Cambridge biotech tracker · Boston
Entrada Therapeutics
Listed on Nasdaq as TRDA, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $193M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $34.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 17 mo
- 12 to 24 months
- Net loss
- $39.7M
- Q3 '26
- R&D expense
- $32.4M
- 76% of opex
- Raised, last 4 qtrs
- +$642K
- net financing cash flow
- FDA decision
- Nov 2026
- FDA decision · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
17 months
Cash at Q3 '26 divided by the average burn of the last four quarters, $11.4M a month.
Management’s own date
Into Q4 2027
Oct–Dec 2027
Going concern language: runway is set by financing terms, not spending plans, so it is not converted into a burn rate.
“The Company expects that its cash, cash equivalents and marketable securities of $ 193.0 million as of September 30, 2026 will be sufficient to fund its operations and capital expenditure requirements into the fourth quarter of 2027.”
Cash against the calendar
What the runway has to reach.
Nov 22, 2026
FDA target action date (PDUFA)
Disclosed in the 10-Q filed Nov 5, 2026Does the cash reach it?
Cash past the catalyst
- Runway
- 17 months
- Time to the date
- 2 weeks
It is about 2 weeks out. At the current burn there is roughly 16 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Nov 2026FDA decisionFDA target action date (PDUFA)
- Mar 2029Phase 1/2A Study in Participants With Duchenne Muscular Dystrophy Amenable to Exon 45 Skipping to Evaluate the Safety and Efficacy of ENTR-601-45
- Mar 2029Phase 1/2A Study in Participants With Duchenne Muscular Dystrophy Amenable to Exon 44 Skipping to Evaluate the Safety and Efficacy of ENTR-601-44
FDA decision dates disclosed in filings
“…stem cell division (in Phase 2 clinical trials) and Capricor Therapeutics has deramiocel (allogeneic cardiosphere-derived cells) in a BLA under review, with a PDUFA date extended to November 22, 2026. We expect to face competition alongside our partner from existing products and products in development for each of our therapeutic candida…”
Pulled from the company’s own filing text. An approval decision is a financing event as much as a clinical one, since the commercial build-out has to be funded months before any revenue from it arrives.
Pipeline
3 active trials, through phase 2.
Phase 1/2 · 2Phase 2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Long-Term Extension Study in Participants With Duchenne Muscular Dystrophy Amenable to Exon Skipping to Evaluate the Safety and Efficacy of Endosomal Escape Vehicle Phosphorodiamidate Morpholino Oligomer Platform Products (ELEVATE-LTE)NCT07682129 · Duchenne Muscular Dystrophy (DMD)Phase 2Mar 2032est.· not a catalyst | Phase 2 | Not yet recruiting | ||
| A Study in Participants With Duchenne Muscular Dystrophy Amenable to Exon 45 Skipping to Evaluate the Safety and Efficacy of ENTR-601-45NCT07038824 · Duchenne Muscular Dystrophy (DMD)Phase 1/2Mar 2029est. | Phase 1/2 | Recruiting | ||
| A Study in Participants With Duchenne Muscular Dystrophy Amenable to Exon 44 Skipping to Evaluate the Safety and Efficacy of ENTR-601-44NCT07037862 · Duchenne Muscular Dystrophy (DMD)Phase 1/2Mar 2029est. | Phase 1/2 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a FDA target action date in Nov 2026, about 2 weeks out. That leaves roughly 16 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 17 months of runway
Cash and investments of $193M at Q3 '26 against an average operating cash burn of $34.1M per quarter over the last four reported quarters runs out around January 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $227M since Q4 '24
No meaningful financing inflows over the last four quarters, so the change is essentially operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $9.8M above cash burn
The Q3 '26 net loss of $39.7M includes non-cash charges, including $4.8M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 76% of operating expenses
$32.4M of R&D against $42.6M of total operating expenses in Q3 '26, with G&A at $10.2M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $905K in Q3 '26
The balance sheet carries $98K of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Going-concern language in the 10-Q filed Nov 5, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
Accumulated deficit of $395M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $420M | −$31.6M | $1.1M | $33.4M | $9.9M | $37.4M | $4.7M | $1.4M |
| Q1 '25 · Mar 31, 25 | $383M | −$38.5M | −$17.3M | $32.1M | $10.3M | $20.6M | $5.1M | $350K |
| Q2 '25 · Jun 30, 25 | $354M | −$29.5M | −$43.1M | $37.9M | $10.9M | $1.9M | $5.0M | $337K |
| Q3 '25 · Sep 30, 25 | $327M | −$28.3M | −$44.1M | $38.4M | $10.3M | $1.6M | $5.1M | $8K |
| Q4 '25 · Dec 31, 25 | $296M | −$32.2M | −$39.2M | $34.0M | $9.6M | $1.3M | $4.4M | $192K |
| Q1 '26 · Mar 31, 26 | $255M | −$41.7M | −$39.7M | $33.1M | $10.1M | $875K | $4.7M | $100K |
| Q2 '26 · Jun 30, 26 | $223M | −$32.5M | −$42.8M | $35.4M | $10.5M | $898K | $5.2M | $350K |
| Q3 '26 · Sep 30, 26 | $193M | −$30.0M | −$39.7M | $32.4M | $10.2M | $905K | $4.8M | $0 |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.