Entrada Therapeutics, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing Endosomal Escape Vehicle (EEV™) therapeutics for intracellular targets, experienced a notable increase in total assets, which rose to $554.6 million from $469.2 million at the end of 2023. This growth was primarily driven by an increase in cash and cash equivalents, which reached $78.0 million, and marketable securities, totaling $371.3 million.
Collaboration revenue for the third quarter of 2024 was $19.6 million, a decrease from $43.7 million in the same period of 2023. However, for the nine months ended September 30, 2024, collaboration revenue surged to $173.4 million, up from $87.2 million year-over-year, reflecting increased research activities and milestone payments related to the VX-670 candidate. The company reported a net loss of $14.0 million for the third quarter, a significant improvement compared to a net income of $35.5 million in the same quarter of the previous year. For the nine-month period, net income was $64.5 million, a substantial increase from a net loss of $2.9 million in 2023.
Total operating expenses for the third quarter increased to $41.2 million from $29.7 million in the prior year, with research and development expenses rising to $31.3 million, up from $22.2 million. This increase was attributed to higher external costs associated with ongoing clinical trials and increased personnel costs, including stock-based compensation. General and administrative expenses also rose to $10.0 million from $7.5 million, driven by higher personnel costs.
The company successfully raised approximately $99.6 million in net proceeds from a registered direct offering in June 2024, contributing to a total cash, cash equivalents, and marketable securities balance of $449.3 million as of September 30, 2024. This capital is expected to fund operations into 2027, although the company anticipates needing additional financing to support ongoing operations and strategic initiatives.
Entrada's accumulated deficit decreased to $130.5 million from $195.0 million at the end of 2023, reflecting the company's improved financial performance. The company continues to focus on advancing its clinical programs, particularly for rare neuromuscular diseases, and plans to submit additional regulatory filings by the end of 2024.
About Entrada Therapeutics, Inc.
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