Entrada Therapeutics Announces Q2 2024 Financial Results

Entrada Therapeutics, Inc., a clinical-stage biopharmaceutical company listed on Nasdaq as TRDA, is dedicated to creating a new class of medicines targeting intracellular functions previously thought to be unreachable. The company recently shared its financial results for the second quarter ending June 30, 2024, and highlighted significant achievements.

In the past quarter, Entrada made substantial progress in its Duchenne muscular dystrophy (DMD) program, particularly with its candidate ENTR-601-44. The Phase 1 clinical trial of ENTR-601-44 demonstrated promising results, translating findings from nonclinical studies to human volunteers. The trial showed a strong dose-dependent response, significant plasma and muscle concentration, and exon skipping, without serious adverse events or notable changes in vital signs or other health indicators. This has set the stage for a clinically meaningful starting dose in upcoming patient trials. Positive data from this trial will be presented at the 29th Annual Congress of the World Muscle Society in Prague, Czech Republic, in October 2024.

The company is also preparing for global Phase 2 clinical trials for both ENTR-601-44 and ENTR-601-45, with regulatory submissions expected in the fourth quarter of 2024. Additionally, Entrada plans to submit regulatory applications in 2025 for a global Phase 2 trial of its third Duchenne candidate, ENTR-601-50, targeting patients amenable to exon 50 skipping.

Financially, Entrada is in a robust position. The company completed a $100 million registered direct offering in June 2024, led by a U.S.-based healthcare investor, two global mutual funds, and Janus Henderson Investors. This funding, along with other financial activities, has extended Entrada's cash runway into 2027. As of June 30, 2024, the company had $470 million in cash, cash equivalents, and marketable securities.

For the second quarter of 2024, Entrada reported collaboration revenue of $94.7 million, a significant increase from $18.2 million in the same period in 2023. This boost was largely due to additional research activities and milestones achieved for VX-670. Research and development expenses rose to $32.0 million from $26.3 million in the prior year, driven by increased research activities and preclinical costs for ENTR-601-50, as well as higher personnel costs. General and administrative expenses also increased slightly to $9.2 million from $8.2 million in the previous year, primarily due to higher personnel costs.

Entrada's net income for the second quarter of 2024 was $55.0 million, a notable turnaround from a net loss of $25.9 million in the same period in 2023. This improvement reflects the company's successful financial and research activities.

The company is also advancing a clinical-stage program with Vertex Pharmaceuticals for myotonic dystrophy type 1 (DM1). Vertex continues to enroll and dose patients in the global Phase 1/2 trial for VX-670, expecting to complete the single ascending dose portion by the end of 2024.

Looking ahead, Entrada is scheduled to present at the H.C. Wainwright 25th Annual Global Investment Conference in New York on September 9, 2024.

Entrada Therapeutics employs a proprietary approach known as Endosomal Escape Vehicle (EEV™)-therapeutics, which facilitates the intracellular delivery of a range of therapeutics into various organs and tissues. This technology is the cornerstone of their development portfolio, which includes RNA-, antibody-, and enzyme-based programs targeting neuromuscular, ocular, metabolic, and immunological diseases.

The company continues to focus on its lead oligonucleotide programs for treating people with Duchenne who are exon 44, 45, and 50 skipping amenable. With a strong financial foundation and a promising pipeline, Entrada aims to make significant strides in developing treatments for these challenging conditions.

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