By Connor Hart
Intellia Therapeutics will cut about 27% of its workforce, or roughly 142 jobs, this year in a cost-savings push intended to support its operations into the first half of 2027, when it expects to launch its first commercial product in the U.S.
The Cambridge, Mass., clinical-stage gene editing company said Thursday that it expects to incur approximately $8 million in charges related to the reorganization, most of which will occur during this year's first quarter.
The company had 526 full-time employees as of Feb. 16, 2024, according to its most recent annual report.
It said job cuts would allow the company to prioritize on advancing its late-stage treatments: NTLA-2002, its treatment for hereditary angioedema, a rare condition that causes severe and recurring swelling in the body; and Nexiguran Ziclumeran, its treatment for transthyretin amyloidosis, a disease in which an abnormal protein builds up in various organs and tissues.
Chief Executive John Leonard said the company last year made significant progress in developing these treatments, both of which are currently undergoing testing in clinical studies.
"We understand the significant potential of our late-stage programs, and within a challenging market environment, have made a difficult decision to focus our resources predominantly on NTLA-2002 and nex-z where we have the greatest opportunity to create significant, near-term value," he said.
Intellia, which ended the fourth quarter of 2024 with approximately $862 million in cash, cash equivalents and investments, said the combination of its current cash balance and anticipated cost savings should ensure funding into the first half of 2027.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 09, 2025 16:29 ET (21:29 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Comments