The company said that collaboration revenue decreased by $9.7 million to $6.6 million during the quarter compared to $16.3 million during the second quarter of 2020. The decrease was primarily driven by an $8.4 million one-time cumulative catch-up adjustment related to the modification of the 2016 Regeneron agreement recorded during the second quarter of 2020.

The company cited a net loss of $68.8 million for the quarter compared to $32.4 million during the second quarter of 2020.

In quarterly highlights, Intellia said it established proof of concept for its in vivo systemically administered CRISPR genome editing candidate in clinical trials.

Intellia said it expects its cash, cash equivalents, marketable securities, and recent public offering of common stock will allow the company to fund its R&D plans, anticipated operating expenses, and capital expenditure requirements beyond the next two years.

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