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Entrada Therapeutics, Inc. (TRDA)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 collaboration revenue was $37.4M and diluted EPS was $0.03, improving versus Q3 2024 ($19.6M, $(0.35) EPS) and versus Q4 2023 ($41.8M revenue, $(0.29) EPS) .
  • Operating momentum centered on Duchenne programs: FDA lifted the clinical hold on ENTR-601-44 and authorized the U.S. Phase 1b MAD study (ELEVATE-44-102); MHRA authorized the U.K. Phase 1/2 MAD study (ELEVATE-44-201) .
  • Cash runway extended into Q2 2027 with $420.0M cash/equivalents at year-end, supporting multiple clinical starts (ELEVATE-44-201 initiation targeted for Q2 2025; ENTR-601-45 filings submitted in U.K./EU) .
  • Stock-relevant catalysts: resumption/expansion of 44 program in U.S./U.K., direct-to-patient progress on 45, VX-670 MAD dosing by Vertex, and ocular candidate disclosure later in 2025 .

What Went Well and What Went Wrong

What Went Well

  • Regulatory momentum: FDA removed the clinical hold on ENTR-601-44 and authorized ELEVATE-44-102 (U.S.), while MHRA authorized ELEVATE-44-201 (U.K.), enabling broader adult and pediatric patient coverage .
  • Strengthening pipeline breadth: filings submitted to support global studies for ENTR-601-44 (EU) and ENTR-601-45 (U.K./EU); Vertex continued MAD dosing for VX-670 in DM1 .
  • Management confidence and runway: “We are thrilled to begin 2025 with significant momentum… With a cash runway expected into the second quarter of 2027…” – Dipal Doshi, CEO .

What Went Wrong

  • Q4 collaboration revenue declined year-over-year ($37.4M vs. $41.8M), reflecting variability in collaboration activity timing despite sequential improvement vs. Q3 .
  • Elevated operating spend: Q4 R&D ($33.4M) and G&A ($9.9M) increased YoY on program costs and personnel (including stock-based comp), diluting operating leverage in the quarter .
  • Estimates context unavailable from S&P Global during this analysis window, limiting formal beat/miss assessment; we cannot opine on estimate variance without SPGI consensus data*.

Financial Results

Metric (USD)Q4 2023Q2 2024Q3 2024Q4 2024
Collaboration Revenue ($MM)$41.848 $94.694 $19.570 $37.398
R&D Expense ($MM)$28.291 $32.035 $31.257 $33.406
G&A Expense ($MM)$8.652 $9.236 $9.971 $9.859
Total Operating Expenses ($MM)$36.943 $41.271 $41.228 $43.265
Interest & Other Income ($MM)$4.292 $4.366 $5.766 $5.128
Net Income (Loss) ($MM)$(9.544) $55.031 $(14.032) $1.131
Diluted EPS ($)$(0.29) $1.55 $(0.35) $0.03

KPIs and Balance Sheet

KPI (USD)Q4 2023Q2 2024Q3 2024Q4 2024
Cash & Equivalents ($MM)$351.969 $469.746 (Mar 31) $449.344 (Sep 30) $419.998
Total Assets ($MM)$469.192 $581.963 (Mar 31) $554.590 (Sep 30) $526.321
Total Liabilities ($MM)$226.832 $152.038 (Mar 31) $132.143 (Sep 30) $97.643
Stockholders’ Equity ($MM)$242.360 $429.925 (Mar 31) $422.447 (Sep 30) $428.678

Notes: All reported figures were GAAP as presented; the company did not provide non-GAAP adjustments in these releases .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporate“into 2027” (as of Sep 30, 2024) “into Q2 2027” (as of Dec 31, 2024) Extended/clarified horizon
ENTR-601-44 (ELEVATE-44-201, U.K.)Clinical StartOn track to submit filings in Q4 2024 MHRA authorization received; initiate in Q2 2025 Advanced to authorized start
ENTR-601-44 (ELEVATE-44-102, U.S.)Clinical StartRegulatory filings submitted; timing TBD FDA clinical hold removed; U.S. Phase 1b MAD authorized Cleared hold; authorized study
ENTR-601-45Global filingsAnticipated Q4 2024 filings Filings submitted in U.K./EU Executed filings
ENTR-601-50Global filingsRegulatory applications in 2025 On track for H2 2025 Timing narrowed
ENTR-601-51Program timingCandidate selection expected end of 2024 Global regulatory applications planned for 2026 Program roadmap clarified

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was found in our sources; themes reflect press releases and 8-K commentary .

TopicPrevious Mentions (Q2 & Q3)Current Period (Q4/Year-end)Trend
ENTR-601-44 (Exon 44)Positive Phase 1 data; Q4 2024 filings planned FDA hold lifted; U.S. Phase 1b MAD authorized; U.K. Phase 1/2 MAD authorized Improving
ENTR-601-45 (Exon 45)Preclinical data showing exon skipping & dystrophin; Q4 2024 filings planned Filings submitted (U.K./EU) to initiate global Phase 1/2 MAD Improving
ENTR-601-50 (Exon 50)Applications planned in 2025 On track for H2 2025 filings In line
ENTR-601-51 (Exon 51)Candidate selection by end-2024 Global applications targeted for 2026 Clarified roadmap
VX-670 (DM1, Vertex)SAD completion, MAD initiated MAD dosing continues and efficacy evaluation planned Steady progress
Cash runwayInto 2027 Into Q2 2027 Slightly extended
Ocular pipelineNot highlighted in Q2/Q3First clinical candidate disclosure later in 2025 Emerging area

Management Commentary

  • “We are thrilled to begin 2025 with significant momentum… The positive data we have presented to date has supported regulatory clearance in multiple geographies for our ELEVATE-44 program…” – Dipal Doshi, CEO .
  • “Given the strength of our safety and target engagement data… we are pleased to have obtained FDA clearance for the ELEVATE-44-102 study…” – Dipal Doshi, CEO .
  • “We are on track to submit regulatory applications this quarter to initiate separate global Phase 2 clinical trials for ENTR-601-44 and ENTR-601-45…” – Natarajan Sethuraman, PhD, President of R&D .

Q&A Highlights

  • No Q4 2024 earnings call transcript was located; we rely on formal press releases and the 8-K for commentary and guidance .

Estimates Context

  • S&P Global consensus estimates were unavailable at the time of this analysis due to a temporary data access limit; we therefore cannot provide authoritative EPS/revenue comparisons or classify a beat/miss*.
  • Reported Q4 diluted EPS was $0.03 and collaboration revenue was $37.4M; estimates-based comparisons will be updated when SPGI data access is restored .

Key Takeaways for Investors

  • The removal of FDA’s clinical hold and dual U.S./U.K. authorizations for ENTR-601-44 materially de-risk near-term clinical execution and broaden patient coverage, a clear positive catalyst pathway .
  • Pipeline breadth continues to expand (45, 50, 51, ocular) with narrower timing (H2 2025 for 50; 2026 for 51), supporting multi-asset value creation beyond ENTR-601-44 .
  • Cash runway into Q2 2027 provides financing flexibility to reach key clinical inflection points without near-term dilution pressure, a strategic advantage in biotech capital markets .
  • Revenue remains collaboration-driven and inherently variable; Q4 sequential improvement vs. Q3 and positive full-year profitability ($65.6M net income) highlight operating discipline amid R&D expansion .
  • Vertex’s VX-670 progress (MAD dosing) offers a non-DMD optionality lever; continued advancement may catalyze additional milestone economics for Entrada .
  • Near-term trading setup: regulatory starts (ELEVATE-44-201 in Q2 2025) and U.S. MAD progress for ENTR-601-44 are key newsflow drivers; watch for initial dosing/enrollment updates and ocular candidate disclosure later in 2025 .
  • Monitor operating expense trajectory (R&D/G&A) given program ramp; sustained balance sheet strength mitigates risk while management prioritizes pipeline acceleration .

*Estimates unavailable: Values would normally be retrieved from S&P Global; due to temporary access limits, consensus comparisons could not be completed at this time.