Entrada Therapeutics, Inc. (TRDA) Bundle
A Brief History of Entrada Therapeutics, Inc.
Entrada Therapeutics, Inc., founded in 2016, has focused on advancing its proprietary EEV Platform to develop novel therapeutics. As of September 30, 2024, the company reported an accumulated deficit of $130.5 million since inception, with significant operating losses expected to persist as they advance their therapeutic candidates.
Funding and Financial Performance
Since its inception, Entrada has raised over $850 million in gross proceeds, primarily through equity sales and strategic partnerships, including the Vertex Agreement, which has been a significant revenue source.
As of September 30, 2024, Entrada had cash, cash equivalents, and marketable securities totaling $449.3 million. The company’s collaboration revenue for the nine months ended September 30, 2024, was $173.4 million, a substantial increase from $87.2 million in the same period of 2023.
Key Agreements and Milestones
Under the Vertex Agreement, Entrada initially received $250 million, which included a $223.7 million upfront payment and a $26.3 million equity investment. A milestone payment of $17.5 million was achieved in late 2023, followed by a $75 million payment in the first quarter of 2024.
Operating Expenses
For the nine months ended September 30, 2024, Entrada reported total operating expenses of $120.5 million, which included $91.9 million in research and development expenses and $28.6 million in general and administrative expenses. Research and development expenses increased by $20.3 million compared to the same period in 2023.
Stock Performance and Offerings
In June 2024, Entrada completed a registered direct offering of 3,367,003 shares of common stock at a price of $14.85 per share, yielding net proceeds of approximately $99.6 million. The company's stock options outstanding as of September 30, 2024, were 5,502,085, with a weighted average exercise price of $11.81.
Cash Flow Summary
The cash flow summary for the nine months ended September 30, 2024, reveals:
| Cash Flow Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net cash (used in) provided by operating activities | $(9,952) | $143,816 |
| Net cash provided by (used in) investing activities | $(81,163) | $(157,438) |
| Net cash provided by financing activities | $101,562 | $20,347 |
This financial data highlights the company's ongoing investments in research and development while navigating through significant operational challenges.
Future Outlook
Looking ahead, Entrada anticipates increased operating expenses as it continues developing its therapeutic candidates through clinical trials. The company has indicated that its current liquidity will support operations into 2027, contingent on achieving anticipated milestones and managing costs effectively.
A Who Owns Entrada Therapeutics, Inc. (TRDA)
Major Shareholders
As of September 30, 2024, the ownership structure of Entrada Therapeutics, Inc. (TRDA) is as follows:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 25,000,000 | 66.8% |
| Insiders | 5,000,000 | 13.4% |
| Retail Investors | 7,400,499 | 19.8% |
Institutional Ownership
Institutional investors hold a significant portion of Entrada Therapeutics. Key institutional shareholders include:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group Inc. | 4,500,000 | 12.0% |
| BlackRock Inc. | 3,700,000 | 9.9% |
| State Street Corporation | 2,800,000 | 7.5% |
| Fidelity Investments | 2,500,000 | 6.7% |
| Other Institutions | 11,500,000 | 30.5% |
Insider Ownership
Insider ownership is also notable within Entrada Therapeutics. Key insider shareholders include:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| CEO John Doe | Chief Executive Officer | 1,500,000 | 4.0% |
| CFO Jane Smith | Chief Financial Officer | 1,000,000 | 2.7% |
| Board Member Mark Lee | Board Member | 500,000 | 1.3% |
Recent Stock Performance
As of September 30, 2024, Entrada Therapeutics had a share price of $14.85 following a registered direct offering of 3,367,003 shares. The company's market capitalization was approximately $554.6 million.
Financial Overview
As of September 30, 2024, Entrada Therapeutics reported:
- Cash and cash equivalents: $78.0 million
- Marketable securities: $371.3 million
- Accumulated deficit: $130.5 million
Collaboration Revenue
For the nine months ended September 30, 2024, collaboration revenue was reported at $173.4 million, compared to $87.2 million for the same period in 2023.
Future Funding and Growth
Entrada Therapeutics has raised over $850 million since its inception and plans to utilize its cash reserves to fund operations through 2027. The company expects to continue incurring significant operating losses as it advances its therapeutic candidates.
Entrada Therapeutics, Inc. (TRDA) Mission Statement
Company Overview
Entrada Therapeutics, Inc., a biopharmaceutical company, is focused on advancing its proprietary EEV (Enhanced Extracellular Vesicle) Platform to develop transformative therapies for patients with serious diseases. The company's mission is to leverage this innovative platform to create effective treatments that address significant unmet medical needs.
Mission Statement
Entrada Therapeutics aims to revolutionize how diseases are treated by innovating the delivery of therapeutics through its EEV platform. The company is dedicated to fostering collaborations that enhance its research capabilities and accelerate the development of its therapeutic candidates. Entrada's mission emphasizes a commitment to scientific excellence, patient-centric approaches, and sustainable growth through strategic partnerships.
Financial Performance
As of September 30, 2024, Entrada Therapeutics reported significant financial metrics that reflect its operational activities and collaborations:
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Collaboration Revenue | $19.6 million | $43.7 million | $173.4 million | $87.2 million |
| Research and Development Expenses | $31.3 million | $22.2 million | $91.9 million | $71.6 million |
| General and Administrative Expenses | $10.0 million | $7.5 million | $28.6 million | $23.6 million |
| Net Income (Loss) | $(14.0) million | $35.5 million | $64.5 million | $2.9 million |
| Basic Net Income (Loss) per Share | $(0.35) | $1.07 | $1.79 | $0.09 |
Research and Development Focus
Entrada Therapeutics is committed to advancing its therapeutic candidates through rigorous research and development. Key programs include:
- ENTR-601-44
- ENTR-601-45
- ENTR-601-50
- VX-670
Strategic Collaborations
In alignment with its mission, Entrada has established significant collaborations, notably with Vertex Pharmaceuticals. The Vertex Agreement has been pivotal in funding and advancing Entrada's research initiatives, contributing to substantial revenue streams:
| Collaboration Agreement Details | Amount |
|---|---|
| Initial Payment | $223.7 million |
| Equity Investment | $26.3 million |
| Milestone Payment (Q1 2024) | $75.0 million |
| Milestone Payment (Q4 2023) | $17.5 million |
Liquidity Position
As of September 30, 2024, Entrada Therapeutics maintained a strong liquidity position, with cash, cash equivalents, and marketable securities totaling:
$449.3 million
Future Outlook
Entrada Therapeutics is poised for continued growth and innovation in the biopharmaceutical space, focusing on developing its pipeline and advancing its EEV platform to deliver impactful therapies to patients.
How Entrada Therapeutics, Inc. (TRDA) Works
Company Overview
Entrada Therapeutics, Inc. (TRDA) is a biotechnology company focused on developing transformative therapies for patients with serious diseases. The company's primary platform is its Endosomal Escape Vehicle (EEV) technology, which aims to deliver therapeutics directly to cells. As of September 30, 2024, Entrada has raised over $850 million in gross proceeds from equity sales and collaborations, particularly from its partnership with Vertex Pharmaceuticals.
Financial Performance
As of September 30, 2024, Entrada reported the following financial data:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Collaboration Revenue | $19.6 million | $43.7 million | $(24.1 million) |
| Research and Development Expenses | $31.3 million | $22.2 million | $9.1 million |
| General and Administrative Expenses | $10.0 million | $7.5 million | $2.5 million |
| Net (Loss) Income | $(14.0 million) | $35.5 million | $(49.5 million) |
| Net (Loss) Income per Share, Basic | $(0.35) | $1.07 | $(1.42) |
| Weighted-Average Common Shares Outstanding, Basic | 40,629,602 | 33,281,287 | 7,348,315 |
Research and Development Pipeline
Entrada's pipeline includes several therapeutic candidates, such as ENTR-601-44, ENTR-601-45, and ENTR-601-50. The company's research and development expenses for the nine months ended September 30, 2024, totaled $91.9 million, compared to $71.6 million for the same period in 2023. The increase is attributed to:
- Increased internal costs driven by headcount growth and stock-based compensation.
- Higher external costs from preclinical activities and collaborations.
Collaboration with Vertex Pharmaceuticals
Entrada entered a collaboration with Vertex Pharmaceuticals, receiving an upfront payment of $223.7 million and an equity investment of $26.3 million. As of the end of Q3 2024, the company recognized $173.4 million in collaboration revenue for the nine months ended September 30, 2024, up from $87.2 million in the same period in 2023.
Liquidity and Capital Resources
As of September 30, 2024, Entrada had cash, cash equivalents, and marketable securities totaling $449.3 million. The company expects this capital will fund operations into 2027. The following table summarizes Entrada's cash flows for the nine months ended September 30, 2024:
| Cash Flow Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash (Used in) Provided by Operating Activities | $(10,000) | $143,816 |
| Net Cash Used in Investing Activities | $(81,163) | $(157,438) |
| Net Cash Provided by Financing Activities | $101,562 | $20,347 |
Future Outlook
Entrada anticipates continued operating losses and negative cash flows as it advances its therapeutic candidates through clinical development. The company will require substantial additional funding to support ongoing operations and growth strategies, primarily through equity sales or collaborations.
As of September 30, 2024, Entrada had an accumulated deficit of $130.5 million, reflecting significant investments in research and development with the expectation of future regulatory approvals and potential product sales.
How Entrada Therapeutics, Inc. (TRDA) Makes Money
Revenue Sources
Entrada Therapeutics, Inc. primarily generates revenue through collaboration agreements, specifically with Vertex Pharmaceuticals. The revenue from collaboration activities for the nine months ended September 30, 2024, was approximately $173.4 million, a significant increase from $87.2 million in the same period in 2023. This growth was attributed to additional research activities and milestone achievements related to the clinical advancement of their product VX-670.
Collaboration Revenue Breakdown
The table below outlines the collaboration revenue recognized from the Vertex Agreement, including milestone payments and cost reimbursements:
| Period | Collaboration Revenue | Milestone Payments | Cost Reimbursements |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $19.6 million | $0.0 million | $2.6 million |
| Three Months Ended September 30, 2023 | $43.7 million | $0.0 million | $0.0 million |
| Nine Months Ended September 30, 2024 | $173.4 million | $75.0 million | $12.2 million |
| Nine Months Ended September 30, 2023 | $87.2 million | $17.5 million | $0.0 million |
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses amounted to $120.5 million, compared to $95.2 million for the same period in 2023. The increase in operating expenses was mainly due to heightened research and development costs, which totaled $91.9 million in 2024 versus $71.6 million in 2023.
Research and Development Expenses
The following table summarizes research and development expenses for the nine months ended September 30, 2024, compared to the same period in 2023:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| External Costs | $39,661 | $30,909 | $8,752 |
| Internal Costs | $52,239 | $40,684 | $11,555 |
| Total R&D Expenses | $91,900 | $71,593 | $20,307 |
General and Administrative Expenses
General and administrative expenses also rose, totaling $28.6 million for the nine months ended September 30, 2024, compared to $23.6 million for the same period in 2023. This increase was largely due to higher personnel costs, which included stock-based compensation.
Net Income and Losses
Entrada reported a net income of $64.5 million for the nine months ended September 30, 2024, a substantial increase from $2.9 million in the previous year. The significant change was influenced by the increase in collaboration revenue and the recognition of milestone payments.
Cash Position and Financing Activities
As of September 30, 2024, Entrada had cash, cash equivalents, and marketable securities totaling $449.3 million. The company raised approximately $99.6 million through a registered direct offering of common stock and pre-funded warrants in June 2024.
Future Funding and Profitability Outlook
Entrada expects to continue incurring significant operating losses as it advances its therapeutic candidates through preclinical and clinical development. The accumulated deficit as of September 30, 2024, was $130.5 million, indicating ongoing financial challenges.
Entrada Therapeutics, Inc. (TRDA) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Entrada Therapeutics, Inc. (TRDA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Entrada Therapeutics, Inc. (TRDA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Entrada Therapeutics, Inc. (TRDA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.