Entrada Therapeutics Reports First Quarter 2022 Financial Results
Second clinical candidate, ENTR-701, announced for the potential treatment of myotonic dystrophy type 1
On track to submit Investigational New Drug application to the U.S. Food and Drug Administration for ENTR-601-44 targeting Duchenne muscular dystrophy in Q4 2022
$263.9 million in cash, cash equivalents and marketable securities as of March 31, 2022 to advance pipeline of Endosomal Escape Vehicle (EEV™) therapeutic candidates
BOSTON, May 12, 2022 (GLOBE NEWSWIRE) -- Entrada Therapeutics, Inc. (Nasdaq: TRDA), a biopharmaceutical company aiming to transform the lives of patients by establishing intracellular Endosomal Escape Vehicle (EEV™) therapeutics as a new class of medicines, today reported financial results for the first quarter ended March 31, 2022 and highlighted recent business updates.
“In the first quarter of 2022, we continued to make significant progress in advancing our growing pipeline of EEV therapeutic candidates,” said Dipal Doshi, President and Chief Executive Officer of Entrada. “We reported encouraging new data from preclinical studies on our lead neuromuscular candidate, ENTR-601-44, for patients with Duchenne muscular dystrophy who are exon 44 skipping amenable, as well as from our myotonic dystrophy type 1 program. Just this month, we were excited to present additional preclinical data at TIDES USA that reinforce our conviction in developing ENTR-701, our newly announced clinical candidate for myotonic dystrophy type 1, one of the most predominant rare neuromuscular diseases for which there are currently no approved therapies.”
Recent Corporate Highlights
Upcoming Scientific Meetings
Entrada plans to present at two additional scientific meetings in May 2022. Presentations from both meetings will be available on the Publications & Conferences section of the Entrada website following the conferences.
First Quarter 2022 Financial Results
Cash Position: Cash, cash equivalents and marketable securities were $263.9 million as of March 31, 2022, compared to $291.1 million as of December 31, 2021. Based on current operating plans, Entrada expects its existing cash, cash equivalents and marketable securities will enable the company to fund its operating expenses and capital expenditure requirements into the second half of 2024.
Research & Development (R&D) Expenses: R&D expenses for the first quarter of 2022 were $15.7 million, compared to $6.2 million for the same period in 2021. This increase was primarily due to additional investment in preclinical studies to support future clinical trials, enhanced facility and equipment-related investments and higher personnel costs (including non-cash stock-based compensation).
General & Administrative (G&A) Expenses: G&A expenses for the first quarter of 2022 were $6.4 million, compared to $2.2 million for the same period in 2021. This increase was primarily due to higher personnel costs (including non-cash stock-based compensation), legal and other professional fees, and facilities costs.
Net Loss: Net loss for the first quarter of 2022 was $21.7 million, compared to $8.4 million for the same period of 2021.
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