Monetize the near-term pipeline catalysts: ELEVATE-45-201 Cohort 1 data (Oct 2026) is the next binary event; positive functional data could re-rate the stock. Cash runway into Q3 2027 removes near-term financing risk. No financial guidance was provided, so focus on clinical execution.
Price Chart
Executive Summary
Entrada Therapeutics reported Q2 2026 results with collaboration revenue of $0.9M as the Vertex program winds down, and a GAAP net loss per share of -$1.01, beating the $-1.16 consensus by 12.9%. The company reiterated pipeline progress across its DMD franchise, with key data readouts for ELEVATE-45-201 Cohort 1 in October 2026 and ELEVATE-44-201 open-label data by year-end 2026. Cash of $223M provides runway into Q3 2027, but the significant year-over-year drop in collaboration revenue and ongoing operating losses keep the financial profile stable but unimproved.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP EPS of -$1.01 vs consensus of -$1.16 (12.9% beat)
- Collaboration revenue declined to $0.9M from $2.0M in Q2 2025 (-54%) due to Vertex program wind-down
- Net loss was $42.8M vs $43.1M in the prior-year quarter, essentially flat
- Cash, cash equivalents, and marketable securities were $223.0M as of June 30, 2026, down from $295.7M at year-end 2025
- ELEVATE-44-201 Cohort 2 enrollment complete with data expected Q1 2027; Cohort 1 open-label data expected by year-end 2026
- ELEVATE-45-201 Cohort 1 data expected in October 2026; DMC cleared dose escalation to 10 mg/kg
- Vertex on track to report VX-670 Phase 1/2 data in H2 2026
Financial Impact
No material change in quarterly burn rate; revenue decline is expected as Vertex collaboration activities have largely completed. EPS beat is notable but driven by small absolute share count and low expectations for a pre-revenue biotech.
Risk Factors
- Revenue will continue to decline to near-zero as Vertex collaboration winds down, leaving the company without recurring revenue
- Clinical trial risk: Duchenne exon-skipping programs face high regulatory and efficacy hurdles
- Cash burn of ~$36M per quarter implies potential need for financing before mid-2027 if milestones are delayed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001689375-26-000052 |
| Document: trda-20260805.htm | 0001689375-26-000052 |
| Document: 0001689375-26-000052-index-headers.html | 0001689375-26-000052 |
| Document: 0001689375-26-000052-index.html | 0001689375-26-000052 |
| Document: 0001689375-26-000052.txt | 0001689375-26-000052 |
| 8-K Data (Synthetic) | 0001689375-26-000052 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 22d ago | Insider Cluster | $6.42 $6.90 | ▼ −7.48% | ▼ −7.98% | $5.38 (+16.20%) |
Sep 3, 2026 29d ago | Insider Cluster | $7.17 $6.80 | ▼ −5.16% | ▼ −4.01% | $5.38 (−24.97%) |
Aug 31, 2026 4w ago | Insider Cluster | $7.07 $7.11 | ▲ +0.57% | ▲ +0.48% | $5.38 (−23.90%) |
Aug 31, 2026 4w ago | Insider Cluster | $7.07 $7.11 | ▲ +0.57% | ▲ +0.48% | $5.38 (−23.90%) |
Aug 31, 2026 4w ago | Insider Cluster | $7.07 $7.11 | ▲ +0.57% | ▲ +0.48% | $5.38 (−23.90%) |
Aug 27, 2026 5w ago | Insider Cluster | $7.27 $7.17 | ▼ −1.38% | ▼ −1.64% | $5.38 (−26.00%) |
Aug 10, 2026 7w ago | Insider Cluster | $7.04 $7.27 | ▲ +3.27% | ▲ +3.67% | $5.38 (−23.58%) |
Aug 5, 2026 8w ago | 8-K | $7.06 $7.67 | ▲ +8.64% | ▲ +8.29% | $5.38 (−23.80%) |
Aug 3, 2026 8w ago | Insider Cluster | $7.24 $7.04 | ▼ −2.76% | ▼ −2.66% | $5.38 (−25.69%) |
Jul 30, 2026 9w ago | 144 | $6.79 $6.87 | ▼ −1.18% | ▲ +2.33% | $5.38 (+20.77%) |
US Market Status
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