On November 7, 2023, Entrada Therapeutics Inc (TRDA, Financial) released its financial results for the third quarter ending September 30, 2023. The company reported a significant milestone as it transitioned into a clinical-stage company with the initiation of a Phase 1 clinical trial for its lead Duchenne product candidate, ENTR-601-44.
Financial Highlights
Entrada reported a net income of $35.5 million for Q3 2023, a significant improvement from a net loss of $(25.1) million in the same period in 2022. The company's cash, cash equivalents, and marketable securities stood at $353.6 million as of September 30, 2023, compared to $188.7 million as of December 31, 2022. This financial position is expected to fund the company's operating expenses and capital expenditure requirements through 2025.
Collaboration revenue for Q3 2023 was $43.7 million. In contrast, there was no collaboration revenue in the third quarter of 2022. Research and Development (R&D) expenses increased to $22.2 million for Q3 2023, up from $19.0 million for the same period in 2022. This increase was primarily due to the initiation of the ENTR-601-44 Phase 1 clinical trial and additional investment in IND-enabling studies to support future clinical trials.
Recent Corporate Highlights
Entrada dosed the first participant in its Phase 1 clinical trial evaluating ENTR-601-44 for the potential treatment of individuals with Duchenne muscular dystrophy (DMD) in September 2023. The company also announced the selection of a third clinical candidate within its Duchenne franchise, ENTR-601-50, for the potential treatment of people living with Duchenne who are exon 50 skipping amenable.
In October 2023, the company achieved a milestone pursuant to the Vertex Agreement related to preclinical IND-enabling GLP toxicology studies of ENTR-701 that triggered a $17.5 million milestone payment, which the company expects to receive in the fourth quarter of 2023.
Entrada's President and Chief Executive Officer, Dipal Doshi, stated,
The third quarter marked an important milestone for Entrada, as we transitioned into a clinical-stage company, with the initiation of the Phase 1 clinical trial in healthy volunteers for our lead Duchenne product candidate, ENTR-601-44. We are well-positioned to embark upon our next phase of growth, as we further advance our Duchenne franchise and progress indications beyond neuromuscular diseases."
Looking Ahead
Entrada expects to report data from the Phase 1 clinical trial in the second half of 2024. The company also plans to submit a Clinical Trial Application (CTA)/IND submission to initiate clinical development for ENTR-601-50 in 2025. With its robust financial position and promising clinical trials, Entrada is well-positioned for future growth.
Explore the complete 8-K earnings release (here) from Entrada Therapeutics Inc for further details.
