Entrada Therapeutics (TRDA) Q4 2025 earnings summary

Executive summary

• Multiple clinical programs advancing in Duchenne muscular dystrophy (DMD) and myotonic dystrophy type 1 (DM1), with key data readouts expected in 2026.

• Positive recommendation from Data Monitoring Committee to initiate higher dosing in ELEVATE-44-201 study.

• Expansion into ocular and metabolic disease programs, including nomination of ENTR-801 for Usher syndrome type 2A.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $295.7 million as of December 31, 2025, down from $420.0 million at year-end 2024.

• Collaboration revenue was $1.3 million for Q4 2025 and $25.4 million for FY 2025, compared to $37.4 million and $210.8 million for the same periods in 2024.

• R&D expenses were $34.0 million for Q4 and $142.3 million for FY 2025, up from $33.4 million and $125.3 million in 2024.

• Net loss was $39.2 million for Q4 2025 and $143.8 million for FY 2025, compared to net income of $1.1 million and $65.6 million in 2024.

Outlook and guidance

• Cash runway expected to fund operations into Q3 2027.

• Data from ELEVATE-44-201 Cohort 1 expected in Q2 2026, Cohort 2 by year-end 2026, and Cohort 3 to follow.

• ELEVATE-45-201 Cohort 1 data expected mid-2026; regulatory filings for ENTR-601-50 and ENTR-601-51 planned for 2026.

• Second ocular disease candidate nomination planned for H2 2026.