30, 2025.
Current wording
Research and development expenses decreased by $53.5 million to $246.7 million during the nine months ended September 30, 2026, as compared to $300.2 million during the nine months ended September 30, 2025.
Previous wording
The decrease in research and development expenses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily attributable to:
Current wording
The decrease in research and development expenses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily attributable to:
Previous wording
an $8.6 million decrease in external costs related to the development of nex-z, one of our lead product candidates, primarily due to a decrease in spend on contracted services, drug components and consulting fees;
Current wording
a $7.1 million decrease in external costs related to the development of nex-z, one of our lead product candidates, primarily due to a decrease in spend on contracted services, drug components and consulting fees;
Previous wording
a $5.0 million decrease in external costs related to the development of lonvo-z, one of our lead product candidates, primarily due to a decrease in spend on drug components, offset in part by an increase in consulting fees;
Current wording
a $9.9 million decrease in external costs related to the development of lonvo-z, one of our lead product candidates, primarily due to a decrease in spend on drug components, offset in part by an increase in consulting fees;
Previous wording
a $5.0 million decrease in employee-related expenses driven primarily by decreased consulting fees and severance expense related to a workforce reduction in January 2025, offset in part by an increase in compensation costs due to an increase in headcount in 2026;
Current wording
a $3.6 million decrease in employee-related expenses driven primarily by severance expense related to the Company's workforce reduction in January 2025 and decreased consulting fees, offset in part by an increase in compensation costs due to an increase in headcount in 2026;
Previous wording
a $10.6 million decrease in research materials and contracted services primarily driven by internal research and development spend, contracted services and drug components;
Current wording
a $15.2 million decrease in research materials and contracted services primarily driven by a decrease in spend on drug components;
Previous wording
a $0.9 million decrease in facility-related expenses primarily related to a decrease in rent expense allocated to research and development; and
Current wording
a $2.7 million decrease in facility-related expenses primarily related to rent expense and depreciation; and
Previous wording
a $9.7 million decrease in stock-based compensation driven by lower grant date fair values of share-based awards.
Current wording
a $14.5 million decrease in stock-based compensation driven by lower grant date fair values of share-based awards.
Previous wording
General and administrative expenses increased by $16.5 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. This increase was primarily related to an increase in legal expenses, as well as increased compensation and consulting costs associated with the continued buildout of a commercial function.
Current wording
General and administrative expenses increased by $32.1 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. This increase was primarily related to an increase in legal expenses, as well as increased compensation and consulting costs associated with the continued buildout of a commercial function.
Previous wording
The decrease in other income, net of $4.8 million is primarily related to a $5.0 million decrease in interest income, offset by a $0.2 million decrease in expense due to the change in fair value of our investments.
Current wording
The decrease in other income, net of $20.1 million is primarily related to a $5.9 million decrease in interest income, a $0.6 million increase in interest expense and a $13.6 million increase in expense due to the change in fair value of our investments.
Previous wording
Since our inception through June 30, 2026, we have funded our operations through an initial public offering, private placements, follow-on public offerings, at-the-market offerings, the sale of convertible preferred stock and through our collaboration agreements.
Current wording
Since our inception through September 30, 2026, we have funded our operations through an initial public offering, private placements, follow-on public offerings, at-the-market offerings, the sale of convertible preferred stock, debt financing and our collaboration agreements.
Previous wording
As of June 30, 2026, we had $628.4 million in cash, cash equivalents and marketable securities.
Current wording
As of September 30, 2026, we had $614.8 million in cash, cash equivalents and marketable securities.
Previous wording
In March 2022, we entered into an Open Market Sale Agreement (the “2022 Sale Agreement”) with Jefferies LLC (“Jefferies”), under which Jefferies was able to offer and sell, from time to time in “at-the-market” offerings, shares of our common stock having aggregate gross proceeds of up to $400.0 million. In February 2024, we entered into an amendment to the 2022 Sale Agreement to increase the size of the at-the-market offering program from $400.0 million to $750.0 million. In March 2026, we entered into Amendment No. 2 to the 2022 Sale Agreement (the “2022 Sale Agreement, as amended”) to increase the size of the at-the-market offering program from $750.0 million to $1,035.3 million. We agreed to pay cash commissions of up to 3.0% of the gross proceeds of sales of common stock under the 2022 Sale Agreement, as amended. Through June 30, 2026 we have issued 28,925,501 shares of our common stock under the 2022 Sale Agreement, as amended. During the six months ended June 30, 2026, we issued 2,612,344 shares of our common stock, in a series of sales, at an average price of $13.21 per share, in accordance with the 2022 Sale Agreement, as amended, for aggregate net proceeds of $33.6 million, after commissions and offering costs. As of June 30, 2026, $368.5 million in shares of common stock remain eligible for sale under the 2022 Sale Agreement, as amended.
Current wording
In March 2022, we entered into an Open Market Sale Agreement (the “2022 Sale Agreement”) with Jefferies LLC (“Jefferies”), under which Jefferies was able to offer and sell, from time to time in “at-the-market” offerings, shares of our common stock having aggregate gross proceeds of up to $400.0 million. In February 2024, we entered into an amendment to the 2022 Sale Agreement to increase the size of the at-the-market offering program from $400.0 million to $750.0 million. In March 2026, we entered into Amendment No. 2 to the 2022 Sale Agreement (the “2022 Sale Agreement, as amended”) to increase the size of the at-the-market offering program from $750.0 million to $1,035.3 million. We agreed to pay cash commissions of up to 3.0% of the gross proceeds of sales of common stock under the 2022 Sale Agreement, as amended. Through September 30, 2026 we have issued 28,925,501 shares of our common stock under the 2022 Sale Agreement, as amended. During the nine months ended September 30, 2026, we issued 2,612,344 shares of our common stock, in a series of sales, at an average price of $13.21 per share, in accordance with the 2022 Sale Agreement, as amended, for aggregate net proceeds of $33.6 million, after commissions and offering costs. As of September 30, 2026, $368.5 million in shares of common stock remain eligible for sale under the 2022 Sale Agreement, as amended.
Previous wording
Because our lead programs are in the clinical stage and the outcome of these efforts is uncertain, we cannot estimate the actual amounts necessary to successfully complete the development and commercialization of any future product candidates or whether, or when, we may achieve profitability. Until such time as we can generate substantial product revenues, if ever, we expect to fund our ongoing cash needs through financings and collaboration arrangements. We receive cost reimbursements from Regeneron related to our collaboration agreements with Regeneron. Additionally, we are eligible to earn milestone payments and royalties upon achievement of certain events under our collaboration agreements. Except for these sources of funding, we will not have any committed external source of liquidity. To the extent that we raise additional capital through the future sale of equity, the ownership interest of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our existing stockholders. If we raise additional funds through collaboration arrangements in the future, we may have to relinquish valuable rights to our technologies, future revenue streams or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.
Current wording
We cannot estimate the actual amounts necessary to successfully complete the development and commercialization of any future product candidates or whether, or when, we may achieve profitability. Until such time as we can generate substantial product revenues, if ever, we expect to fund our ongoing cash needs through financings and collaboration arrangements. For example, we have received funds from the OrbiMed Credit Facility and cost reimbursements from Regeneron related to our collaboration agreements with Regeneron. Additionally, we are eligible to earn milestone payments and royalties upon achievement of certain events under our collaboration agreements. Except for these sources of funding, we will not have any committed external source of liquidity. To the extent that we raise additional capital through the future sale of equity, the ownership interest of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our existing stockholders. If we raise additional funds through collaboration arrangements in the future, we may have to relinquish valuable rights to our technologies, future revenue streams or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.
Previous wording
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 planning assumptions and any potential commercial revenues from lonvo-z. We have based this estimate on current assumptions that may prove to be wrong, and we could use our capital resources sooner than we expect.
Current wording
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 September 30, 2026, which includes the net proceeds from our April 2026 equity offering and the net proceeds from our recent debt financing, in addition to 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 planning assumptions and any potential commercial revenues from lonvo-z. We have based this estimate on current assumptions that may prove to be wrong, and we could use our capital resources sooner than we expect.
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