Entrada Therapeutics (TRDA) Q3 2026 earnings summary

Executive summary

• Q3 clinical progress included favorable Cohort 1 safety and biomarker results for ENTR-601-45; ENTR-601-44 and the Vertex-partnered VX-670 program also advanced. Cash of $193.0M is expected to fund operations into Q4 2027.

• Q3 net loss narrowed year over year to $39.7M, while 9M net loss rose to $122.2M as collaboration revenue fell.

Financial highlights

• Q3 collaboration revenue was $0.9M vs. $1.6M YoY; operating expenses were $42.6M vs. $48.7M, and operating loss was $41.7M vs. $47.1M.

• Q3 R&D expense was $32.4M vs. $38.4M; G&A was $10.2M vs. $10.3M. Net loss was $39.7M vs. $44.1M, and interest and other income was $2.0M vs. $3.6M.

• 9M revenue was $2.7M vs. $24.1M; operating expenses were $131.6M vs. $139.8M, operating loss was $129.0M vs. $115.7M, and net loss was $122.2M vs. $104.6M.

Outlook and guidance

• ELEVATE-44-201 Cohort 1 open-label data are expected by year-end 2026; Cohort 2 data are expected in Q1 2027, with Cohort 3 enrollment ongoing at 18 mg/kg.

• ELEVATE-45-201 Cohort 2 data are expected in H1 2027; Cohort 3 initiation, up to 15 mg/kg, depends on DMC review of Cohort 2 safety data.

• Vertex interim GALILEO results are expected in H2 2026; four clinical readouts are anticipated through H1 2027.

• A second ocular clinical candidate is planned for nomination by year-end 2026; regulatory applications for ENTR-601-51 and ENTR-601-50 are expected after lead-program data review.

• R&D expenses are expected to rise as DMD trials advance, ocular programs move toward clinical development, and discovery work continues.