Entrada Therapeutics Reports First Quarter 2023 Financial Results
- $412 million in cash, cash equivalents and marketable securities as of March 31, 2023 -
BOSTON, May 10, 2023 (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 ending March 31, 2023, and highlighted recent business updates.
“In the first quarter, we successfully closed on our transformational collaboration with Vertex for the development of EEV-therapeutics targeting myotonic dystrophy type 1, the most prevalent form of muscular dystrophy. In addition to advancing this important program, the collaboration provides validation of our proprietary EEV platform and extends our cash runway into the second half of 2025,” said Dipal Doshi, President and Chief Executive Officer of Entrada Therapeutics. “Within our growing Duchenne franchise, we are pursuing global opportunities to initiate a healthy volunteer clinical trial for our ENTR-601-44 program while simultaneously working to address FDA’s feedback regarding our IND. There is a profound unmet medical need for Duchenne patients who are exon 44 skipping amenable and we remain very confident in achieving our goal of initiating a clinical trial in 2023.”
Recent Corporate Highlights
First Quarter 2023 Financial Results
Cash Position: Cash, cash equivalents and marketable securities were $411.6 million as of March 31, 2023, compared to $188.7 million as of December 31, 2022. This increase is primarily due to the $250.0 million in proceeds from the Vertex Agreement. Entrada anticipates that its cash, cash equivalents and marketable securities as of March 31, 2023, together with ongoing research support and the anticipated achievement of certain milestones under the Vertex Agreement, will be sufficient to extend its cash runway into the second half of 2025, supporting the Company’s expansion and continued development of EEV-therapeutic candidates targeting Duchenne as well as other indications beyond neuromuscular diseases.
Collaboration Revenue: Collaboration revenue was $25.3 million for the first quarter of 2023 following the closing of the Vertex Agreement in February 2023. There was no collaboration revenue in the first quarter of 2022.
Research & Development (R&D) Expenses: R&D expenses were $23.1 million for the first quarter of 2023, compared to $15.7 million for the same period in 2022. This increase was primarily due to additional investment in preclinical studies to support future clinical trials, sublicense fees, and higher personnel costs (including non-cash, stock-based compensation).
General & Administrative (G&A) Expenses: G&A expenses were $7.9 million for the first quarter of 2023, compared to $6.4 million for the same period in 2022. This increase was primarily due to higher personnel costs (including non-cash, stock-based compensation), legal costs and other costs to support continued research and development activities.
Net Loss: Net loss was $6.7 million for the first quarter of 2023, compared to a net loss of $21.7 million for the same period in 2022.
About Entrada Therapeutics
Investor and Media Contact