To accelerate the development and commercialization of gene editing 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 March 31, 2025, the Company’s accounts receivable and contract liabilities were related to its collaboration agreements.

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
Three months ended March 31, 2025
Accounts receivable	$	8,517	$	10,203	$	(8,216	)	$	10,504
Contract liabilities - deferred revenue	$	38,917	$	-	$	(5,095	)	$	33,822

	Balance at Beginning of Period		Additions		Deductions			Balance at End of Period
Three months ended March 31, 2024
Accounts receivable	$	36,456	$	5,872	$	(5,901	)	$	36,427
Contract liabilities - deferred revenue	$	60,993	$	-	$	(5,369	)	$	55,624

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 Pharmaceuticals, Inc. (“Regeneron”) (as amended from time to time, the “2016 Regeneron Agreement”). In October 2023, Regeneron notified the Company that it was exercising 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 that was paid in April 2024. The Company recognized $5.1 million and $5.2 million of collaboration revenue in the three months ended March 31, 2025 and 2024, respectively, in the condensed consolidated statements of operations and comprehensive loss related to the 2016 Regeneron Agreement.

In March 2025, Regeneron provided notice of the achievement of a development milestone for the hemophilia B program under the 2016 Regeneron Agreement. As a result of meeting this milestone, the Company recognized $1.8 million of previously constrained variable consideration as collaboration revenue within the condensed consolidated statement of operations and comprehensive loss in the three months ended March 31, 2025.

As of March 31, 2025, there was approximately $21.3 million of the aggregate transaction price remaining to be recognized that will be recognized through April 2026, the remaining period of the collaboration.

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 continues 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.

The Company recognized $7.0 million and $4.7 million of collaboration revenue, primarily representing payments due from Regeneron pursuant to the ATTR Co/Co agreement, in the three months ended March 31, 2025 and 2024, respectively.

The Company recognized contra-revenue related to the Hemophilia Co/Co agreements amounting to approximately $0.1 million and $3.3 million in the three months ended March 31, 2025 and 2024, respectively. The Company recognized $1.5 million related to the hemophilia B program in the three months ended March 31, 2025, representing cost reimbursements under the 2016 Regeneron Agreement.

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. The Company recognized $0.1 million and $0.6 million of collaboration revenue in the three months ended March 31, 2025 and 2024, respectively, in the condensed consolidated statements of operations and comprehensive loss related to the 2023 Regeneron Amendment.

Since December 31, 2024, 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.

As of March 31, 2025 and December 31, 2024, the Company had accounts receivable of $9.2 million and $7.2 million, respectively, and deferred revenue of $21.3 million and $26.4 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, 2024, there have been no material changes to the key terms of the SparingVision LCA.

The Company recognized no revenue related to the SparingVision LCA for the three months ended March 31, 2025 and $0.5 million in revenue related to the SparingVision LCA for the three months ended March 31, 2024. As of March 31, 2025 and December 31, 2024, the Company had $0.2 million and $0.6 million in accounts receivable, respectively, related to the SparingVision LCA. The Company had deferred revenue of $12.5 million as of March 31, 2025 and December 31, 2024, related to the SparingVision LCA, which is expected to be recognized on a cost incurred basis 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 Therapeutics, Inc. (the “ReCode LCA”), a clinical-stage genetic medicines company, to develop novel genomic medicines for the treatment of cystic fibrosis.

Since December 31, 2024, there have been no material changes to the key terms of the ReCode LCA.

The Company is entitled to cost reimbursements for certain research activities, which will be recorded as revenue. The Company did not recognize material revenue from the ReCode LCA during the three months ended March 31, 2025 and 2024.

The Company has existing license and collaboration agreements with AvenCell, Kyverna, and ONK Therapeutics, Ltd. (“ONK”). Since December 31, 2024, there have been no material changes to the key terms of the AvenCell, Kyverna and ONK license and collaboration agreements.

During the three months ended March 31, 2025 and 2024, the Company did not recognize material revenue under its agreements with Kyverna or ONK.

During the three months ended March 31, 2024, the Company recognized $21.0 million of previously eliminated intra-entity profit related to its license and collaboration agreement with AvenCell (the “AvenCell LCA”) in the condensed consolidated statement of operations and comprehensive loss. See Note 8 for further details. The Company recognized $1.0 million in revenue related to material shipments under the AvenCell LCA during the three months ended March 31, 2025. The Company had $1.0 million and $0.7 million in accounts receivable from AvenCell as of March 31, 2025 and December 31, 2024, respectively. The Company had $1.0 million in accrued expenses as of March 31, 2025 and December 31, 2024 related to the AvenCell LCA.