Intellia Therapeutics, Inc. (NTLA): A Bear Case Theory 

We came across a bearish thesis on Intellia Therapeutics, Inc. on X.com by A_May_MD. In this article, we will summarize the bulls’ thesis on NTLA. Intellia Therapeutics, Inc.’s share was trading at $8.10 as of December 2nd.

Intellia Therapeutics (NTLA) faces a severe credibility and valuation crisis following major safety concerns in both its lead gene-editing programs for hereditary angioedema (HAE) and transthyretin amyloidosis (ATTR). The company reported over $261 million in operating expenses in the first half of 2025, implying a current cash balance of roughly $500 million, or $4.66 per share based on 107.3 million shares outstanding. However, the clinical hold overshadowing NTLA’s pipeline is far more significant than its cash value. Both lead candidates have now triggered Grade 4 liver events, with the most recent case meeting Hy’s law criteria—an indicator of potential drug-induced liver failure and a red flag for regulators.

Given that HAE and ATTR already have multiple safe and effective treatments, continuing development could pose unacceptable patient risks and invite severe FDA scrutiny. These safety findings effectively eliminate NTLA’s two core assets and leave it without advanced-stage replacements in its pipeline, making its long-term viability questionable. Despite these developments, the stock recently surged to the mid-teens—more than doubling from June levels—likely on speculative trading rather than fundamentals.

With cash per share projected to fall into the $3 range by year-end and no near-term catalysts to restore investor confidence, NTLA appears overvalued and exposed to steep downside. What was once viewed as a pioneering CRISPR platform story now risks being remembered as an expensive proof-of-concept experiment gone wrong. The market’s current pricing presents, to bears, a “ridiculous opportunity” before reality resets expectations.

Previously we covered a bullish thesis on CRISPR Therapeutics AG (CRSP) by MADD-Scientis in March 2025, highlighting its leadership in CRISPR therapies and profit-sharing from Casgevy’s commercialization with Vertex. The stock has appreciated 25.89% since our coverage as gene-editing optimism grew. The thesis still stands, while InvestSpecial shares a contrarian view, emphasizing safety risks in peer Intellia Therapeutics (NTLA).

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Disclosure: None.