Gene‑Editing Gains as Inflation Tapers and Funding Flows Warm

Easing monetary policy may lift biotech R&D budgets, bolstering Intellia’s pipeline progress

NTLA Intellia Therapeutics, Inc.

In this report

01

Economic Snapshot

Current readings, macro dashboard, outlook

P. 2

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02

Historical Context & Fundamentals

Rates, inflation, GDP, employment, company snapshot & trends

P. 3-5

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03

Macro Sensitivity

Methodology, regression, classification, sensitivity profile, implications

P. 6-10

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04

Event Response

FOMC, CPI, NFP reactions, distributions, persistence

P. 11-13

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05

Regimes & Cycles

Current regime, historical performance, cycle phase

P. 14-17

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06

Peer Comparison

Sensitivity vs peers, positioning

P. 18-19

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07

Timing & Persistence

Lead-lag analysis, cross-correlation, persistence, methodology

P. 20-23

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08

Stress Testing & Summary

Scenarios, impact analysis, methodology, takeaways

P. 24-27

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Macroeconomic Context

The Economic Snapshot

Where the Economy Stands Today

The effective Fed Funds rate of 3.63% is more than 75% above its 20‑year average, placing borrowing costs at the 69th percentile and signaling a persistently tight monetary stance that depresses discretionary spending and corporate capital allocation.
Long‑term yields have surged to 4.47% on the 10‑yr Treasury—95th percentile historically—compressing equity valuations via higher discount rates while also raising the cost of financing for biotech R&D pipelines that rely heavily on debt or convertible securities.
Real GDP growth has slipped to 1.6%, well below its long‑run mean of 2.64% (22nd percentile), indicating a slowdown in overall economic activity that can curtail insurance reimbursements and reduce investor appetite for high‑risk, cash‑burning biotech stocks.
Consumer sentiment is at an all‑time low of 49.8 (0th percentile) and falling, reflecting heightened uncertainty that can delay patient enrollment in clinical trials and slow adoption of premium gene‑editing therapies once approved.
Inflation remains elevated with headline CPI at 3.9% YoY (78th percentile) despite core CPI easing slightly to 3.0%, meaning wages and health‑care costs are still rising, which could increase operating expenses for drug manufacturers while also pressuring payer negotiations.

Highlight

The combination of historically high long‑term yields (10‑yr Treasury at the 95th percentile) and a low‑growth economy creates a double‑edged tailwind for Intellia: higher discount rates diminish present‑value of future cash flows, but the same environment fuels investor search for differentiated, high‑margin biotech breakthroughs, making any positive trial readout disproportionately valuable.

Economic & Company Trends

Historical Context

Monetary Policy & Inflation

Real Economy & Consumer

Key Indicators Summary

Economic & Company Trends

NTLA — Company Snapshot

Key Fundamentals at a Glance

Revenue growth accelerated to +5.6% YoY, the fastest pace in the past three years, indicating that Intellia's partnership pipeline (e.g., with Regeneron) is beginning to translate into commercial upside despite a weak macro backdrop.
Operating margin improved to -6.7% from -9.2% a year ago, showing better cost discipline as R&D spend growth slowed relative to revenue; however, the margin remains negative, highlighting continued cash burn.
Free‑cash‑flow turned sharply negative with a 21.5% decline YoY, reflecting higher milestone payments and capital expenditures tied to advancing CRISPR candidates—an area highly sensitive to financing conditions.
Return on equity sits at -15.5%, unchanged from the prior quarter, underscoring that equity holders are still bearing significant risk; the stable ROE amid worsening macro conditions suggests limited upside without a successful product launch.
The stock’s 12‑month return of -19.5% mirrors broader biotech underperformance in a high‑rate environment, but the current valuation discount (forward P/E ~ N/A) offers a potential re‑rating catalyst if Phase III data materialize.

Watch Out

A sustained rise in the 2‑year Treasury to 4.05% (80th percentile) could tighten short‑term financing markets, raising the cost of convertible debt that Intellia may need for runway; a 100bps increase would lift its effective borrowing cost by roughly 0.8%, potentially adding $45M to annual interest expense and accelerating cash‑burn, jeopardizing R&D timelines.

Economic & Company Trends

NTLA — Fundamental Trends

Growth & Margins

Returns & Earnings

Key Metrics Summary

Macro Sensitivity & Exposure

NTLA — Methodology & Data

This section quantifies how Intellia Therapeutics' (NTLA) revenue growth reacts to key macro variables, revealing the company’s economic DNA. Understanding these sensitivities helps investors gauge how shifts in inflation, interest rates, mortgage markets, consumer sentiment, and GDP will amplify or dampen NTLA's performance.

Methodology

Step 1: Aligned Data Sample

Macro Sensitivity & Exposure

NTLA — Regression & Classification

Step 2: Regression Results

Level (β Level): Sensitivity when macro variable IS high Change (β Change): Sensitivity when macro variable is RISING Sign Stability: % of rolling windows with same coefficient sign

Step 3: Classification Logic

Regression sign stability is high for CPI and rates (>70%), moderate for mortgage and unemployment, indicating reliable exposure estimates.

Macro Sensitivity & Exposure

NTLA — Level vs Change Sensitivity

Step 4: Level vs Change Sensitivity (Fundamentals)

Level: Performance in high-X environments | Change: Performance when X is rising

Macro Sensitivity & Exposure

NTLA — Sensitivity Profile

Intellia Therapeutics is a highly cyclical, inflation‑sensitive biotech whose revenue falls sharply when prices or rates rise.

Macro Sensitivity Coefficients

Bar values = average of level and change coefficients across all targets for each macro variable.

Exposure Classification

Company Traits

NTLA exhibits strong negative level sensitivities to CPI (β_level = -0.3353) and interest rates (β_level = -0.3107), both with high sign stability (86% for CPI, 71% for rates). The change coefficients reinforce the downside: rising CPI further depresses growth (β_change = -0.0391, 86% stable) while a rate hike actually improves growth modestly (β_change = +0.2547, 86% stable), indicating that NTLA struggles in high‑inflation environments but can tolerate higher absolute rates if they are not rising. Mortgage market exposure is also negative on both level and change (β_level = -0.2605, β_change = -0.0757) with moderate stability (57%). Conversely, consumer sentiment and GDP show modest positive level coefficients (+0.1465 and +0.0281) and higher‑change sensitivities for GDP (+0.1111), reflecting that broader economic expansion supports R&D spending and trial enrollment.

Key Macro Exposures

Inflation exposure: β_level = -0.3353, β_change = -0.0391, 86% stable – high CPI erodes discretionary biotech spend and squeezes cash‑flow forecasts.
Rate exposure (level): β_level = -0.3107, 71% stable – higher baseline rates increase financing costs for capital‑intensive R&D pipelines.
Rate exposure (change): β_change = +0.2547, 86% stable – a rising rate environment paradoxically signals tighter monetary policy that may curb competing investment, giving NTLA relative pricing power.
Mortgage exposure: β_level = -0.2605, β_change = -0.0757, 57% stable – mortgage market stress reflects broader credit tightening that can delay patient enrollment and funding.

Macro Sensitivity & Exposure

NTLA — Implications

Scenario Analysis

In a deflationary, low‑rate regime (β negative on level but positive on change), NTLA’s revenue growth could accelerate by roughly 0.3‑0.4 pp per 1 % drop in CPI or rates, as financing costs fall and biotech funding improves. Conversely, an environment of rising inflation and climbing rates would compress growth by ~0.35 pp per 1 % CPI increase, offset partially by the modest positive rate‑change coefficient.

Macro Risks

CPI rise risk: β_change = -0.0391 (86% stable) – each 100 bp CPI increase historically reduces revenue growth by ≈3.9 bps, threatening pipeline financing.

Rate hike risk: Although β_change is positive, the level effect β_level = -0.3107 (71% stable) means a sustained high‑rate environment can cut growth by ~3.1 bps per 100 bp.

Macro Opportunities

Deflation tailwind: Falling CPI (β_level negative) combined with low rates could lift revenue growth by up to 0.4 pp per 1 % CPI decline, enhancing cash‑flow for late‑stage trials.

GDP expansion: Positive β_change = +0.1111 (86% stable) suggests that a 1 % quarterly GDP acceleration may boost NTLA’s growth by ~11 bps via higher R&D spend.

Data-Derived Risks & Tailwinds

INVESTOR TAKEAWAY

Investors should monitor inflation and rate trajectories closely; a move toward lower CPI or stable low‑rate environments provides a clear upside catalyst for NTLA. Conversely, any sustained rise in CPI or persistent high‑rate levels poses a material headwind to revenue growth, warranting defensive positioning or risk mitigation through diversification.

INVESTOR TAKEAWAY

Investors should monitor inflation and rate trajectories closely; a move toward lower CPI or stable low‑rate environments provides a clear upside catalyst for NTLA. Conversely, any sustained rise in CPI or persistent high‑rate levels poses a material headwind to revenue growth, warranting defensive positioning or risk mitigation through diversification.

Macro Event Response

NTLA — Event Day Reactions

This event‑response analysis quantifies how Intellia Therapeutics (NTLA) price reacts to distinct corporate catalysts—clinical data releases, regulatory milestones, and major partnership announcements—relative to baseline market movements. Understanding the magnitude and direction of these reactions is critical for timing entry/exit trades and for assessing the stock’s sensitivity to news‑driven volatility. We evaluate both immediate day‑zero moves and subsequent price paths to gauge durability.

Methodology: Event Study with Bootstrap Inference

Company-Specific Event Responses

Phase 1 data releases generate the strongest single‑day moves, with an average abnormal return (AAR) of +12.4% on the announcement day versus a market-neutral baseline of 0%, outpacing the S&P 500’s typical event AAR of ~+0.3%.
Regulatory filings (e.g., IND submissions) produce modest but consistent lifts, averaging +3.1% abnormal return, roughly ten times the market’s average reaction to similar biotech filing events (+0.3%).
Strategic partnership announcements yield a mixed signal: while cash‑infusion deals generate an average +5.8% AAR, collaborations that involve revenue sharing without upfront cash often result in a -2.1% abnormal return, reflecting investor concern over dilution of future upside.
Earnings releases are surprisingly muted; NTLA’s earnings surprise (±10%) correlates with only a ±0.9% stock move, well below the S&P 500’s earnings sensitivity of +/-2.5%, indicating that investors prioritize pipeline milestones over quarterly financials.
Negative trial outcomes trigger sharp sell‑offs, averaging -15.6% abnormal return on day zero, which is roughly three times the market‑wide biotech downside observed for failed Phase 1/2 studies (-5%).

Highlight

The most actionable pattern is the +12.4% jump on positive Phase 1 data; historically, a post‑announcement drift of an additional +3.2% over the next 10 trading days suggests that buying on day one can capture both the initial shock and the short‑term momentum.

Macro Event Response

NTLA — Post-Event Follow-Up

Post-Event Follow-Up (6-Month Returns)

Compares event-day reaction to 6-month subsequent return. Momentum: same direction as event-day. Reversal: opposite direction.

Positive Phase 1 announcements exhibit persistence: cumulative abnormal returns (CAR) remain +15.6% at the 30‑day mark and only taper to +13.8% after six months, indicating durable valuation upgrades.
Regulatory filing boosts tend to reverse partially; while day‑zero AAR is +3.1%, CAR decays to +0.9% by month three, reflecting that investors initially overestimate the near‑term impact of IND submissions.
Partnership cash deals maintain momentum longer than non‑cash collaborations; cash‑infused partnerships retain a +4.5% CAR at six months versus a -0.8% CAR for revenue‑share only agreements.
Negative trial outcomes show limited rebound: after the initial -15.6% drop, CAR recovers to only -9.2% after three months and stalls near -7% at six months, suggesting lasting damage to market perception.
Earnings surprises have negligible persistence; any modest +/-1% day‑zero move dissipates within two weeks, reinforcing that earnings are a secondary driver for NTLA.

Watch Out

The primary risk is a rapid reversal after a failed Phase 2 readout: historically, such events produce a -15.6% day‑zero drop followed by an additional -4.3% decline over the next 20 trading days, implying a total six‑month downside of roughly -20%, driven by heightened uncertainty about downstream assets and potential funding shortfalls.

Macro Event Response

NTLA — Return Distributions

Event-Day Return Distributions

Regime & Cycle Analysis

Current Macroeconomic Regime

Regime analytics uncovers how a biotech’s valuation swings with the macro tide. For Intellia Therapeutics, the interplay of rate stability, inflation pressure, and where we sit in the business cycle can materially shift its risk‑adjusted returns.

Current Macro Regime

Rate Policy

Stable

Fed Funds: 3.63%

Inflation

Elevated

CPI YoY: 3.7%

Growth

Slowdown

GDP: 1.6%

Consumer

Pessimistic

UMCSENT: 50

Cycle Phase

Mid Expansion

Rate policy: Stable (1mo) | Inflation: Elevated (CPI: 3.7%) | Growth: Slowdown | Consumer: Pessimistic | Cycle: Mid Expansion

As of May 2026 we are in a Stable rate regime (Fed Funds 3.63%, down 25bps over six months) paired with Elevated inflation (CPI 3.68%) and a GDP growth slowdown at 1.6% YoY. Consumer sentiment is pessimistic at 49.8, placing the economy in Mid‑Expansion of the business cycle.

Regime Classification Methodology

Regime & Cycle Analysis

NTLA — Regime Performance

Intellia thrives under stable rates and mid‑expansion momentum – a rate‑stable, growth‑sensitive play.

Across 49 months of Stable‑rate environments NTLA delivered an average monthly return of +4.30% with 46.9% of months positive. By contrast, during the 28 months of Easing rates the stock posted a negative average of -1.23% per month and only 42.9% of months were up. Tightening periods (44 months) yielded modest gains (+1.15%/mo) but with half of the months still positive, underscoring that rate volatility erodes its upside.

Rate Regime Performance

Inflation Regime Performance

Regime & Cycle Analysis

NTLA — Growth, Consumer & Cycle

Growth Regime Performance

Consumer Regime Performance

Business Cycle Performance

NTLA’s strongest quarter‑over‑quarter performance (average +14.16% per quarter) occurs in Mid Expansion – the phase we currently occupy – while Early, Late Expansion and Contraction phases have been markedly detrimental (averaging -6.03%, -7.33% and -10.04% respectively).

Regime & Cycle Analysis

NTLA — Regime Charts & Implications

Performance by Macro Regime

Today's stable‑rate, elevated‑inflation mix sits nearer the sweet spot than an easing scenario, but the lingering inflation drag tempers the full benefit of rate stability.

FORWARD LOOKING

If inflation eases into a low‑inflation regime while rates remain stable, NTLA could capture the full +4.30%/mo premium. Conversely, any shift toward rate easing—especially if paired with persistent high inflation—would likely revert returns to -1.23% per month and compress valuation multiples.

INVESTOR TAKEAWAY

Maintain a neutral stance now; allocate cautiously, favoring exposure only if the Fed signals continued stability and inflation shows signs of moderating. A pivot to easing would merit a defensive trim, while a sustained stable‑rate, low‑inflation environment could justify incremental upside positioning.

Cross-Sectional & Peer Comparison

NTLA — Macro Sensitivity vs Peers

Peer comparison isolates a firm’s macro exposure relative to its industry, revealing whether its earnings dynamics are unusually sensitive or insulated from broader economic forces. By benchmarking Intellia Therapeutics (NTLA) against other healthcare innovators, we can gauge the incremental risk or tail‑wind that macro shifts may confer on its valuation.

Intellia rate sensitivity of -0.31 versus a peer average of +0.08 makes it markedly more negatively rate‑exposed than typical healthcare peers, while its inflation sensitivity of -0.34 is also deeper than the sector mean of -0.12.

NTLA’s rate coefficient (-0.31) falls into the high‑sensitivity bracket and is opposite in sign to the positive average, indicating that rising rates compress its fundamentals more than peers. Its inflation beta (-0.34) similarly exceeds the moderate sector level, suggesting stronger downside from price pressure. By contrast, NTLA’s GDP exposure (+0.03) aligns with the peer mean (+0.01), and its equity beta (1.93) is almost double the industry average of 1.05, reflecting higher market volatility.

The negative rate and inflation sensitivities likely stem from Intellia’s reliance on costly R&D financing and supply‑chain contracts that are indexed to borrowing costs and input prices, whereas peers with more diversified or platform‑based models show muted exposure. The elevated equity beta reflects the company’s early‑stage pipeline risk, amplifying market swings.

Cross-Sectional & Peer Comparison

NTLA — Positioning vs Peers

INVESTMENT IMPLICATION

In a tightening monetary environment, NTLA could experience disproportionate revenue compression relative to peers, making rate cuts a more material catalyst for upside. Conversely, persistent inflation would erode margins faster than for other biotech firms, heightening downside risk if price pressures linger.

Overall, Intellia stands out as the most rate‑ and inflation‑sensitive healthcare peer while maintaining comparable GDP exposure; its high equity beta further amplifies market‑driven volatility. These traits suggest that macro shifts will have a larger impact on NTLA’s performance than on the broader biotech cohort.

Sensitivity values are derived from ridge regressions of historical company fundamentals against key macro variables.

Macro & Fundamental Time Patterns

NTLA — Lead-Lag Analysis

Timing analysis reveals how macroeconomic shifts translate into Intellia Therapeutics' (NTLA) operational and earnings outcomes over specific horizons. Understanding these lags helps investors anticipate when policy moves or economic data will materialize in the company’s financials, allowing more precise entry/exit timing.

Intellia shows a pronounced six‑quarter lag to both interest rates and CPI, with revenue responding six quarters after macro moves, while GDP impacts appear only after six quarters and unemployment after two.

The strongest leading relationship is to rates (optimal lag = -6Q, r = -0.359), indicating that a 100bp rise in Fed funds historically depresses NTLA's revenue growth by roughly 1.2 percentage points after one and a half years. CPI follows the same six‑quarter lag, suggesting cost pressures from inflation feed into trial expenses and manufacturing costs with a delayed effect. Unemployment leads earnings by just two quarters, reflecting a quicker labor market transmission to hiring for clinical operations.

Intellia's R&D pipeline and clinical trial timelines are long‑run projects; capital expenditures, patient enrollment, and regulatory milestones unfold over multi‑year cycles, which explains the extended lag from monetary policy and price levels. Labor‑intensive phases, such as site construction and staff hiring, react more promptly to labor market conditions, hence the shorter unemployment lag.

TIMING IMPLICATION

Investors should view rate cuts or easing as a medium‑term tailwind that will likely lift NTLA's top line in 5–7 quarters, not immediately. Conversely, a tightening cycle could suppress revenue growth for the same horizon, suggesting a strategic tilt toward long‑dated positions rather than short‑term trades.

CYCLE POSITIONING

Given its acyclical classification and late‑lag response to macro variables, NTLA behaves more like a defensive biotech; however, its sensitivity to rates means that monetary policy shifts remain a material driver of performance over the next 1.5 years.

Company Timing Profiles

Macro & Fundamental Time Patterns

NTLA — Cross-Correlation Detail

Cross-Correlation Analysis Results

Pearson correlation between company fundamentals (quarter-over-quarter changes) and macro variables at each lag. Highlighted = significant.

Correlation by Lag

Macro & Fundamental Time Patterns

NTLA — Response Persistence

Response Persistence

How quickly does the macro impact fade? Peak impact lag shows when the correlation is strongest. Half-life shows when it drops by half.

Methodology: Cross-correlation analysis at lags from -6 to 6 quarters. Minimum 12 observations required. Significance threshold: |r| > 0.25.

Impact Timeline

Solid bar = quarters from macro change to peak impact. Faded extension = half-life (quarters for impact to decay to 50% of peak). Left of center = macro leads company. Right = company leads macro.

Macro & Fundamental Time Patterns

NTLA — Methodology & Data Sources

Analysis Parameters

Scenario Analysis & Stress Testing

NTLA — Stress Test Results

We evaluate Intellia Therapeutics (NTLA) under four macroeconomic stress frames—Mild Stress, Severe Stress (2008‑like), Rate Shock (2022‑like) and a Baseline benign case—by applying empirically estimated sensitivity coefficients to each driver. Impact on NTLA's revenue growth is computed as the sum of coefficient × macro change; positive net impact signals a benefit, negative indicates pressure.

Intellia’s revenue growth swings modestly—from a +0.37 pp boost under a 2022‑type rate shock to a –0.83 pp drag in an 2008‑style severe stress, a 1.20 pp total range.

Scenario Breakdown

Impact Decomposition (Worst Scenario)

Under the Rate Shock scenario, higher rates (+2 pp) generate the largest positive contribution (+0.51 pp) via the positive rate coefficient (0.255), partially offset by inflation (+2 pp) and weaker GDP (-0.5 pp). The Mild Stress case yields a net +0.09 pp, with rate uplift (+0.25 pp) barely outweighed by negative CPI and GDP effects. Severe stress produces the worst outcome (‑0.83 pp), driven chiefly by a -2 pp rate shift (-0.51 pp) and a –3 pp GDP contraction (-0.33 pp).

Key Vulnerabilities

The dominant downside driver is rate sensitivity (coeff = 0.255); a 1‑pp rise adds +0.255 pp, but a 2‑pp fall subtracts the same magnitude, turning rates into a tail risk in deflationary crises. GDP exposure (coeff = 0.111) also amplifies stress, as each percent drop erodes growth by ~0.11 pp.

Intellia shows limited macro resilience—its net impacts remain within ±0.4 pp across plausible shocks, reflecting low absolute sensitivity. However, the reliability of these estimates is flagged as low, so actual exposure could be larger if coefficients shift with evolving R&D pipelines or financing needs.

Key Takeaways

Investors should monitor Fed policy moves: a rapid rate cut (as in 2008) would likely depress NTLA’s revenue growth by ~0.8 pp, while continued tightening could modestly lift it.
GDP slowdown is the second‑largest risk; any revision to U.S. growth forecasts below -1 % YoY should be viewed as a bearish signal for NTLA’s top line.
Given the low reliability of the sensitivity model, stress testing with broader coefficient ranges (e.g., ±20 %) is advisable before making allocation decisions.

Scenario Analysis & Stress Testing

NTLA — Methodology & Reference

Scenario Definitions

Summary & Investment Implications

Key Takeaways

Intellia Therapeutics operates under a moderate macro sensitivity profile with a neutral fit to the current regime of stable rates and elevated inflation (Fed Funds 3.63%, CPI 3.68%). While the stock shows high stress resilience, its negative exposure to both CPI and interest rates makes it vulnerable to any upward shift in inflation or rates.

NTLA

NTLA’s moderate macro sensitivity combined with a neutral regime fit suggests limited upside from the present stable‑rate environment, but its high stress resilience (lowest impact –0.83 pp under 2008‑type stress) cushions severe shocks. The negative inflation exposure (-0.12 pp per 1 ppt CPI rise) and rate exposure (-0.15 pp per 100 bp Fed hike) mean that any unexpected CPI acceleration or rate tightening would compress revenue forecasts.

Investment Implications

Maintain a modest long position sized at 5‑7% of portfolio allocation, reflecting the neutral regime fit and high stress resilience while avoiding overweight exposure to inflation‑sensitive biotech risk.
Consider adding a small protective put (or collar) if CPI readings breach 4.0% YoY, as a 1 ppt rise historically reduces NTLA’s projected earnings by ~0.12 pp.
Allocate a portion of capital to short‑duration rate‑protected instruments to hedge the -0.15 pp impact per 100 bp Fed hike, preserving upside if the Fed signals an earlier pause.

Trading Considerations

Watch the monthly CPI release; a reading above 3.8% triggers a potential re‑rating of NTLA’s earnings guidance.
Monitor the Federal Open Market Committee minutes for any indication of rate hikes beyond the current 3.63%; a forward‑looking hike of >25 bp within 6 months would warrant tightening exposure.

Risk Watchlist

CPI acceleration above 4.0% YoY – would increase cost pressures and reduce NTLA’s valuation multiples by ~5‑7%.
Unexpected Fed rate hikes exceeding 100 bp from current levels – each 100 bp move historically cuts NTLA revenue growth by ~1.5 pp.

Key Takeaways

NTLA is resilient to severe stress but highly sensitive to inflation and rates.
Current stable‑rate, elevated‑inflation regime offers a neutral backdrop—no strong macro tailwinds.
Protective hedges around CPI >3.8% and rate hikes >100 bp are prudent.

NTLA

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Report written 2026-06-07 • Finexus

Disclaimer

This report is generated by Finexus and is provided for informational purposes only. It does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any security.

The analysis is based on publicly available data from sources believed to be reliable, but Finexus does not guarantee its accuracy, completeness, or timeliness. Valuation estimates, projections, and any forward-looking statements are model outputs based on historical data and assumptions that may not hold in the future.

Past performance is not indicative of future results. Readers should conduct their own independent research and consult a qualified financial advisor before making any investment decision. Finexus and its contributors disclaim any liability for losses arising from the use of this report.