Entrada Therapeutics reported its financial results for the fourth quarter and full year ended December 31, 2024, on February 27, 2025. The company's cash, cash equivalents, and marketable securities stood at $420.0 million as of December 31, 2024, an increase from $352.0 million at the end of 2023. This increase was primarily due to a $100 million registered direct offering in June 2024 and a $75 million clinical advancement milestone payment from the Vertex collaboration in Q1 2024. The company projects this cash position will fund operations into Q2 2027.
Collaboration revenue for Q4 2024 was $37.4 million, and $210.8 million for the full year 2024, compared to $41.8 million and $129.0 million for the same periods in 2023, respectively. Research & Development (R&D) expenses increased to $33.4 million for Q4 2024 and $125.3 million for the full year 2024, driven by costs for ENTR-601-44, ENTR-601-45, and ENTR-601-50, as well as higher personnel costs. Net income for Q4 2024 was $1.1 million, and $65.6 million for the full year 2024, a significant improvement from net losses in 2023.
The company highlighted recent regulatory authorizations, including FDA clearance for ELEVATE-44-102 in the U.S. and MHRA authorization for ELEVATE-44-201 in the U.K. Regulatory filings were also submitted to support global clinical studies for ENTR-601-44 in the EU, and ENTR-601-45 in the U.K. and EU. Entrada plans to submit regulatory applications for ENTR-601-50 in 2025 and ENTR-601-51 in 2026, aiming for four clinical-stage DMD programs.
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