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Entrada Therapeutics, Inc. (TRDA)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 showed a sharp revenue step-down as Vertex collaboration revenue wound down ($1.61M vs $19.57M YoY), and losses widened (EPS -$1.06 vs -$0.35 YoY) . Against S&P Global consensus, revenue materially missed ($1.61M vs $8.62M consensus*) and EPS modestly missed (-$1.06 vs -$0.97 consensus*). Values retrieved from S&P Global.
  • Pipeline execution advanced: Cohort 1 enrollment completed in ELEVATE-44-201 with DMC support to continue; first patient dosed in ELEVATE-45-201; U.K. regulatory filing made for ELEVATE-50-201; multiple 2026 readouts reiterated (Q2 2026 for 44, mid-2026 for 45) .
  • Liquidity remains a strength: cash and marketable securities of $326.8M at 9/30/25 and runway extended into Q3 2027, up from Q2’s guide into Q2 2027 .
  • 2026 flagged as “data-rich” with multiple potential value inflection points across DMD exon-skipping franchise; Vertex-partnered DM1 program remains on track to complete MAD enrollment/dosing in H1 2026, reinforcing external catalyst breadth .

What Went Well and What Went Wrong

What Went Well

  • Cohort 1 completed and cleared to continue in ELEVATE-44-201; DMC supported continuation without protocol changes; first Cohort 1 data expected in Q2 2026 .
  • ELEVATE-45-201 first patient dosed; Cohort 1 data expected mid-2026, providing a second clinical readout stream in 2026 .
  • Runway strengthened to Q3 2027 with $326.8M cash and securities, enabling planned readouts and program expansion despite rising R&D . CEO: “We expect 2026 to be a data-rich year… With an expected cash runway extended into the third quarter of 2027, we believe we are well-positioned…” .

What Went Wrong

  • Collaboration revenue declined 92% YoY ($1.61M vs $19.57M), as Vertex-related research activities substantially completed; net loss widened to -$44.1M vs -$14.0M YoY .
  • Operating spend rose with DMD program execution: R&D up to $38.4M (+$7.1M YoY), G&A modestly higher to $10.3M, contributing to loss widening .
  • Street expectations overshot revenue/EPS: Q3 revenue of $1.61M vs $8.62M consensus* and EPS -$1.06 vs -$0.97 consensus*, implying estimate calibration lag to collaboration revenue taper. Values retrieved from S&P Global.

Financial Results

Results trend (oldest → newest)

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Collaboration revenue ($M)$19.57 $20.56 $1.95 $1.61
R&D expense ($M)$31.26 $32.07 $37.88 $38.36
G&A expense ($M)$9.97 $10.27 $10.92 $10.30
Net (loss) income ($M)-$14.03 -$17.35 -$43.10 -$44.13
EPS (diluted) ($)-$0.35 -$0.42 -$1.04 -$1.06

Q3 2025 results vs S&P Global consensus

MetricActualConsensus*Surprise# of Estimates*
Revenue ($)$1,614,000 $8,621,000*-$7,007,0005*
EPS (Primary) ($)-$1.06 -$0.965*-$0.0954*

Values retrieved from S&P Global.

Margins (computed)

MarginQ3 2024Q1 2025Q2 2025Q3 2025
Net income margin (%)-71.7% (=-14.03/19.57) -84.4% (=-17.35/20.56) -2211% (=-43.10/1.95) -2733% (=-44.13/1.61)

Note: Margins are mechanically extreme given minimal collaboration revenue and biotech operating profile.

Liquidity

MetricQ1 2025Q2 2025Q3 2025
Cash, cash equivalents & marketable securities ($M)$382.52 $354.01 $326.84
Cash runway (management)Into Q2 2027 Into Q2 2027 Into Q3 2027

Segment or product breakdown

  • No commercial product revenue; reported revenue is collaboration revenue tied to Vertex VX-670 research plan activities .

KPIs (operational)

  • ELEVATE-44-201 Cohort 1 enrollment complete; DMC continuation without protocol changes; Cohort 1 data Q2 2026 .
  • ELEVATE-45-201 first patient dosed; Cohort 1 data mid-2026 .
  • ELEVATE-50-201 U.K. authorization filing submitted; EU submissions expected H2 2026; initiation by end-2026 (pending approvals) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayMulti-yearInto Q2 2027 (Q1/Q2 updates) Into Q3 2027 Extended
ELEVATE-44-201 Cohort 1 data2026H1 2026 Q2 2026 Refined (narrowed)
ELEVATE-45-201 Cohort 1 data2026Mid-2026 Mid-2026 Maintained
ELEVATE-45-201 first patient2025On track to dose in Q3 2025 First patient dosed Achieved
ELEVATE-50-201 regulatory plan2025–2026Submit global regulatory applications in Q4 2025 U.K. authorization filed; EU submissions expected H2 2026; initiate by end-2026 Pushed out (EU timing)
ENTR-601-51 regulatory plan2026Submit in 2026 Submit in 2026 Maintained
VX-670 (Vertex) MAD completionH1 2026On track H1 2026 On track H1 2026 Maintained

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript was available in our corpus; themes reflect company press releases.

TopicPrevious Mentions (Q1 & Q2 2025)Current Period (Q3 2025)Trend
R&D execution (DMD exon 44/45)Q1: EU authorization for 44; studies to initiate Q2/Q3 2025 . Q2: First patient dosed in 44; 45 initiated; dosing on track Q3 2025 .44 Cohort 1 enrollment complete; DMC supports continuation; 45 first patient dosed .Improving execution cadence
Clinical readout timingQ1: 44 and 45 data in 2026 . Q2: 44 H1’26; 45 mid’26 .44 Q2’26; 45 mid’26 .Refined/narrowed
Regulatory (50/51)Q1: 50 apps H2’25; 51 in 2026 . Q2: 50 apps Q4’25; 51 in 2026 .50: U.K. filing; EU submissions H2’26; initiate by end’26; 51 in 2026 .50 timeline pushed out for EU
Partnered DM1 (Vertex VX-670)Ongoing MAD; H1’26 completion expected .Still on track for H1’26 completion .Steady progress
Liquidity/runwayRunway into Q2’27 (Q1/Q2) .Runway extended to Q3’27 .Strengthened
Ocular pipelineLead optimization; first candidate nomination by YE’25 (Q2) .Two ocular programs in lead optimization; first candidate by YE’25 .On track

Management Commentary

  • “We expect 2026 to be a data-rich year, with multiple potential value-creating inflection points across our growing Duchenne franchise… With an expected cash runway extended into the third quarter of 2027, we believe we are well-positioned to advance and expand our unique pipeline of intracellular therapeutics.” — Dipal Doshi, CEO .
  • Q3 highlights emphasized DMC-supported continuation in ELEVATE-44-201 Cohort 1 and dosing of first patient in ELEVATE-45-201, underscoring operational momentum into 2026 readouts .

Q&A Highlights

  • No earnings call transcript was available; no Q&A disclosures to augment or clarify press release commentary [List: earnings-call-transcript search returned none].

Estimates Context

  • Q3 revenue of $1.61M missed S&P Global consensus of $8.62M by ~$7.0M, reflecting the substantial completion of VX-670 collaboration activities; EPS of -$1.06 missed consensus -$0.97 by ~$0.10. Values retrieved from S&P Global.
  • Given the structural taper in collaboration revenue and ongoing step-up in R&D to execute multiple clinical programs, Street models are likely to reset revenue run-rates lower and OpEx higher near term, with valuation focus shifting to 2026 clinical catalysts .

Key Takeaways for Investors

  • The story is catalyst-driven: 44 Cohort 1 data in Q2’26 and 45 Cohort 1 in mid’26 present two near-sequential readouts that can drive stock inflections if safety/exon-skipping data are favorable .
  • Liquidity is adequate through these catalysts: $326.8M cash and runway into Q3’27 lowers financing overhang through initial 2026 readouts .
  • Revenue/EPS prints are less indicative of value in a pre-commercial biotech and will remain volatile as collaboration revenue winds down (Q3: $1.61M; YoY -92%) .
  • Watch the 50 program timeline: U.K. filing is progress, but EU submissions moved to H2’26 with initiation by end’26, slightly extending timelines for broader franchise readouts .
  • Operational momentum is positive: 44 Cohort 1 enrollment completion with DMC support and 45 first patient dosing de-risk execution into 2026 .
  • External validation via Vertex continues: VX-670 remains on track to complete MAD enrollment/dosing in H1’26, providing additional catalyst diversity .

Appendix: Additional Detail

Detailed Financial Statements (Q3 2025 excerpts)

  • Collaboration revenue $1.614M; R&D $38.361M; G&A $10.304M; Net loss -$44.134M; EPS -$1.06; cash and marketable securities $326.838M at 9/30/25 .
  • Prior periods for trend: Q2 2025 revenue $1.950M; net loss -$43.103M; EPS -$1.04; cash $354.012M at 6/30/25 . Q1 2025 revenue $20.558M; net loss -$17.349M; EPS -$0.42; cash $382.515M at 3/31/25 .

Values marked with an asterisk (*) were retrieved from S&P Global.