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Entrada Therapeutics, Inc. (TRDA)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 was an execution quarter on DMD clinical milestones but a sharp revenue/EPS miss versus consensus due to the wind-down of Vertex collaboration research-plan revenues; collaboration revenue fell to $2.0M and diluted EPS was -$1.04, versus Street at ~$8.17M and -$0.86, respectively; expenses rose with advancing DMD programs . Results: Revenue miss and EPS miss; drivers were timing/completion of collaboration activities and higher R&D tied to DMD .
  • Clinical progress advanced: first patient dosed in ELEVATE-44-201 (exon 44), ELEVATE-45-201 initiated with first dosing on track for Q3 2025; multiple UK/EU sites activated; first cohort data timing set for 1H26 (44) and mid-26 (45) .
  • Cash runway reiterated into Q2 2027 with $354M cash/equivalents/marketable securities at 6/30/25, reflecting disciplined OpEx despite pipeline ramp .
  • 2H25 setup: regulatory filing guidance tightened for ENTR-601-50 to Q4 2025 (from 2H25 prior), while ENTR-601-51 remains targeted for 2026; Vertex’s VX-670 MAD enrollment/dosing targeted to complete in 1H26, supporting 2026 as a “data-rich” year .

What Went Well and What Went Wrong

  • What Went Well

    • First patient dosed in ELEVATE-44-201; sites activated across UK/EU, with initial cohort data expected 1H26; management: “key clinical milestone” and multiple data readouts expected across the DMD franchise in 2026 .
    • ELEVATE-45-201 initiated; on track to dose first patient in Q3 2025; first cohort data expected mid-2026, underscoring momentum in exon 45 program .
    • Balance sheet intact: $354M cash/equivalents/marketable securities; runway into Q2 2027, enabling multi-program execution without near-term financing .

  • What Went Wrong

    • Revenue collapsed year-over-year as Vertex collaboration plan activities substantially completed; collaboration revenue declined to $2.0M from $94.7M YoY .
    • Operating loss widened QoQ and YoY on increased R&D tied to DMD studies and higher personnel costs; total OpEx rose to $48.8M from $41.3M YoY .
    • Street miss: revenue and EPS missed consensus, reflecting the step-down in collaboration revenue and higher OpEx; EPS -$1.04 vs -$0.86 est.; revenue $1.95M vs $8.17M est. [Zacks/Yahoo: https://finance.yahoo.com/news/entrada-therapeutics-inc-trda-reports-121504997.html] [S&P Global estimates*].

Financial Results

Selected P&L (USD Millions except per-share); periods ordered oldest → newest

MetricQ4 2024Q1 2025Q2 2025
Collaboration Revenue ($)$37.40 $20.56 $1.95
R&D Expense ($)$33.41 $32.07 $37.88
G&A Expense ($)$9.86 $10.27 $10.92
Total Operating Expenses ($)$43.27 $42.35 $48.80
Operating (Loss) Income ($)$(5.87) $(21.79) $(46.85)
Interest & Other Income ($)$5.13 $4.44 $3.92
Net Income (Loss) ($)$1.13 $(17.35) $(43.10)
Diluted EPS ($)$0.03 $(0.42) $(1.04)

Q2 2025 vs S&P Global Consensus

MetricQ2 2025 ActualQ2 2025 ConsensusSurprise
Revenue ($USD Millions)$1.95 $8.17*-$6.22M*
Diluted EPS ($)$(1.04) $(0.86)*-$0.18*

Note: Estimates marked with * retrieved from S&P Global.

KPIs and Balance Sheet (USD Millions; period-end cash)

MetricQ4 2024Q1 2025Q2 2025
Cash, Cash Equivalents & Marketable Securities ($)$420.00 $382.52 $354.01
Total Liabilities ($)$97.64 $69.22 $69.28
Total Stockholders’ Equity ($)$428.68 $417.26 $379.51

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayMulti-yearInto Q2 2027 (Q1 2025) Into Q2 2027 (Q2 2025) Maintained
ENTR-601-44 (ELEVATE-44-201) dataCohort 1 readoutNot specified previouslyData from Cohort 1 in 1H 2026 New timing detail
ENTR-601-45 (ELEVATE-45-201) first patientStudy startOn track to initiate in Q3 2025 On track to dose first patient in Q3 2025 Maintained
ENTR-601-45 (ELEVATE-45-201) dataCohort 1 readoutNot specified previouslyData from Cohort 1 in mid-2026 New timing detail
ENTR-601-50 regulatory filingsGlobal applications2H 2025 Q4 2025 Narrowed/specified
ENTR-601-51 regulatory filingsGlobal applications2026 2026 Maintained
Vertex VX-670 (DM1) MADEnrollment/dosingOngoing enrollment/dosing On track to complete enrollment/dosing in 1H 2026 New timing detail

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in our document corpus as of this analysis. Thematically, management’s messaging across recent quarters emphasizes DMD execution, regulatory momentum, and disciplined cash management.

TopicPrevious Mentions (Q4 2024 and Q1 2025)Current Period (Q2 2025)Trend
DMD pipeline execution (44/45/50/51)FDA hold removal for 44; MHRA authorization for 44; filings for 45/50 (Q4) ; EU authorization for 44; 45 on track Q3 2025; 50 filings 2H25; 51 in 2026 (Q1) First patient dosed in 44-201; 45-201 initiated; 44/45 sites activated; 44 data 1H26; 45 data mid-26 Accelerating
Regulatory momentumUK/EU/US authorizations building (Q4/Q1) Additional site activations; continued EU/UK activity for 44/45 Sustained
Cash runway & OpEx disciplineRunway to Q2 2027 (Q4) ; reiterated (Q1) Runway to Q2 2027 reiterated; cash $354M Maintained
Ocular/retinal pipelineFirst ocular candidate expected later 2025 (Q4) Two inherited retinal disease programs in lead optimization; first candidate nomination by YE25 Advancing
Vertex collaboration (DM1)MAD enrolling/dosing (Q4/Q1) On track to complete enrollment/dosing 1H26 Milestones defined
Organizational build—Added SVP Medical Affairs; added SVP Clinical Dev; added Dr. Radhakrishnan to Board Scaling team

Management Commentary

  • “We are pleased that we achieved a key clinical milestone with the dosing of the first patient in our ELEVATE-44-201 clinical study and expect to report data from the first patient cohort during the first half of 2026.” — Dipal Doshi, CEO .
  • “ELEVATE-45-201… is on track to dose the first patient in the third quarter of 2025… These two programs provide the potential for multiple clinical data readouts across our growing Duchenne franchise in 2026.” — Dipal Doshi .
  • “This important progress, coupled with the upcoming regulatory submissions to initiate ELEVATE-50 later this year and ELEVATE-51 in 2026, continue to drive clinical momentum… while remaining committed to financial discipline.” — Dipal Doshi .

Q&A Highlights

A Q2 2025 earnings call transcript was not available in our sources; no Q&A excerpts could be verified at this time. We will update this section if a transcript becomes available.

Estimates Context

  • Q2 missed consensus on both revenue and EPS: $1.95M vs $8.17M est., and -$1.04 vs -$0.86 est.; the revenue shortfall reflects the substantial completion of VX-670 collaboration research plan activities, which sharply reduced collaboration revenue YoY [S&P Global estimates*].
  • Only three estimates were recorded for both revenue and EPS in Q2, suggesting modest Street coverage depth heading into the print (Primary EPS - # of Estimates: 3; Revenue - # of Estimates: 3)*.
  • Given tightened timing for ENTR-601-50 filings (Q4 2025) and defined 2026 readout windows for 44/45, models may shift mix from near-term collaboration revenues toward 2026 data-driven valuation/catalyst weighting .

Note: Estimates marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • 2026 is set up as a data-rich catalyst year (first cohort readouts for ELEVATE-44 in 1H26 and ELEVATE-45 mid-26; VX-670 MAD enrollment/dosing completion 1H26), which could be pivotal for the DMD thesis .
  • Near-term revenues will likely remain volatile/low absent collaboration milestones; investment case hinges on clinical execution and de-risking rather than P&L optics .
  • Cash runway into Q2 2027 provides sufficient capital to reach key readouts and regulatory submissions (50 in Q4 2025; 51 in 2026) without immediate financing overhang .
  • Expense trajectory reflects pipeline build-out; R&D increases are tied to 44/45 program execution and personnel; watch OpEx cadence as multiple cohorts initiate .
  • Board and leadership additions strengthen clinical and medical affairs capabilities ahead of global studies and potential expansion into ocular programs (retinal candidate nomination by YE25) .
  • For trading, the setup is catalyst-driven: patient dosing for 45 (Q3 2025), ENTR-601-50 filing (Q4 2025), then 1H26/mid-26 readouts; stock likely reacts to recruitment/dosing updates and any early signs on safety/PK/PD .

Supporting documents:

  • Q2 2025 8-K/press release with full financials and pipeline updates .
  • Q1 2025 8-K/press release .
  • Q4 2024 8-K/press release .
  • Additional Q2 2025 press releases: EU authorization for ELEVATE-45-201 (May 28, 2025) ; Board appointment (June 3, 2025) ; inducement grants (June 2, 2025) .
  • External reference on Q2 miss (for context) .

Note: Estimates marked with * retrieved from S&P Global.