Entrada Therapeutics(US:TRDA)2025-11-06 12:06Financial Performance - Collaboration revenue decreased significantly to $1.614 million in Q3 2025 from $19.570 million in Q3 2024, a decline of $17.956 million[118]. - Net loss for Q3 2025 was $44.134 million, compared to a net loss of $14.032 million in Q3 2024, an increase in loss of $30.102 million[118]. - For the nine months ended September 30, 2025, collaboration revenue was $24.1 million, a significant decrease of $149.3 million from $173.4 million in 2024, primarily due to fewer costs incurred for VX-670[126]. - Net loss for the nine months ended September 30, 2025, was $104.6 million, compared to a net income of $64.5 million for the same period in 2024, a decline of $169.1 million[125]. Expenses - Research and development expenses increased to $38.361 million in Q3 2025 from $31.257 million in Q3 2024, an increase of $7.104 million[118]. - General and administrative expenses rose to $10.304 million in Q3 2025 compared to $9.971 million in Q3 2024, an increase of $333,000[118]. - Total operating expenses for Q3 2025 were $48.665 million, up from $41.228 million in Q3 2024, reflecting an increase of $7.437 million[118]. - Total research and development expenses for the nine months ended September 30, 2025, were $108.3 million, an increase of $16.4 million from $91.9 million in 2024, driven by higher direct research costs[127]. Cash and Funding - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $326.8 million, sufficient to fund operations into Q3 2027[99]. - The company has raised over $850.0 million in gross proceeds from stock sales and collaborations since inception, with $326.8 million in cash and marketable securities as of September 30, 2025[140]. - The company plans to file a new shelf registration statement to replace the prior one that will expire on November 7, 2025, allowing for future equity offerings[142]. - The company anticipates significant future funding requirements due to ongoing research and development expenses[152]. Strategic Developments - The company has two product candidates, ENTR-601-44 and ENTR-601-45, in clinical development for Duchenne muscular dystrophy (DMD)[99]. - The company expects to report data from the first cohort of the ENTR-601-44 study in Q2 2026 and from the first patient cohort of ENTR-601-45 in mid-2026[101]. - The company anticipates filing for EU regulatory clearance for ENTR-601-50 in the second half of 2026 and for ENTR-601-51 in 2026[100]. - Vertex Pharmaceuticals is on track to complete enrollment and dosing in the VX-670 trial in the first half of 2026[105]. Workforce and Operational Changes - A strategic plan approved on April 29, 2025, led to a workforce reduction of approximately 20%, incurring charges of $1.9 million[158]. - The company has entered into contracts with CROs and third-party manufacturers for preclinical research, which are cancellable upon prior written notice[156]. - The company remains classified as an "emerging growth company" and a "smaller reporting company," allowing it to take advantage of reduced reporting requirements[159][162]. Other Financial Metrics - Total interest and other income decreased to $3.6 million for the three months ended September 30, 2025, down from $5.8 million in 2024, reflecting changes in interest earned from debt securities and a decrease in marketable securities[123]. - For the nine months ended September 30, 2025, the company reported a net cash used in operating activities of $96.3 million, driven by a net loss of $104.6 million[145]. - The company generated $87.7 million from investing activities for the nine months ended September 30, 2025, primarily from $212.1 million in maturities of marketable securities[147]. - Net cash provided by financing activities was $0.7 million for the nine months ended September 30, 2025, compared to $101.6 million for the same period in 2024[149][150].