To accelerate the development and commercialization of CRISPR/Cas9-based products in multiple therapeutic areas, the Company has formed, and intends to seek other opportunities to form, strategic alliances with collaborators who can augment its

leadership in CRISPR/Cas9 therapeutic development. As of September 30, 2024, the Company’s accounts receivable were related to its collaborations with Regeneron Pharmaceuticals, Inc. (“Regeneron”), SparingVision and AvenCell, and the Company’s contract liabilities were related to its collaborations with Regeneron and SparingVision. As of December 31, 2023, the Company’s accounts receivable were related to its collaborations with Regeneron, SparingVision, AvenCell and Kyverna and the Company’s contract liabilities were related to its collaborations with Regeneron and SparingVision.

The following table presents changes in the Company’s accounts receivable and contract liabilities (in thousands):


	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Nine months ended September 30, 2024
Accounts receivable	$	36,456	$	19,422	$	(47,024	)	$	8,854
Contract liabilities - deferred revenue	$	60,993	$	-	$	(16,231	)	$	44,762

	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Nine months ended September 30, 2023
Accounts receivable	$	3,768	$	15,287	$	(12,564	)	$	6,491
Contract liabilities - deferred revenue	$	63,771	$	-	$	(37,705	)	$	26,066

The Company has not incurred significant expenses to obtain collaboration agreements and costs to fulfill those contracts do not generate or enhance resources of the Company. As such, no costs to obtain or fulfill a contract have been capitalized in any period.

In April 2016, the Company entered into a license and collaboration agreement with Regeneron (as amended from time to time, the “2016 Regeneron Agreement”). In October 2023, Regeneron exercised its one-time option to extend the technology collaboration term for an additional two years, until April 2026, in exchange for a nonrefundable payment of $30.0 million, which was received by the Company in April 2024. In September 2023, Regeneron and Intellia further expanded the research collaboration (the “2023 Regeneron Amendment”) to develop additional in vivo CRISPR-based gene editing therapies focused on neurological and muscular diseases.

In 2018, the Company entered into a co-development and co-promotion (“Co/Co”) agreement with Regeneron for transthyretin (“ATTR”) amyloidosis (the “ATTR Co/Co”). In May 2020, the Company entered into co-development and co-funding agreements for the treatment of hemophilia A and hemophilia B (the “Hemophilia Co/Co”) agreements. In March 2024, the Company notified Regeneron that it was opting out of its hemophilia B Co/Co agreement. The Company continued to have obligations under the hemophilia B Co/Co agreement until the agreement ended in September 2024. The Company will continue to support Regeneron with the development of gene editing products directed to hemophilia B, as applicable, under the 2016 Regeneron Agreement. That agreement will control the parties’ obligations to develop and commercialize gene editing products directed to hemophilia B. Under the 2016 Regeneron Agreement, the Company may be eligible to receive up to $320.0 million in milestone payments and royalties in the high-single digits to low teens, which royalties are potentially subject to various reductions, offsets and upstream payment obligations.

Since December 31, 2023, there have been no material changes to the key terms of the 2016 Regeneron Agreement, ATTR Co/Co, Hemophilia Co/Co, or 2023 Regeneron Amendment (the “Regeneron Agreements”), other than as described above.

The Company recognized collaboration revenue related to the Regeneron Agreements of $8.3 million and $22.1 million during the three and nine months ended September 30, 2024, respectively, and $9.3 million and $23.5 million during the three and nine months ended September 30, 2023, respectively, in the condensed consolidated statements of operations and comprehensive loss. This includes approximately $6.4 million and $16.1 million during the three and nine months ended September 30, 2024, respectively, and $5.5 million and $14.2 million during the three and nine months ended September 30, 2023, respectively, primarily representing payments due from Regeneron pursuant to the ATTR Co/Co. These revenues are offset in part by contra-revenue related to the Hemophilia Co/Co agreements amounting to approximately $4.0 million and $11.6 million during the three and nine months ended September 30, 2024, respectively, and $1.8 million and $7.6 million during the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024, there was $31.6 million of the aggregate transaction price remaining to be recognized through April 2026, the remaining period of the 2016 Regeneron Agreement. As of September 30, 2024 and December 31, 2023, the Company had accounts receivable of $8.1 million and $35.7 million, respectively, and deferred revenue of $31.6 million and $47.1 million, respectively, related to the Regeneron Agreements.

In October 2021, the Company and SparingVision, a genomic medicine company developing vision saving treatments for ocular diseases, entered into a license and collaboration agreement (the “SparingVision LCA”) to develop novel genomic medicines utilizing CRISPR/Cas9 technology for the treatment of ocular diseases.

Since December 31, 2023, there have been no material changes to the key terms of the SparingVision LCA agreement.

The Company recognized collaboration revenue related to the SparingVision LCA of approximately $0.6 million and $1.7 million, respectively, for the three and nine months ended September 30, 2024 and $0.4 million and $1.3 million, respectively, for the three and nine months ended September 30, 2023, in the condensed consolidated statements of operations and comprehensive loss. As of September 30, 2024 and December 31, 2023, the Company had $0.3 million and $0.5 million in accounts receivable, respectively, related to the SparingVision LCA. As of September 30, 2024 and December 31, 2023, the Company had deferred revenue of $13.2 million and $13.9 million, respectively, related to the SparingVision LCA, which is expected to be recognized over a six to nine year period from the signing of the agreement.

On February 14, 2024, the Company entered into a license, collaboration and option agreement with ReCode (the “ReCode LCA”), a clinical-stage genetic medicines company, to develop novel genomic medicines for the treatment of cystic fibrosis (“CF”). The ReCode LCA leverages the Company’s proprietary CRISPR-based gene editing platform, including its DNA writing technology, and ReCode’s proprietary Selective Organ Targeting (“SORT”) lipid nanoparticle delivery platform to precisely correct one or more CF disease-causing gene mutations. As part of the agreement, the companies will focus initial research efforts on therapeutic approaches that address CF for patients who have limited or no treatment options available, with the opportunity to expand the scope of the collaboration in later phases. The Company will be responsible for the design of the editing strategy and research-grade components for the investigational therapies. ReCode will lead the subsequent preclinical and clinical development and worldwide commercialization for certain programs arising from the collaboration. The Company also has an option to lead commercialization in the U.S. for certain programs (the “Co/Co option”).

The ReCode LCA did not include an exchange of upfront consideration between the parties. The Company will be eligible to receive pre-specified development and commercial milestone payments, up to $262.0 million per product, as well as single digit royalties on potential sales. Certain milestone and royalty payments may be removed or reduced for a product if the Company exercises the Co/Co option. The Company did not recognize any revenue from the ReCode LCA during the three or nine months ended September 30, 2024.

The Company has existing license and collaboration agreements with AvenCell, Kyverna, and ONK Therapeutics, Ltd. (“ONK”). Since December 31, 2023, there have been no material changes to the key terms of the AvenCell, Kyverna and ONK license and collaboration agreements. During the three and nine months ended September 30, 2024, the Company recognized $0.2 million related to materials shipped in accordance with the AvenCell license and collaboration agreement (the “AvenCell LCA”) as well as $21.0 million of previously eliminated intra-entity profit related to the AvenCell LCA in the condensed consolidated

statements of operations and comprehensive loss. See Note 8 for further details. The Company did not recognize material revenue from the Kyverna and ONK agreements during the three and nine months ended September 30, 2024. During the three months ended September 30, 2023, the Company recognized $1.9 million, $0.1 million and $0.2 million in revenue related to AvenCell, Kyverna and ONK, respectively. During the nine months ended September 30, 2023, the Company recognized $12.7 million, $0.5 million and $0.2 million in revenue related to AvenCell, Kyverna and ONK, respectively.