A clinical-stage biopharmaceutical firm developing novel therapies for severe neurological conditions including SMA and Duchenne muscular dystrophy with substantial cash on hand to fund R&D.
Entrada offers exposure to high-growth rare disease therapeutics with a differentiated platform capable of delivering breakthrough treatments for conditions like SMA and Duchenne muscular dystrophy. The company's substantial cash position provides adequate runway to progress its pipeline through pivotal trials without immediate need for equity dilution, preserving shareholder value during the critical development phase.
The lack of commercial revenue combined with accelerating losses in 2025 suggests potential liquidity constraints if clinical milestones are not met within the next few years. High operating expenses and significant R&D investments create a precarious financial structure that could lead to bankruptcy or severe dilution if external funding becomes unavailable.
Entrada Therapeutics is a clinical-stage biopharmaceutical company focused on developing innovative therapies for severe neurological diseases such as spinal muscular atrophy (SMA) and Duchenne muscular dystrophy. The company leverages its proprietary platform to advance multiple asset candidates through preclinical and clinical development, targeting underserved markets in rare disease therapeutics. With significant cash reserves and a strong pipeline of investigational drugs, Entrada aims to deliver transformative treatments that address unmet medical needs.
Recent financial performance shows a sharp decline in revenue from $210.8 million in 2024 to just $25.4 million in 2025, accompanied by a substantial net loss of $143.8 million and operating cash flow burn of $128.5 million. Despite maintaining strong liquidity with $90.4 million in cash and equivalents and $578.6 million in paid-in capital, the company's ability to sustain its R&D expenditures while advancing multiple clinical candidates remains a critical concern for investors.
The rare disease therapeutics industry is characterized by high R&D costs, long development timelines, and regulatory complexity but offers substantial rewards for successful products targeting small patient populations. Gene therapy and advanced delivery technologies are reshaping the landscape, with increasing focus on central nervous system accessibility as a key differentiator for next-generation treatments.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $0 | $129.0M | $210.8M | $25.4M |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $0 | $129.0M | $210.8M | $25.4M |
| Operating Expenses | $97.2M | $132.2M | $163.8M | $183.3M |
| Operating Income | $-97.2M | $-3.2M | $47.0M | $-157.9M |
| R&D | $66.6M | $99.9M | $125.3M | $142.3M |
| G&A | $30.6M | $32.3M | $38.5M | $41.0M |
| Stock-Based Comp | $9.9M | $13.1M | $17.9M | $19.6M |
| Depreciation | $1.9M | $2.8M | $3.8M | $4.1M |
| Other OpEx | $0 | $0 | $0 | $0 |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Pre-Tax Income | $-97.2M | $-3.2M | $47.0M | $-157.9M |
| Income Tax | $0 | $18.7M | $859.0K | $924.0K |
| Continuing Ops | $-97.2M | $-21.9M | $46.2M | $-158.8M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-94.6M | $-6.7M | $65.6M | $-143.8M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-94.6M | $-6.7M | $65.6M | $-143.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $209.9M | $369.8M | $440.0M | $306.3M |
| Cash & Equivalents | $45.2M | $67.6M | $101.2M | $90.4M |
| Prepaid Expenses | $21.2M | $11.9M | $16.4M | $8.7M |
| Other Current Assets | $143.6M | $290.2M | $322.5M | $207.1M |
| Long-Term Assets | $42.2M | $99.4M | $86.3M | $71.1M |
| PP&E (Net) | $7.7M | $11.2M | $10.9M | $7.3M |
| Operating Leases | $25.3M | $81.5M | $71.1M | $60.5M |
| Other LT Assets | $9.2M | $6.7M | $4.2M | $3.4M |
| Total Assets | $252.1M | $469.2M | $526.3M | $377.4M |
| Current Liabilities | $22.0M | $158.8M | $39.5M | $24.5M |
| Accounts Payable | $6.0M | $3.3M | $4.3M | $2.3M |
| Current Leases | $8.4M | $7.9M | $7.6M | $4.1M |
| Other Current Liab | $0 | $136.3M | $14.3M | $342.0K |
| Long-Term Liabilities | $17.5M | $68.0M | $58.2M | $46.8M |
| LT Operating Leases | $17.5M | $60.3M | $51.6M | $46.8M |
| Other LT Liab | $0 | $7.7M | $6.5M | $0 |
| Total Liabilities | $39.5M | $226.8M | $97.6M | $71.2M |
| Shareholders' Equity | $212.6M | $242.4M | $428.7M | $306.1M |
| Paid-In Capital | $402.9M | $437.1M | $558.1M | $578.6M |
| Retained Earnings | $-188.3M | $-195.0M | $-129.3M | $-273.1M |
| AOCI | $-2.1M | $195.0K | $-43.0K | $652.0K |
| Total L&E | $252.1M | $469.2M | $526.3M | $377.4M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-94.6M | $-6.7M | $65.6M | $-143.8M |
| Non-Cash Adjustments | $-17.1M | $4.5M | $22.6M | $51.4M |
| Working Capital Changes | $18.0M | $142.0M | $-129.8M | $-36.2M |
| Cash from Operations | $-93.8M | $139.8M | $-41.6M | $-128.5M |
| Capital Expenditures | $2.9M | $5.6M | $3.2M | $1.0M |
| Cash from Investing | $-148.7M | $-138.4M | $-27.8M | $116.8M |
| Cash from Financing | $479.0K | $21.0M | $103.0M | $887.0K |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-242.0M | $22.4M | $33.6M | $-10.8M |
| Beginning Cash | $291.1M | $49.1M | $71.6M | $105.2M |
| Ending Cash | $49.1M | $71.6M | $105.2M | $94.3M |
Revenue is primarily derived from research and development activities, grant funding, and potentially milestone payments associated with its pipeline assets in neurology. The company operates without traditional commercial sales revenue as it remains focused on advancing clinical candidates through various stages of development before potential market launch.
The company faces significant commercialization risk as it has no current product revenue stream and relies entirely on successful clinical trial outcomes for future value creation. Financial sustainability is threatened by substantial net losses of $143.8 million in 2025 and high operating expenses of $183.3 million, raising concerns about capital adequacy without additional financing. Regulatory uncertainty surrounding gene therapy approvals and reimbursement rates could impact the eventual commercial viability of its pipeline assets.
Entrada possesses a differentiated proprietary platform technology that enables the delivery of gene therapies to the central nervous system, offering a unique mechanism for treating severe neurological disorders. The company benefits from a robust balance sheet with over $90 million in cash and equivalents, providing sufficient runway to advance multiple high-value assets without immediate dilution pressure. Strategic partnerships and grant funding have historically supported its early-stage R&D efforts, reducing upfront capital burden.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.