Stock Analysis & Valuation Intellia Therapeutics, Inc. (0JBU.L)

• Previous Close: £13.25
• Sector Valuation Confidence Level: High

Valuation method	Value, £	Upside, %
Artificial intelligence (AI)	11.50	-13
Intrinsic value (DCF)	18.27	38
Graham-Dodd Method		n/a
Graham Formula		n/a

Strategic Investment Analysis

Company Overview

Intellia Therapeutics, Inc. is a pioneering genome editing company at the forefront of CRISPR/Cas9 technology, developing transformative therapeutics for genetic diseases. Headquartered in Cambridge, Massachusetts, Intellia focuses on both in vivo and ex vivo gene-editing approaches. Its in vivo pipeline includes NTLA-2001 for transthyretin amyloidosis (Phase 1) and NTLA-2002 for hereditary angioedema, alongside liver-targeted programs for hemophilia, hyperoxaluria, and alpha-1 antitrypsin deficiency. The ex vivo pipeline features NTLA-5001 for acute myeloid leukemia and engineered cell therapies for oncology and autoimmune disorders. Strategic collaborations with Novartis, Regeneron, and SparingVision bolster its R&D capabilities. Operating in the high-growth Medical-Pharmaceuticals sector, Intellia combines cutting-edge science with partnerships to address unmet medical needs, positioning itself as a leader in next-generation genetic medicine.

Investment Summary

Intellia Therapeutics presents a high-risk, high-reward investment opportunity in the CRISPR gene-editing space. With a market cap of ~$945M (USD) and no revenue from commercialized products, the company is heavily reliant on clinical success and partnerships. Its Phase 1 candidates (NTLA-2001/2002) show promise, but the net loss of -$519M (2024) and negative operating cash flow (-$348M) underscore significant burn risk. Collaboration revenue ($57.8M) from Regeneron/Novartis provides runway, but dilution risk persists (EPS: -$5.25). The high beta (2.33) reflects volatility, making it suitable for speculative investors bullish on CRISPR's long-term potential.

Competitive Analysis

Intellia competes in the CRISPR therapeutics space with a dual in vivo/ex vivo strategy, differentiated by its lipid nanoparticle delivery system for systemic gene editing—a key advantage over ex vivo-focused peers. Its partnership with Regeneron provides funding and validation, while the Novartis collaboration in hematopoietic stem cells expands its ex vivo reach. However, Intellia trails CRISPR Therapeutics (with a Phase 3 sickle cell therapy) in clinical-stage progress. Intellia's liver-targeted programs face competition from Alnylam's RNAi therapies (e.g., Onpattro for ATTR amyloidosis), though CRISPR offers permanent editing versus chronic RNAi dosing. The lack of commercial-stage assets is a weakness relative to Editas (with partnered programs advancing). Intellia's IP around Cas9 variants and delivery tech provides moat, but reliance on early-stage data and high R&D costs (evidenced by -$519M net income) necessitate careful monitoring of clinical milestones.

Major Competitors

• CRISPR Therapeutics AG (CRSP): CRISPR Therapeutics leads in ex vivo gene editing with CTX001 (Phase 3 for sickle cell/beta-thalassemia, partnered with Vertex). Its CAR-T pipeline and hemoglobinopathies focus complement Intellia's in vivo approach. Stronger clinical-stage progress but lacks Intellia's systemic delivery capabilities. Cash reserves and Vertex partnership reduce funding risk.
• Editas Medicine, Inc. (EDIT): Editas focuses on ocular (EDIT-101 for LCA10) and sickle cell diseases using CRISPR/Cas9 and proprietary AsCas12a. Slower clinical progress than Intellia but has strategic ties to Bristol Myers Squibb. Weakness in delivery tech compared to Intellia's LNP platform. Similar pre-revenue status with higher cash burn relative to market cap.
• Beam Therapeutics Inc. (NTLA): Beam's base editing tech offers precision over Intellia's CRISPR/Cas9, potentially reducing off-target effects. Focus on sickle cell (BEAM-101) and alpha-1 antitrypsin deficiency overlaps with Intellia. Earlier-stage pipeline and lack of major pharma partnerships put it at a resource disadvantage versus Intellia's Regeneron alliance.
• Alnylam Pharmaceuticals, Inc. (ALNY): Alnylam's RNAi therapies (e.g., Onpattro, Amvuttra) compete with Intellia's ATTR and HAE programs. Commercial-stage revenue ($895M in 2022) and proven delivery tech are strengths, but RNAi requires chronic dosing versus CRISPR's one-time edit. More diversified but lacks gene-editing IP.