No news is good news? – NTLA not raising capital

Intellia Therapeutics (NTLA) has seen a significant rally, up almost 300% recently, yet they still haven’t raised capital.

NTLA is close to the commercialization of their first in vivo treatment and it is clear they will need more funding (currently enough cash till first half 2027).

It would seem logical that the management would now raise cash and play it safe funding-wise. But they haven’t.
I believe this could be very bullish signal for investors.

Why wait to raise if the share price is already up 3x? Possibly because they expect even more upside in the near term, most likely tied to the clinical data readouts expected later this year. If management is confident that data will significantly move the stock higher, it would make sense to delay a raise and capture a much better valuation later.

On the other hand the capital raise could be announced anytime now or there could be some other reason for silence. But I believe big moves are on the horizon. Can you think of a reason why a company would not immediately raise capital in similar situation?