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Mar 31, 2024
Entrada Therapeutics Q1 2024 Earnings Report
Entrada Therapeutics reported financial results for Q1 2024 and provided business updates.
Key Takeaways
Entrada Therapeutics reported a net income of $23.5 million for the first quarter of 2024, a significant increase compared to the net loss of $6.7 million for the same period in 2023. The company's cash, cash equivalents, and marketable securities totaled $327.4 million as of March 31, 2024, and they anticipate their cash runway will extend through the second quarter of 2026.
Initiated dosing of the fourth and final cohort of Phase 1 clinical trial of ENTR-601-44 for DMD, with data readout expected in October 2024.
Achieved a $75 million milestone payment from Vertex for the clinical advancement of VX-670 for DM1.
Cash runway expected through the second quarter of 2026, with $327.4 million in cash, cash equivalents, and marketable securities as of March 31, 2024.
On track to submit regulatory applications in the fourth quarter of 2024 to initiate independent global Phase 2 clinical development studies for ENTR-601-44 and ENTR-601-45.
Revenue by Segment
Forward Guidance
Entrada anticipates that its cash, cash equivalents and marketable securities as of March 31, 2024, together with ongoing research support from Vertex and the clinical advancement milestone expected to be received in the second quarter of 2024, will be sufficient to extend its cash runway through the second quarter of 2026, supporting the Company's expansion and continued development of EEV therapeutic candidates targeting DMD and advance EEV-therapeutic candidates in indications beyond neuromuscular disease.
Positive Outlook
- Cash runway extended through the second quarter of 2026.
- Ongoing research support from Vertex.
- Clinical advancement milestone expected in Q2 2024.
- Continued development of EEV therapeutic candidates targeting DMD.
- Advancement of EEV-therapeutic candidates in indications beyond neuromuscular disease.
Challenges Ahead
- Uncertainties inherent in the identification and development of product candidates.
- Uncertainties as to the availability and timing of results from preclinical studies and clinical trials.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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