Detailed financial statements for Intellia Therapeutics, Inc. (NTLA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Intellia Therapeutics, Inc. is a biotechnology firm dedicated to advancing therapeutic treatments through its expertise in genome editing. The company's pipeline includes several in vivo (administered within the body) programs. NTLA-2001 is currently undergoing a Phase 1 clinical trial for transthyretin amyloidosis, while NTLA-2002 targets hereditary angioedema.
Analysis Summary
Intellia Therapeutics, Inc. reported revenue of $67.7M in the most recent fiscal year, growing at a 5-year CAGR of 3.1%.
Trailing-twelve-month margins: gross margin -46.5%, operating margin -7.1%, net margin -6.7%.
At the current price of $11.49, NTLA has negative trailing earnings (P/E not meaningful) and an ROE of -57.79%. Market capitalisation stands at $1.6B.
Balance sheet quality for NTLA: current ratio of 5.1, net cash position of $356.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.5M | $26.1M | $30.4M | $43.1M | $58.0M | $33.1M | $52.1M | $36.3M | $57.9M | $67.7M |
| Cost of Revenue | $31.8M | $67.6M | $89.1M | $108.4M | $150.4M | $6.9M | $7.6M | $9.0M | $10.3M | $15.9M |
| Gross Profit | -$15.4M | -$41.5M | -$58.7M | -$65.3M | -$92.4M | $26.2M | $44.5M | $27.3M | $47.6M | $51.7M |
| Research & Development | $31.8M | $67.6M | $89.1M | $108.4M | $150.4M | $229.8M | $420.0M | $435.1M | $466.3M | $388.9M |
| Selling, General & Admin | $16.8M | $28.0M | $32.2M | $41.1M | $44.2M | $71.1M | $90.3M | $116.5M | $125.8M | $119.8M |
| Operating Expenses | $48.6M | $95.7M | $121.3M | $41.1M | $44.2M | $294.0M | $502.7M | $542.6M | $581.9M | $492.7M |
| Operating Income | -$32.2M | -$69.6M | -$90.9M | -$106.4M | -$136.6M | -$267.9M | -$458.2M | -$515.3M | -$534.3M | -$441.0M |
| EBITDA | -$31.1M | -$66.6M | -$86.4M | -$100.8M | -$130.3M | -$261.0M | -$466.6M | -$472.2M | -$508.7M | -$396.8M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$31.6M | -$67.5M | -$85.3M | -$99.5M | -$134.2M | -$267.9M | -$474.2M | -$481.2M | -$519.0M | -$412.7M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$31.6M | -$67.5M | -$85.3M | -$99.5M | -$134.2M | -$267.9M | -$474.2M | -$481.2M | -$519.0M | -$412.7M |
| EPS | $-0.91 | $-1.88 | $-1.98 | $-1.96 | $-2.40 | $-3.78 | $-6.16 | $-5.42 | $-5.25 | $-3.81 |
| EPS (Diluted) | $-0.91 | $-1.88 | $-1.98 | $-1.96 | $-2.40 | $-3.78 | $-6.16 | $-5.42 | $-5.25 | $-3.81 |
| Shares Outstanding (Diluted) | $34.6M | $36.0M | $43.1M | $47.2M | $56.0M | $70.9M | $77.0M | $88.8M | $98.8M | $108.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $13.8M | $23.0M | $15.0M | $7.7M |
| Gross Profit | -$65.2M | $17.0M | $12.8M | $7.7M |
| Operating Income | -$111.5M | -$98.7M | -$100.5M | -$112.8M |
| EBITDA | -$96.4M | -$95.4M | -$94.0M | -$104.5M |
| Net Income | -$101.3M | -$95.8M | -$96.2M | -$106.6M |
| EPS | $-0.92 | $-0.83 | $-0.81 | $-0.80 |
| EPS (Diluted) | $-0.92 | $-0.83 | $-0.81 | $-0.80 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $273.1M | $340.7M | $58.9M | $57.2M | $160.0M | $123.4M | $523.5M | $226.7M | $189.2M | $155.5M |
| Short-term Investments | 0 | 0 | $255.2M | $222.5M | $437.4M | $625.3M | $669.1M | $685.5M | $412.3M | $294.4M |
| Receivables | $6.5M | $10.5M | $7.5M | $4.6M | $2.1M | $2.0M | $3.8M | $36.5M | $8.5M | $9.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $281.3M | $354.8M | $325.0M | $289.5M | $616.5M | $769.3M | $1.22B | $998.3M | $639.9M | $527.7M |
| Property, Plant & Equipment | $10.6M | $15.3M | $17.1M | $37.1M | $55.1M | $100.1M | $161.0M | $148.1M | $246.7M | $123.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $299.0M | $376.2M | $347.3M | $334.3M | $676.3M | $1.29B | $1.52B | $1.30B | $1.19B | $842.1M |
| Accounts Payable | $4.7M | $2.2M | $2.7M | $3.9M | $10.5M | $9.7M | $5.2M | $7.5M | $14.6M | $20.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $30.7M | $31.4M | $40.6M | $35.6M | $64.3M | $125.8M | $126.6M | $115.2M | $110.9M | $103.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $66.8M |
| Total Liabilities | $89.1M | $75.6M | $69.4M | $64.4M | $149.2M | $254.2M | $284.5M | $250.8M | $319.1M | $170.7M |
| Retained Earnings | -$53.6M | -$121.1M | -$201.0M | -$300.9M | -$435.1M | -$703.0M | -$1.18B | -$1.66B | -$2.18B | -$2.59B |
| Total Equity | $209.8M | $300.6M | $277.9M | $269.9M | $527.1M | $1.04B | $1.24B | $1.05B | $872.0M | $671.4M |
| Total Debt | 0 | 0 | 0 | $18.4M | $39.3M | $74.0M | $130.7M | $115.3M | $210.2M | $93.3M |
| Net Debt | -$273.1M | -$340.7M | -$314.1M | -$261.4M | -$558.1M | -$674.7M | -$1.06B | -$796.9M | -$391.3M | -$356.6M |
| Working Capital | $250.6M | $323.5M | $284.4M | $253.8M | $552.3M | $643.5M | $1.09B | $883.1M | $529.0M | $423.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $193.4M | $155.5M | $134.7M | $106.1M |
| Total Assets | $925.3M | $842.1M | $758.8M | $857.2M |
| Total Liabilities | $176.9M | $170.7M | $137.8M | $129.5M |
| Total Equity | $748.4M | $671.4M | $620.9M | $727.7M |
| Total Debt | $98.0M | $93.3M | $80.5M | $73.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$31.6M | -$67.5M | -$85.3M | -$99.5M | -$134.2M | -$267.9M | -$474.2M | -$481.2M | -$519.0M | -$519.0M |
| Depreciation & Amortization | $1.1M | $3.0M | $4.5M | $5.6M | $6.3M | $6.9M | $7.6M | $9.0M | $10.3M | $10.3M |
| Stock-based Compensation | $6.7M | $15.3M | $17.0M | $15.1M | $19.9M | $47.0M | $91.4M | $134.1M | $154.3M | $154.3M |
| Change in Working Capital | $59.9M | -$16.2M | $3.2M | -$20.7M | $57.5M | -$22.9M | -$53.9M | -$52.5M | $11.9M | -$73.8M |
| Operating Cash Flow | $36.1M | -$65.3M | -$61.3M | -$103.2M | -$49.9M | -$225.0M | -$333.3M | -$394.1M | -$348.9M | -$348.9M |
| Capital Expenditure | -$6.2M | -$10.1M | -$6.4M | -$6.8M | -$3.6M | -$12.8M | -$58.4M | -$14.0M | -$5.8M | -$5.8M |
| Acquisitions | 0 | 0 | $131000 | -$32.0M | 0 | -$3.0M | -$44.7M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $29.9M | -$75.4M | -$67.6M | -$110.0M | -$53.5M | -$237.8M | -$391.7M | -$408.1M | -$354.7M | -$354.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$76.9M | -$69.3M | -$117.3M | -$200.5M |
| Capital Expenditure | -$29000 | -$126000 | -$79000 | -$1.9M |
| Free Cash Flow | -$76.9M | -$69.4M | -$117.4M | -$202.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $19.6M | $90.8M | $13.5M | $31.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +58.5% | +16.5% | +41.6% | +34.5% | -43.0% | +57.7% | -30.4% | +59.6% | +16.9% | |
| Net Income Growth (YoY) | -113.5% | -26.4% | -16.6% | -34.9% | -99.6% | -77.0% | -1.5% | -7.9% | +20.5% | |
| EPS Growth (YoY) | -106.6% | -5.3% | +1.0% | -22.4% | -57.5% | -63.0% | +12.0% | +3.1% | +27.4% | |
| Shares Change (YoY) | +4.0% | +19.6% | +9.7% | +18.5% | +26.6% | +8.6% | +15.3% | +11.4% | +9.6% | |
| FCF Growth (YoY) | -351.7% | +10.3% | -62.7% | +51.4% | -344.5% | -64.7% | -4.2% | +13.1% | +0.0% | |
| Gross Margin | -93.2% | -159.0% | -192.8% | -151.5% | -159.4% | 79.2% | 85.5% | 75.3% | 82.2% | 76.5% |
| Operating Margin | -195.2% | -266.3% | -298.6% | -246.8% | -235.5% | -810.4% | -879.0% | -1420.5% | -923.1% | -651.7% |
| EBITDA Margin | -188.5% | -254.9% | -283.9% | -233.8% | -224.6% | -789.6% | -895.3% | -1301.8% | -879.0% | -586.3% |
| Net Margin | -192.0% | -258.6% | -280.4% | -230.9% | -231.5% | -810.5% | -909.8% | -1326.5% | -896.8% | -609.9% |
| FCF Margin | 181.7% | -288.6% | -222.2% | -255.3% | -92.2% | -719.4% | -751.5% | -1124.9% | -612.8% | -524.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.87 | $-2.09 | $-1.57 | $-2.33 | $-0.96 | $-3.35 | $-5.09 | $-4.60 | $-3.59 | $-3.27 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $34.6M | $36.0M | $43.1M | $47.2M | $56.0M | $70.9M | $77.0M | $88.8M | $98.8M | $108.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -57.79% |
| Return on Invested Capital | -52.86% |
| Return on Assets | -46.66% |
| Gross Margin | -46.48% |
| Operating Margin | -711.66% |
| Net Margin | -672.16% |
Financial Health
| Debt / Equity | 0.10 |
| Current Ratio | 6.65 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -14.41 | -10.22 | -6.89 | -7.48 | -22.67 | -31.28 | -5.66 | -5.63 | -2.22 | -2.36 |
| P/B | 2.16 | 2.30 | 2.12 | 2.57 | 5.78 | 8.06 | 2.17 | 2.58 | 1.32 | 1.45 |
| P/S | 27.54 | 26.50 | 19.32 | 16.08 | 52.52 | 253.61 | 51.53 | 74.61 | 19.91 | 14.40 |
| Gross Margin | -93.2% | -159.0% | -192.8% | -151.5% | -159.4% | 79.2% | 85.5% | 75.3% | 82.2% | 76.5% |
| Operating Margin | -195.2% | -266.3% | -298.6% | -246.8% | -235.5% | -810.4% | -879.0% | -1420.5% | -923.1% | -651.7% |
| Net Margin | -192.0% | -258.6% | -280.4% | -230.9% | -231.5% | -810.5% | -909.8% | -1326.5% | -896.8% | -609.9% |
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Explore sector: Healthcare · Biotechnology
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