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Entrada Therapeutics, Inc. (TRDA)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 delivered a clean beat vs Wall Street: revenue $20.56M vs $10.17M consensus*, and diluted EPS -$0.42 vs -$0.78 consensus*, driven by higher collaboration revenue recognition and lower-than-expected operating loss . Values retrieved from S&P Global.
  • Year-over-year comps were tough (Q1 2024 included a large Vertex milestone), with revenue down 65% YoY and EPS swinging to a loss; sequentially, revenue fell 45% vs Q4 2024 as milestone-driven collaboration revenue normalized .
  • Strategic momentum strengthened: EU authorization for ELEVATE-44-201, UK authorization for ELEVATE-45-201, and FDA removal of the ENTR-601-44 clinical hold expand global development; cash runway reiterated into Q2 2027 ($382.5M cash at March 31) .
  • Near-term stock catalysts: initiation of ELEVATE-44-201 in Q2 2025 and ELEVATE-45-201 in Q3 2025, plus continued Vertex VX-670 MAD dosing progress; April workforce realignment (~20% reduction) supports focus on DMD execution .

What Went Well and What Went Wrong

What Went Well

  • Clinical/regulatory acceleration: EU authorization for ELEVATE-44-201; UK authorization and EU filings for ELEVATE-45-201; plans to file ENTR-601-50 globally in H2 2025 and ENTR-601-51 in 2026 .
  • Clear strategic focus and operating discipline: April plan concentrates resources on DMD portfolio, ocular programs, and platform; workforce reduced ~20% to enable global study execution .
  • Partnered program execution: Vertex continues enrolling and dosing the MAD portion of the global Phase 1/2 VX-670 trial in DM1, supporting collaboration momentum .

Quote: “We expect to quickly advance three distinct Duchenne programs — for people who are exon 44, 45 and 50 skip amenable — into global clinical development by the end of this year.” — CEO Dipal Doshi .

What Went Wrong

  • Tough YoY comparison and sequential decline: collaboration revenue fell to $20.6M vs $59.1M in Q1 2024 and $37.4M in Q4 2024 as milestone-related revenue normalized, driving a net loss of -$17.3M vs +$23.5M in Q1 2024 .
  • Higher R&D and G&A spend: R&D rose to $32.1M (from $28.6M YoY) and G&A to $10.3M (from $9.4M YoY), reflecting DMD program ramp and personnel costs, contributing to operating loss .
  • No published Q1 2025 earnings call transcript, limiting qualitative color on quarter-to-quarter dynamics beyond press releases; reliance on regulatory and program updates to frame narrative [ListDocuments earnings-call-transcript returned 0 (2025-01-01 to 2025-06-30)].

Financial Results

MetricQ1 2024Q3 2024Q4 2024Q1 2025
Collaboration Revenue ($USD Millions)$59.12 $19.57 $37.40 $20.56
Net Income ($USD Millions)$23.50 $(14.03) $1.13 $(17.35)
Diluted EPS ($USD)$0.68 $(0.35) $0.03 $(0.42)
R&D Expense ($USD Millions)$28.61 $31.26 $33.41 $32.07
G&A Expense ($USD Millions)$9.40 $9.97 $9.86 $10.27
Cash, Cash Equivalents & Marketable Securities ($USD Millions)—$449.34 (Sep 30) $420.00 (Dec 31) $382.52 (Mar 31)

Notes:

  • YoY revenue decline reflects absence of large milestone recognition seen in 2024; Q4 commentary cited $75M Vertex milestone in Q1 2024 contributing to elevated revenue that year .
  • No non-GAAP measures (e.g., adjusted EPS) were presented in these releases .

Estimates vs Actuals (Q1 2025):

MetricConsensus*Actual
Revenue ($USD)$10.17M*$20.56M
Diluted EPS ($USD)-$0.78*-$0.42
# of Estimates (Revenue / EPS)5 / 4*—

Values retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayThrough Q2 2027“Into Q2 2027” (as of Dec 31, 2024) “Into Q2 2027” (as of Mar 31, 2025) Maintained
ELEVATE-44-201 (ENTR-601-44) InitiationQ2 2025On track to initiate in UK Q2 2025 EU authorization received; on track to initiate across UK/EU in Q2 2025 Raised specificity (broader geographies)
ELEVATE-44-102 (U.S. adults)1H 2026 startFDA hold status unresolved in 2024 docsFDA removed clinical hold; authorized to initiate; start in 1H 2026 New authorization
ELEVATE-45-201 (ENTR-601-45) InitiationQ3 2025Submissions planned (UK/EU) UK authorization obtained; EU authorization later; on track for Q3 2025 Raised (authorized)
ENTR-601-50 Global FilingsH2 2025Expected 2025 On track for H2 2025 Maintained/clarified
ENTR-601-51 Global Filings2026Expected 2026 2026 reiterated Maintained
Workforce & Focus2025—~20% workforce reduction; focus on DMD, ocular and platform New strategic focus

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was published in the document set searched (Jan–Jun 2025). Themes below reflect press releases and prior quarter disclosures.

TopicPrevious Mentions (Q3 2024, Q4 2024)Current Period (Q1 2025)Trend
Regulatory progress in DMD programsOn track to submit global filings for ENTR-601-44/-45; strong Phase 1 data presented EU authorization for ELEVATE-44-201; UK authorization for ELEVATE-45-201; EU filings for -45; filing plans for -50/-51 reiterated Accelerating
Vertex VX-670 collaboration (DM1)SAD completed; MAD initiated Vertex continues enrolling/dosing MAD globally Continuing progress
Financial runway and disciplineCash into 2027; funding strengthened by 2024 capital raise/milestone Cash into Q2 2027; April focus plan with workforce realignment Maintained runway; sharpened focus
R&D executionR&D expense rising with pipeline ramp Continued spend on DMD programs; higher personnel costs Scaling for clinical execution
Macro environmentNoted sector backdrop implicitly“Challenging macroeconomic environment” acknowledged Cautious tone

Management Commentary

  • “We expect to quickly advance three distinct Duchenne programs — for people who are exon 44, 45 and 50 skip amenable — into global clinical development by the end of this year… combined with a cash runway expected into Q2 2027… positions us strongly despite the challenging macroeconomic environment.” — CEO Dipal Doshi .
  • “Given the strength of our safety and target engagement data from our Phase 1 clinical study… we are pleased to have obtained FDA clearance for the ELEVATE-44-102 study… Nearly half of those living with Duchenne who are amenable to exon 44 skipping are adults.” — CEO Dipal Doshi .
  • “We are pleased to receive U.K. clearance for the second clinical program in our growing Duchenne franchise… we will continue our strategy of initiating and running studies in the U.K. and EU before sharing these study results with the FDA to potentially enable registrational studies in the U.S.” — CEO Dipal Doshi .

Q&A Highlights

  • No Q1 2025 earnings call transcript available in the searched period; thus no Q&A to report [ListDocuments earnings-call-transcript returned 0 (2025-01-01 to 2025-06-30)].
  • Management’s press releases emphasized: adult inclusion in ELEVATE-44-102 (U.S.), broader geographic trial initiation (UK/EU), and operational focus enabling execution, which likely would have anchored Q&A around timelines, enrollment criteria, and regulatory pathways .

Estimates Context

  • Entrada beat consensus on both top and bottom line: revenue $20.56M vs $10.17M consensus*, EPS -$0.42 vs -$0.78 consensus* . Values retrieved from S&P Global.
  • Expect estimate revisions to reflect higher collaboration revenue run-rate vs models for Q1 and a more confident operational cadence given multiple authorizations; however, forward modeling should account for lumpiness tied to partner-related revenue timing (e.g., 2024 milestone reference) .

Key Takeaways for Investors

  • The quarter beat consensus materially on revenue and EPS, even as YoY comps normalized from prior-year milestone-induced revenue; operational execution was the primary driver . Values retrieved from S&P Global.
  • Regulatory momentum de-risks DMD pipeline timing: ELEVATE-44-201 and ELEVATE-45-201 authorizations support initiation in Q2/Q3 2025; ENTR-601-50 filings targeted H2 2025, ENTR-601-51 in 2026 .
  • Cash runway into Q2 2027 provides multi-year execution visibility amid a challenging macro; April restructuring sharpens focus on core programs .
  • Expect near-term catalysts from study initiations and VX-670 MAD progression; watch for enrollment updates, early PD signals (exon skipping/dystrophin), and regulatory interactions .
  • Revenue remains collaboration-driven and can be lumpy; model with scenario ranges tied to partnership activities and internal trial cost allocations .
  • No non-GAAP EPS provided; GAAP results show elevated R&D/G&A consistent with scaling clinical operations, suggesting continued operating losses near-term as trials ramp .
  • Trading lens: positive regulatory newsflow and beats vs consensus support sentiment; monitor execution on ELEVATE timelines and any additional ex-U.S. authorizations as catalysts .

Values retrieved from S&P Global.