Revenue is highly volatile, swinging from $28.9M in 2024Q1 to $7.7M in 2026Q2, while operating losses narrowed to -$112.8M in 2026Q2 from -$144.8M in 2024Q3, yet the TTM net margin of -13.9% reflects persistent R&D burn averaging over $100M per quarter.
Intellia Therapeutics, Inc. (NTLA) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 52.89M | 67.67M | 57.88M | 36.27M | 52.12M | 33.05M | 57.99M | 43.1M | 30.43M | 26.12M | 16.48M | 6.04M | 0 |
| Revenue Growth % | -8.07% | 16.92% | 59.55% | -30.4% | 57.69% | -43.01% | 34.55% | 41.63% | 16.53% | 58.49% | 172.65% | - | - |
| Cost of Goods Sold | 8.22M | 15.92M | 10.29M | 8.98M | 7.57M | 6.89M | 150.41M | 108.41M | 89.11M | 67.65M | 31.84M | 11.17M | 1.66M |
| COGS % of Revenue | - | 23.53% | 17.77% | 24.74% | 14.53% | 20.85% | 259.35% | 251.52% | 292.81% | 259.02% | 193.22% | 184.81% | - |
| Gross Profit | 44.67M | 51.75M | 47.59M | 27.3M | 44.55M | 26.16M | -92.41M | -65.31M | -58.68M | -41.53M | -15.36M | -5.13M | -1.66M |
| Gross Margin % | 84.46% | 76.47% | 82.23% | 75.26% | 85.47% | 79.15% | -159.35% | -151.52% | -192.81% | -159.02% | -93.22% | -84.81% | - |
| Gross Profit Growth % | - | 8.73% | 74.34% | -38.72% | 70.28% | 128.31% | -41.5% | -11.3% | -41.3% | -170.36% | -199.67% | -209.26% | - |
| Operating Expenses | 479M | 492.74M | 581.86M | 542.59M | 502.71M | 294.01M | 44.17M | 41.06M | 121.3M | 95.67M | 48.64M | 19.45M | 12.65M |
| OpEx % of Revenue | - | 728.14% | 1005.33% | 1495.77% | 964.51% | 889.52% | 76.16% | 95.26% | 398.58% | 366.32% | 295.15% | 321.86% | - |
| Selling, General & Admin | 151.88M | 119.8M | 125.83M | 116.5M | 90.31M | 71.1M | 44.17M | 41.06M | 32.19M | 28.02M | 16.8M | 8.28M | 3.57M |
| SG&A % of Revenue | - | 177.03% | 217.41% | 321.15% | 173.26% | 215.1% | 76.16% | 95.26% | 105.77% | 107.31% | 101.94% | 137.04% | - |
| Research & Development | 335.33M | 388.86M | 466.31M | 435.07M | 419.98M | 229.81M | 150.41M | 108.41M | 89.11M | 67.65M | 31.84M | 11.17M | 10.74M |
| R&D % of Revenue | - | 574.63% | 805.69% | 1199.36% | 805.78% | 695.27% | 259.35% | 251.52% | 292.81% | 259.02% | 193.22% | 184.81% | - |
| Other Operating Expenses | -2M | -15.92M | -10.29M | -8.98M | -7.57M | -6.89M | -150.41M | -108.41M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -434.33M | -440.99M | -534.26M | -515.29M | -458.16M | -267.85M | -136.58M | -106.37M | -90.87M | -69.56M | -32.16M | -13.41M | -5.23M |
| Operating Margin % | -821.24% | -651.67% | -923.1% | -1420.51% | -879.04% | -810.37% | -235.51% | -246.78% | -298.58% | -266.32% | -195.15% | -221.86% | - |
| Operating Income Growth % | - | 17.46% | -3.68% | -12.47% | -71.05% | -96.11% | -28.41% | -17.06% | -30.64% | -116.28% | -139.83% | -156.58% | - |
| EBITDA | -434.21M | -425.07M | -523.98M | -506.31M | -450.59M | -260.96M | -130.27M | -100.78M | -86.41M | -66.56M | -31.05M | -13.08M | -5.22M |
| EBITDA Margin % | -821.02% | -628.14% | -905.33% | -1395.77% | -864.51% | -789.52% | -224.63% | -233.81% | -283.91% | -254.86% | -188.45% | -216.43% | - |
| EBITDA Growth % | 6.87% | 18.88% | -3.49% | -12.37% | -72.67% | -100.32% | -29.26% | -16.64% | -29.81% | -114.33% | -137.41% | -150.52% | - |
| D&A (Non-Cash Add-back) | 4.66M | 15.92M | 10.29M | 8.98M | 7.57M | 6.89M | 6.31M | 5.59M | 4.46M | 2.99M | 1.1M | 328K | 4.5K |
| EBIT | -425.52M | -412.69M | -519.02M | -481.19M | -474.19M | -267.89M | -136.58M | -106.37M | -90.87M | -69.56M | -32.16M | -13.41M | -9.54M |
| Net Interest Income | 22.7M | 29.2M | 47.81M | 49.83M | 8.54M | 1.28M | 2.35M | 6.83M | 5.53M | 2.01M | 525K | 0 | 0 |
| Interest Income | 23.32M | 29.2M | 47.81M | 49.83M | 8.54M | 1.28M | 2.35M | 6.83M | 5.53M | 2.01M | 525K | 0 | 0 |
| Interest Expense | 611K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 8.19M | 28.3M | 15.24M | 34.1M | -16.02M | -42K | 2.35M | 6.83M | 5.53M | 2.01M | 525K | 0 | -9.08M |
| Pretax Income | -426.14M | -412.69M | -519.02M | -481.19M | -474.19M | -267.89M | -134.23M | -99.53M | -85.34M | -67.54M | -31.63M | -13.41M | -14.31M |
| Pretax Margin % | -805.75% | -609.85% | -896.77% | -1326.51% | -909.78% | -810.49% | -231.46% | -230.92% | -280.42% | -258.62% | -191.97% | -221.86% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.01M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 7.55% | 0% |
| Net Income | -426.14M | -412.69M | -519.02M | -481.19M | -474.19M | -267.89M | -134.23M | -99.53M | -85.34M | -67.54M | -31.63M | -12.4M | -14.31M |
| Net Margin % | -805.75% | -609.85% | -896.77% | -1326.51% | -909.78% | -810.49% | -231.46% | -230.92% | -280.42% | -258.62% | -191.97% | -205.11% | - |
| Net Income Growth % | 4.41% | 20.49% | -7.86% | -1.48% | -77.01% | -99.58% | -34.86% | -16.63% | -26.35% | -113.51% | -155.17% | 13.36% | - |
| Net Income (Continuing) | -426.14M | -412.69M | -519.02M | -481.19M | -474.19M | -267.89M | -134.23M | -99.53M | -85.34M | -67.54M | -31.63M | -12.4M | -14.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.04 | -3.81 | -5.25 | -5.42 | -6.16 | -3.78 | -2.40 | -1.96 | -1.98 | -1.88 | -0.91 | -0.70 | -1.39 |
| EPS Growth % | 21.55% | 27.43% | 3.14% | 12.01% | -62.96% | -57.5% | -22.45% | 1.01% | -5.32% | -106.59% | -30% | 49.64% | - |
| EPS (Basic) | - | -3.81 | -5.25 | -5.42 | -6.16 | -3.78 | -2.40 | -1.96 | -1.98 | -1.88 | -0.91 | -0.70 | -1.39 |
| Diluted Shares Outstanding | 140.19M | 108.38M | 98.85M | 88.77M | 76.97M | 70.89M | 55.99M | 47.25M | 43.07M | 36.01M | 34.62M | 17.66M | 10.29M |
| Basic Shares Outstanding | 140.19M | 108.38M | 98.85M | 88.77M | 76.97M | 70.89M | 55.99M | 47.25M | 43.07M | 36.01M | 34.62M | 17.66M | 10.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NTLA stock.
For fiscal year 2025, Intellia Therapeutics, Inc. (NTLA) reported total revenue of $67.7M.
Intellia Therapeutics, Inc. (NTLA) reported a net loss of $412.7M for the fiscal year ending 2025.
Intellia Therapeutics, Inc. (NTLA) reported an operating income of $-441.0M, resulting in an operating profit margin of -651.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Intellia Therapeutics, Inc. (NTLA) generated $51.7M in gross profit for the year, representing a gross profit margin of 76.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash runway and binary clinical risk
Metrics are mathematically derived from official filings.
Collaboration Revenue Remains Lumpy
Revenue swung from $28.9M in 2024Q1 to $7.7M in 2026Q2, reflecting milestone timing. TTM revenue of $67.7M grew 16.9% YoY, but quarterly volatility suggests dependence on partner-driven events.
The revenue stream is inherently project-based, tied to collaboration milestones and cost-sharing with partners like Regeneron and Novartis. The 2025Q4 spike to $23.0M and the subsequent decline to $7.7M in 2026Q2 illustrate the lumpiness, which is not indicative of operational momentum. Investors should monitor the cadence of partnership announcements rather than extrapolating quarterly trends.
Gross Margin Artifact Masks True Economics
Gross margin swung from -11.0% in 2024Q3 to 100.0% in 2026Q2, driven by COGS recognition on collaboration cost-sharing. The 76.5% TTM gross margin is an accounting artifact, not a reflection of product economics.
The negative gross margins in 2024Q3-Q4 and 2025Q2-Q3 coincide with periods of high COGS, likely related to cost-sharing reimbursements or milestone-related expenses. The 100% gross margin in 2026Q2 reflects minimal COGS, but this is not sustainable as the company advances toward commercialization. The underlying cost structure is dominated by R&D, which is expensed below the gross margin line.
Operating Leverage Absent in Pre-Revenue Model
Operating income losses have narrowed from -$144.8M in 2024Q3 to -$112.8M in 2026Q2, but R&D and SG&A remain elevated. Operating margin improved from -15.9% to -14.7% over the same period, yet still reflects a deeply negative leverage profile.
The improvement in operating margin is driven by modest revenue growth and a slight reduction in R&D spend, but the company remains far from operating leverage. R&D expenses have declined from $123.4M in 2024Q3 to $82.6M in 2026Q2, suggesting some cost discipline, yet SG&A has increased from $31.1M to $37.8M. The lack of product revenue means operating leverage will only materialize if collaboration revenue scales significantly without proportional cost increases.
SBC Distorts Reported Losses
Stock-based compensation totaled $31.6M in 2026Q2, up from $13.5M in 2026Q1, and $90.8M in 2025Q4. Excluding SBC, cash burn is lower, but the non-cash charge still represents a significant drag on reported net income.
The volatility in SBC, particularly the $90.8M charge in 2025Q4, suggests that reported net losses are not purely reflective of cash operating performance. When backing out SBC, the underlying cash burn is more moderate, but still substantial. Investors should adjust for SBC to assess the true cash runway, especially given the reported cash balance of $155.5M, which appears low relative to the TTM operating loss.
R&D Burn Remains the Dominant Cost
R&D expenses averaged $100M+ per quarter over the past year, with 2026Q2 at $82.6M, down from $116.9M in 2024Q4. SG&A has remained relatively stable, but R&D is the primary driver of the -$112.8M operating loss.
The cost structure is typical of a clinical-stage biotech, with R&D consuming the majority of cash. The recent decline in R&D spend may indicate a strategic prioritization of pipeline assets, but it also raises questions about the pace of clinical advancement. SG&A has grown modestly, reflecting increased corporate infrastructure, but remains a secondary cost. The sustainability of the current burn rate is a key concern given the cash position.
Cash Runway and Binary Risk
With $155.5M in cash and a TTM operating loss of ~$400M, the company may have less than a year of runway without additional financing. The narrowing pipeline increases reliance on NTLA-2001 and NTLA-2002, heightening binary risk.
The reported cash balance appears insufficient to fund operations beyond the near term, suggesting a likely need for equity or partnership financing. The discontinuation of NTLA-5001 reduces diversification, concentrating value in the in vivo liver programs. If clinical data disappoints, the stock could face significant downside, as the market may be pricing in a premium for the in vivo platform.