Intellia Therapeutics stated that it plans to focus its resources on the development of candidate drugs NTLA-2002 and nex-z, and will cease the development of NTLA-3001, which will result in approximately 27% of the company being laid off.
According to Zhiyuan Finance APP, the USA Gene Editing company Intellia Therapeutics (NTLA.US) announced plans to focus its resources on the development of candidate drugs NTLA-2002 and nex-z, and to halt the development of NTLA-3001, which will result in approximately 27% layoffs.
It is reported that NTLA-2002 is used for treating hereditary angioedema, nex-z is used for treating ATTR amyloidosis, and NTLA-3001 was being developed for the treatment of α-1 antitrypsin deficiency-related lung diseases. In addition to NTLA-3001, the company will also halt certain projects at various research stages.
Intellia Therapeutics stated that the company believes NTLA-2002 and nex-z have "the greatest opportunity to create significant short-term value." The company added that it expects approximately 8 million USD in expenses related to the restructuring in the first quarter of 2025.
According to a statement, Intellia Therapeutics had approximately 0.862 billion USD in cash, cash equivalents, and investments at the end of 2024, which should be sufficient to fund operations until the first half of 2027.
Intellia Therapeutics also announced that its Chief Scientific Officer Laura Sepp-Lorenzino is set to retire. She will continue to serve as the company’s Senior Scientific Advisor for the remainder of this year. The company’s Head of Immunology and Cell Therapy, Birgit Schultes, will take over as Chief Operating Officer starting January 13. Additionally, the company stated that it plans to complete the construction of its commercial leadership team before the second half of 2025.