Entrada Therapeutics(TRDA) - 2024 Q1 - Quarterly Results

Clinical Trials - The company initiated dosing for the fourth and final cohort of its Phase 1 clinical trial of ENTR-601-44 for DMD, with data readout expected in October 2024[1]. - The company expects to submit regulatory applications in Q4 2024 for independent global Phase 2 clinical development studies for ENTR-601-44 and ENTR-601-45[3]. Financial Performance - Collaboration revenue for Q1 2024 was $59.1 million, a significant increase from$25.3 million in Q1 2023, primarily due to a clinical advancement milestone[6]. - The company reported a net income of $23.5 million for Q1 2024, compared to a net loss of$(6.7) million for the same period in 2023[8]. - Total operating expenses for Q1 2024 were $38.0 million, compared to$31.0 million for the same period in 2023[14]. Cash Position - Cash, cash equivalents, and marketable securities totaled $327.4 million as of March 31, 2024, down from$352.0 million as of December 31, 2023, with a cash runway expected through Q2 2026[5]. - A milestone payment of $75 million from Vertex is expected to be received in Q2 2024, contributing to the company's cash position[4]. - The company is eligible to receive up to$485 million in total from its collaboration with Vertex, including milestones and royalties on future net sales[4]. Expenses - Research and development expenses increased to $28.6 million in Q1 2024 from$23.1 million in Q1 2023, driven by the progression of clinical trials and higher personnel costs[7]. - General and administrative expenses rose to $9.4 million in Q1 2024 from$7.9 million in Q1 2023, mainly due to increased personnel costs[8].