Intellia Therapeutics' stock plummeted 8.33% during intraday trading on Thursday, reflecting significant investor concern following the release of the company's latest financial results.

The sharp decline was primarily triggered by Intellia's first-quarter earnings report, which showed a concerning revenue contraction despite a narrower-than-expected loss. For the quarter, the company reported revenue of $15.048 million, a decrease of approximately 9.6% year-over-year. While the earnings per share loss of $0.81 beat market expectations, the revenue decline for this pre-commercial-stage biotech firm heightened market anxieties over its cash burn rate and the pace of its pipeline advancement.

Broader weakness in the biotechnology sector compounded the selling pressure on Intellia's shares, contributing to the overall negative sentiment during the trading session.