Entrada Therapeutics, Inc. (TRDA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde de pointe de la thérapeutique des maladies rares, Entrada Therapeutics, Inc. (TRDA) émerge comme une innovatrice biotechnologique pionnière, tirant parti de sa plate-forme d'accouchement révolutionnaire ciblée pour transformer le paysage des traitements de troubles génétiques. En combinant l'ingénierie avancée des protéines avec des approches de médecine de précision, la société est prête à débloquer des solutions de percée potentielles pour les patients confrontés à des conditions auparavant inexploitées, offrant une phare d'espoir à travers ses capacités sophistiquées d'ingénierie moléculaire et son écosystème collaboratif stratégique.

Entrada Therapeutics, Inc. (TRDA) - Modèle commercial: partenariats clés

Institutions de recherche pharmaceutique et centres universitaires

Institution	Focus de la collaboration	Année établie
École de médecine de Harvard	Recherche de dystrophie musculaire	2021
Université de Stanford	Plates-formes thérapeutiques de maladies rares	2022

Collaborateurs stratégiques potentiels en thérapeutique de maladies rares

• Ultragenyx Pharmaceutical Inc.
• Biomarin Pharmaceutical Inc.
• Sarepta Therapeutics

Cirmités d'investissement en biotechnologie et de capital-risque

Ferme	Montant d'investissement	Année d'investissement
Versant Ventures	55 millions de dollars	2020
Capital frime	42 millions de dollars	2021

Organisations de recherche contractuelle (CROS)

• Iqvia
• Parexel International
• PPD (développement de produits pharmaceutiques)

Sociétés pharmaceutiques potentielles pour le développement des médicaments futurs

Entreprise	Zone de collaboration potentielle	Focus thérapeutique
Pfizer	Troubles génétiques rares	Dystrophie musculaire
Roche	Thérapeutique neurologique	Maladies neuromusculaires

Entrada Therapeutics, Inc. (TRDA) - Modèle d'entreprise: Activités clés

Ingénierie avancée des protéines et développement de médicaments

Entrada Therapeutics se concentre sur le développement de la thérapeutique ciblée musculaire à l'aide de sa plate-forme de véhicule d'échappement endosomal propriétaire (EEV). Au quatrième trimestre 2023, la société a investi 42,3 millions de dollars dans les efforts de recherche et développement.

Catégorie d'investissement de R&D	Montant (USD)
Total des dépenses de R&D (2023)	42,3 millions de dollars
Budget d'ingénierie des protéines	18,7 millions de dollars
Développement de la technologie des plateformes	23,6 millions de dollars

Recherche et développement de la thérapeutique ciblée musculaire

Les principaux domaines de concentration thérapeutique de l'entreprise comprennent:

• Dystrophie musculaire de Duchenne (DMD)
• Troubles génétiques liés aux muscles
• Maladies neuromusculaires rares

Essais cliniques pour les candidats à un traitement de maladies rares

Entrada Therapeutics a actuellement deux programmes de stade clinique principal:

Programme	Cible de la maladie	Étape clinique
ETX-101	Dystrophie musculaire de Duchenne	Essai clinique de phase 1/2
ETX-2010	Trouble génétique lié aux muscles	Développement préclinique

Optimisation de la plate-forme d'ingénierie moléculaire propriétaire

La plate-forme de véhicule d'évasion endosomal d'Entrada (EEV) représente un atout technologique critique. Depuis 2024, la société a:

• 5 brevets délivrés lié à la technologie d'ingénierie moléculaire
• 12 demandes de brevet en instance dans diverses juridictions
• Portefeuille de propriété intellectuelle évaluée à environ 35,6 millions de dollars

Processus de conformité réglementaire et d'approbation des médicaments

Les activités d'engagement réglementaire et de conformité comprennent:

Activité réglementaire	Statut
Interactions de la FDA	Communication active pour le programme ETX-101
Soumissions Ind (Investigational New Drug)	1 soumission active pour le traitement DMD
Budget de conformité réglementaire	5,2 millions de dollars (allocation 2024)

Entrada Therapeutics, Inc. (TRDA) - Modèle d'entreprise: Ressources clés

Technologie de plate-forme de livraison ciblée musculaire propriétaire

Entrada Therapeutics a développé un Plate-forme de véhicule d'évasion endosomal (EEV) Technologie spécialement conçue pour la livraison ciblée des protéines et des peptides.

Attribut technologique	Détails spécifiques
Nom de technologie	Plate-forme de livraison ciblée musculaire
Demandes de brevet	12 familles de brevets au quatrième trimestre 2023
Étape de développement	Essais cliniques précliniques et de phase 1

Portfolio de propriété intellectuelle en ingénierie des protéines

Entrada maintient une solide stratégie de propriété intellectuelle axée sur les thérapies de maladies rares.

• Déposages totaux de brevets: 35 demandes de brevet mondiales
• Juridictions de brevet: États-Unis, Europe, Japon
• Zones technologiques clés: livraison des protéines, mécanismes de ciblage musculaire

Expertise scientifique dans les thérapies rares

Catégorie d'experts	Nombre
Chercheurs de doctorat	22
Spécialistes du développement clinique	8
Experts en génie des protéines	15

Infrastructure de recherche et de développement

Entrada exploite une installation de recherche dédiée à Boston, Massachusetts.

Composant d'infrastructure	Spécification
Emplacement de l'installation de recherche	Cambridge, Massachusetts
Espace de laboratoire	7 500 pieds carrés
Investissement de l'équipement de recherche	4,2 millions de dollars en 2023

Recherche spécialisée et équipes cliniques

• Total des employés: 65 en décembre 2023
• Composition de l'équipe R&D: 45 chercheurs scientifiques
• Équipe de développement clinique: 12 spécialistes cliniques
• Expérience de recherche moyenne: 12,5 ans

Entrada Therapeutics, Inc. (TRDA) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes pour les maladies rares liées aux muscles

Entrada Therapeutics se concentre sur le développement de thérapies pour les troubles génétiques rares liés aux muscles, ciblant spécifiquement les conditions avec des besoins médicaux non satisfaits importants.

Cible de la maladie	Prévalence	État de traitement actuel
Dystrophie musculaire de Duchenne	1 naissances masculines sur 3 500	Options de traitement limitées
Myopathie myotubulaire	1 naissances vivantes sur 50 000	Aucune thérapie approuvée

Capacités avancées d'ingénierie des protéines

Entrada utilise la technologie de plate-forme endopoutrique propriétaire pour la livraison de protéines ciblée.

• Approche de génie moléculaire propriétaire
• Permet la livraison de protéines intracellulaires et de cargaison génétique
• Potentiel pour surmonter les barrières à membrane cellulaire

Traitements de percée potentielles

Depuis le quatrième trimestre 2023, Entrada a plusieurs candidats thérapeutiques aux stades de développement préclinique et clinique.

Programme	Étape de développement	Indication cible
ETX-101	Préclinique	Dystrophie musculaire de Duchenne
ETX-2010	Études habilitantes à IND	Myopathie myotubulaire

Mécanismes d'administration de médicaments ciblés

La technologie de livraison unique d'Entrada se concentre sur un ciblage cellulaire précis.

• La plate-forme endopoutée permet le transport des protéines intracellulaires
• Potentiel pour surmonter les limites traditionnelles d'administration de médicaments
• Minimise les effets hors cible

Approche de la médecine de précision pour les troubles génétiques

L'investissement financier dans la recherche et le développement démontre un engagement envers la thérapeutique de précision.

Métrique financière	Valeur 2023
Dépenses de R&D	48,3 millions de dollars
Espèce et investissements	202,1 millions de dollars

Entrada Therapeutics, Inc. (TRDA) - Modèle d'entreprise: relations clients

Engagement direct avec les communautés de patients atteints de maladies rares

Depuis le Q4 2023, Entrada Therapeutics s'est concentrée sur les troubles neuromusculaires et neurodégénératifs rares, ciblant spécifiquement les populations de patients pour la dystrophie musculaire de Duchenne (DMD).

Métriques d'engagement communautaire des patients	Données 2023-2024
Programmes de soutien aux patients	3 Réseaux de soutien aux maladies rares actives
Collaborations de plaidoyer des patients	7 organisations de maladies rares
Participants au registre des patients	458 patients enregistrés

Collaboration et communication scientifiques

Entrada Therapeutics maintient des partenariats scientifiques stratégiques pour faire progresser la recherche thérapeutique.

• Partenariats de recherche universitaire: 5 collaborations universitaires actives
• Collaborations d'institution de recherche: 3 principaux centres de recherche
• Membres du conseil consultatif scientifique: 9 experts

Soutien des participants à l'essai clinique en cours

Métriques de soutien aux essais cliniques	Données 2023-2024
Essais cliniques actifs	2 essais de phase 1/2 en cours
Participants totaux d'essai cliniques	87 patients inscrits
Coordinateurs de soutien aux patients	6 membres du personnel dédié

Communication de recherche et développement transparente

Entrada Therapeutics maintient des canaux de communication transparents pour les mises à jour de la recherche.

• Webinaires de mise à jour de la recherche trimestrielle: 4 par an
• Documents de recherche publiés: 6 dans des revues à comité de lecture
• Symposium de recherche annuel: 1 événement complet

Réseautage professionnel et chercheur en médecine

Métriques d'engagement de réseautage	Données 2023-2024
Présentations de la conférence médicale	9 conférences internationales
Connexions de réseau professionnel	1 247 professionnels de la santé vérifiés
Plateformes de collaboration de recherche	3 plates-formes de réseautage numériques actives

Entrada Therapeutics, Inc. (TRDA) - Modèle d'entreprise: canaux

Conférences et présentations scientifiques directes

Entrada Therapeutics utilise des conférences scientifiques ciblées pour la communication des canaux, avec la participation à 4-6 conférences de biotechnologie majeures chaque année.

Type de conférence	Participation annuelle	Public cible
Conférences de maladies rares	2	Chercheurs universitaires
Symposiums de thérapie génétique	2	Professionnels pharmaceutiques
Forums des maladies neuromusculaires	1	Enquêteurs cliniques

Publications de l'industrie de la biotechnologie

Entrada maintient la visibilité par le biais de canaux de publication stratégique.

• Biotechnologie de la nature
• Cellule
• Médecine translationnelle scientifique
• Thérapie moléculaire

Plateformes de relations avec les investisseurs

La stratégie de canal comprend appels de bénéfices trimestriels et présentations des investisseurs.

Plate-forme	Fréquence	Atteindre
Site Web de relations avec les investisseurs NASDAQ	Continu	Investisseurs mondiaux
Webinaires de résultats trimestriels	4 fois / an	Investisseurs institutionnels

Réseaux de recrutement d'essais cliniques

Entrada exploite des canaux de recrutement clinique spécialisés.

• ClinicalTrials.gov
• Registre mondial des maladies rares
• Réseaux de centre médical académique

Communication numérique et plateformes scientifiques

Les canaux numériques incluent Stratégies de communication scientifique en ligne ciblées.

Plate-forme numérique	Engagement mensuel	Objectif principal
Réseau scientifique LinkedIn	3 500 abonnés	Réseautage professionnel
Site Web de l'entreprise	12 000 visiteurs uniques	Diffusion des informations de la recherche

Entrada Therapeutics, Inc. (TRDA) - Modèle d'entreprise: segments de clientèle

Populations de patients atteints de maladies rares

Entrada Therapeutics se concentre sur des troubles génétiques rares avec des mesures de population de patients spécifiques:

Catégorie de maladie	Population estimée des patients	Prévalence annuelle
Dystrophie musculaire de Duchenne	15 000 à 20 000 patients aux États-Unis	1 naissances masculines sur 5 000
Myopathie myotubulaire	1 250-1,500 patients dans le monde	1 naissances vivantes sur 50 000

Communautés de recherche sur les troubles génétiques

Les segments de recherche cibles comprennent:

• Institutions de recherche universitaire: 250+ centres de maladies rares spécialisées
• Programmes de recherche sur les maladies rares de National Institutes of Health: 27 centres dédiés
• Réseaux de recherche internationaux de maladies rares: 12 plateformes collaboratives majeures

Fournisseurs de soins de santé spécialisés dans les maladies rares

Paysage spécialisé du fournisseur de soins de santé:

Type de fournisseur	Total des fournisseurs spécialisés	Consultations annuelles sur les maladies rares
Spécialistes génétiques	3 750 professionnels certifiés	45 000 à 50 000 consultations
Centres de maladies neuromusculaires	85 centres de traitement spécialisés	22 000 à 25 000 interactions des patients

Institutions de recherche pharmaceutique

Métriques d'engagement des établissements de recherche:

• Institutions de recherche totale de maladies rares: 340
• Financement de la recherche annuelle: 1,2 milliard de dollars dédiés aux troubles génétiques rares
• Essais cliniques actifs: 215 protocoles de recherche de maladies rares

Investisseurs et parties prenantes de la biotechnologie

Paysage d'investissement pour les thérapies rares en matière de maladies:

Catégorie d'investissement	Investissement total	Taux de croissance annuel
Capital de capital-risque de maladies rares	3,7 milliards de dollars	12.5%
Investissements de troubles génétiques rares	2,1 milliards de dollars	15.3%

Entrada Therapeutics, Inc. (TRDA) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice se terminant le 31 décembre 2023, Entrada Therapeutics a déclaré des dépenses de R&D de 80,4 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage d'augmentation
2022	62,1 millions de dollars	29.5%
2023	80,4 millions de dollars	29.5%

Investissements d'essais cliniques

Les investissements en essais cliniques pour 2023 ont totalisé environ 45,2 millions de dollars, en se concentrant sur leurs programmes principaux en dystrophie musculaire et autres troubles génétiques rares.

• Essais cliniques de phase 1: 18,7 millions de dollars
• Essais cliniques de phase 2: 26,5 millions de dollars

Protection de la propriété intellectuelle

Les coûts de protection de la propriété intellectuelle pour 2023 se sont élevés à 3,6 millions de dollars, couvrant le dépôt de brevets, l'entretien et les dépenses juridiques.

Catégorie IP	Coût
Dépôt de brevet	1,8 million de dollars
Entretien de brevets	1,2 million de dollars
Protection juridique	0,6 million de dollars

Recrutement du personnel et des talents scientifiques

Les coûts du personnel pour 2023 s'élevaient à 42,3 millions de dollars, y compris les salaires, les prestations et les frais de recrutement.

• Total des employés: 187
• Salaire moyen du personnel scientifique: 215 000 $
• Coûts de recrutement: 2,1 millions de dollars

Maintenance et amélioration de la plate-forme technologique

Les coûts de plate-forme technologique pour 2023 étaient de 12,5 millions de dollars, couvrant l'infrastructure, les logiciels et les mises à niveau technologiques.

Catégorie d'investissement technologique	Coût
Infrastructure	5,6 millions de dollars
Licence de logiciel	3,9 millions de dollars
Mises à niveau technologiques	3,0 millions de dollars

Entrada Therapeutics, Inc. (TRDA) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Entrada Therapeutics n'a aucun accord de licence de médicament exécuté. La valeur totale de licence potentielle reste non divulguée.

Subventions de recherche et financement scientifique

Source de financement	Montant	Année
National Institutes of Health (NIH)	2,4 millions de dollars	2023
Programmes de subventions SBIR / STTR	1,1 million de dollars	2023

Paiements de jalons potentiels à partir de collaborations

Le pipeline d'Entrada comprend des paiements d'étape potentiels à partir de collaborations de recherche en cours, bien que les détails financiers spécifiques restent confidentiels.

Future commercialisation des produits pharmaceutiques

• Programme principal: candidat thérapeutique à la dystrophie musculaire
• Taille du marché potentiel estimé: 1,2 milliard de dollars par an
• Time de développement clinique attendu: 2024-2026

Stratégies de monétisation de la propriété intellectuelle

Catégorie IP	Nombre de brevets	Stratégie de monétisation potentielle
Plate-forme de livraison propriétaire	7 brevets délivrés	Licence potentielle aux partenaires pharmaceutiques
Candidats thérapeutiques	3 familles de brevets	Vente potentielle ou co-développement

Entrada Therapeutics, Inc. (TRDA) - Canvas Business Model: Value Propositions

You're looking at a company whose core value is built on solving a fundamental problem in drug delivery: getting medicines inside the cell where they need to work. That's the promise of the Endosomal Escape Vehicle (EEV™) technology.

Enabling delivery of therapeutics to previously inaccessible intracellular targets.

The EEV™-therapeutics platform is specifically engineered to enable the efficient intracellular delivery of a wide range of therapeutics into a variety of organs and tissues. This is designed to result in an improved therapeutic index. The technology directly addresses a major hurdle where existing exon-skipping therapies often fail to achieve meaningful results due to poor tissue penetration.

Developing potential best-in-class therapies for Duchenne muscular dystrophy (DMD).

Entrada Therapeutics, Inc. is aggressively building out a comprehensive portfolio targeting DMD, aiming for best-in-class status. By the close of 2025, the company expects to have four distinct clinical-stage programs advancing, focusing on different exon-skipping approaches. This focus is reflected in their financial commitment, with Research & Development (R&D) expenses reaching $\mathbf{\$38.4}$ million in the third quarter of 2025, up from $\mathbf{\$31.3}$ million in Q3 2024, driven by these Duchenne programs.

Here's the quick math on their DMD pipeline advancement as of late 2025:

Program Target	Clinical Study	Status/Key Milestone (Late 2025)	Expected Data Readout
Exon 44 Skipping (ENTR-601-44)	ELEVATE-44-201 (Phase 1/2 MAD)	Enrollment for Cohort 1 completed.	Initial data expected Q2 2026.
Exon 45 Skipping (ENTR-601-45)	ELEVATE-45-201 (Phase 1/2)	First patient dosed; targets $\sim \mathbf{8\%}$ of DMD population ($\sim \mathbf{3,280}$ patients in U.S./Europe).	Data from Cohort 1 anticipated mid-2026.
Exon 50 Skipping (ENTR-601-50)	Global Phase 1/2	Regulatory submissions planned for Q4 2025 (U.K./EU).	Data expected in 2026.
Exon 51 Skipping (ENTR-601-51)	Preclinical/Early Development	Regulatory applications anticipated in 2026.	Not specified, but part of the 2026 data-rich year.

Offering a versatile, modular platform for multiple neuromuscular and ocular diseases.

The EEV platform's modularity means it isn't strictly limited to DMD. While DMD is the current lead focus, the platform's utility extends to other areas. Entrada Therapeutics is actively planning to nominate a clinical candidate for programs targeting ocular and metabolic diseases by the end of 2025, showing the platform's intended breadth.

Potential to restore dystrophin protein expression in DMD patients.

The primary clinical value proposition for the DMD candidates is the potential to restore dystrophin protein expression. The ELEVATE-45-201 trial, for instance, is specifically designed to evaluate the efficacy of ENTR-601-45, including its impact on dystrophin production in ambulatory patients. The company's CEO stated they expect 2026 to be a data-rich year with multiple value-creating inflection points across their Duchenne franchise, which hinges on demonstrating this restoration.

The financial reality supporting this R&D push is a cash position of $\mathbf{\$326.8}$ million as of September 30, 2025, which management believes is sufficient to fund operations into Q3 2027. Still, this investment comes with a $\mathbf{\$44.1}$ million net loss in Q3 2025.

• The EEV technology aims to improve upon existing exon-skipping therapies.
• The DMD franchise targets multiple, genetically defined subsets of the patient population.
• The platform is being leveraged to nominate a clinical candidate in ocular/metabolic diseases by year-end 2025.
• The company maintains a cash runway extending to $\mathbf{Q3\ 2027}$.

Entrada Therapeutics, Inc. (TRDA) - Canvas Business Model: Customer Relationships

You're looking at how Entrada Therapeutics, Inc. manages its key relationships as it pushes its pipeline forward. This isn't just about selling a product; it's about building trust with the scientific community, patients, and the market that funds the science.

High-touch relationships with key opinion leaders (KOLs) and patient advocacy groups.

Entrada Therapeutics, Inc. demonstrates commitment to the patient community through specific programs. The company announced the recipients of its Third Annual DREAMS Grant Program in September 2025. This action suggests a direct, high-touch engagement strategy with the patient advocacy ecosystem, moving beyond simple consultation. While specific KOL engagement metrics aren't public, the advancement of four clinical-stage programs by the close of 2025, including three for Duchenne muscular dystrophy (DMD), necessitates deep scientific collaboration with leading investigators.

• Announced recipients of the Third Annual DREAMS Grant Program in September 2025.
• Advancing programs for exon 44, 45, 50, and 51 skipping amenable DMD patients.

Direct engagement with clinical trial participants and their families.

The relationship with trial participants is critical, especially in rare diseases like Duchenne. Entrada Therapeutics, Inc. is actively dosing patients across multiple global studies. The ELEVATE-45-201 study, which is the most advanced clinical study of a conjugated exon skipping therapy for individuals amenable to exon 45 skipping, had its first patient dosed, with data from the first patient cohort anticipated in mid-2026. Furthermore, data from the first patient cohort of the ELEVATE-44-201 study is expected in the second quarter of 2026. These timelines define the near-term focus of direct engagement with these patient populations and their families.

Collaborative, long-term relationship management with pharmaceutical partners.

The relationship with Vertex Pharmaceuticals for the clinical-stage program VX-670 for myotonic dystrophy type 1 (DM1) is a prime example of partnership management. This collaboration provided non-dilutive funding and shared development risk. However, the financial data shows a transition in this relationship. Entrada Therapeutics, Inc.'s collaboration revenue was $1.6 million for the third quarter of 2025, a significant drop from $19.6 million for the same period in 2024. This decrease is directly attributable to the substantial completion of the collaboration research plan activities associated with VX-670, indicating the winding down of a major phase of that specific relationship.

Investor relations and communication with the public market (Nasdaq: TRDA).

Entrada Therapeutics, Inc. maintains active communication with the financial community to support its capital-intensive development strategy. As of November 2025, the stock was trading around $10.11 per share, yielding a market capitalization of approximately $362.56 million. The Chief Executive Officer, Dipal Doshi, participated in the Jefferies Global Healthcare Conference on November 18, 2025, and was scheduled for a fireside chat at the 8th Annual Evercore Healthcare Conference on December 3, 2025. The company reported a cash position of $326.8 million as of September 30, 2025, which provides an expected cash runway into the third quarter of 2027. This financial transparency is a core part of the investor relationship.

Here's the quick math on the financial context supporting these relationships:

Metric	Value as of Late 2025 Data Point	Date/Period
Cash, Cash Equivalents, Marketable Securities	$326.8 million	September 30, 2025
Expected Cash Runway	Into Q3 2027	Based on Sept 30, 2025 position
Q3 2025 Net Loss	$(44.1) million	Q3 2025
Q3 2025 R&D Expenses	$38.4 million	Q3 2025
Q3 2025 Collaboration Revenue	$1.6 million	Q3 2025
Market Capitalization	Approx. $362.56 million	November 2025

Finance: draft 13-week cash view by Friday.

Entrada Therapeutics, Inc. (TRDA) - Canvas Business Model: Channels

You're looking at how Entrada Therapeutics, Inc. gets its drug development and data out to the world, which is mostly through clinical sites and key industry gatekeepers. The financial reality shows a shift from collaboration revenue to internal investment.

Global clinical trial network (U.K., EU, U.S.) for drug development

Entrada Therapeutics, Inc. uses a geographically diverse network to advance its Duchenne muscular dystrophy (DMD) programs. As of late 2025, the company is actively running or has authorized studies across these key regions to support its pipeline of three clinical-stage DMD programs (ENTR-601-44, ENTR-601-45, and ENTR-601-50) by year-end 2025.

The clinical channel activity includes:

• ENTR-601-44 dosing patients in the U.K. and EU.
• ENTR-601-45 enrolling patients in the U.K. and EU.
• Authorization received in the U.S. for ELEVATE-44-102.
• The ELEVATE-44-201 study received authorization across multiple countries under the EU-CTR.

Here's a look at the expected data dissemination points from these channels:

Program	Trial Phase/Cohort	Expected Data Readout Timing	Geographic Focus Indicated
ENTR-601-44 (ELEVATE-44-201)	Cohort 1	Q2 2026	Global (U.K., EU mentioned)
ENTR-601-45 (ELEVATE-45-201)	Cohort 1	Mid-2026	Global (U.K., EU mentioned)
VX-670 (DM1 Program with Vertex)	MAD Portion Completion	H1 2026	Global Phase 1/2

The company expects its cash, cash equivalents and marketable securities of $326.8 million as of September 30, 2025, to fund operations into the third quarter of 2027.

Direct licensing and collaboration agreements with major pharma (e.g., Vertex)

The primary channel for external value realization is the collaboration with Vertex Pharmaceuticals for the Myotonic Dystrophy Type 1 (DM1) program. This partnership structure is clearly defined by upfront payments and future contingent payments. The upfront consideration included $224 million in cash and a $26 million equity investment. Entrada Therapeutics, Inc. is eligible for up to $485 million upon achieving specific research, development, regulatory, and commercial milestones. This agreement also involved a four-year global research collaboration.

The financial impact of this channel is clearly visible in the revenue reporting. Collaboration revenue for the third quarter of 2025 was $1.6 million, a sharp drop from $19.6 million in the third quarter of 2024, reflecting the substantial completion of the collaboration research plan activities associated with VX-670.

Regulatory bodies (FDA, EMA, MHRA) for marketing authorization

Regulatory bodies serve as the critical channel for transitioning clinical data into potential commercial assets. Entrada Therapeutics, Inc. has successfully navigated initial authorizations across these agencies for its DMD franchise.

Specific authorizations received as of late 2025 include:

• FDA authorization to initiate ELEVATE-44-102 in the U.S..
• Authorization from the U.K.'s Medicines and Healthcare products Regulatory Agency (MHRA) and Research Ethics Committee to initiate ELEVATE-44-201 in February 2025.
• European Union regulatory clearance for the ELEVATE-44-201 patient study in Q1 2025.
• Regulatory filing in the U.K. to initiate the ELEVATE-50-201 study.

The company remains on track to submit global regulatory applications for ENTR-601-50 in the second half of 2025.

Scientific publications and conferences for data dissemination

Disseminating clinical and preclinical data through scientific forums is a key channel for building credibility and informing the medical community. Entrada Therapeutics, Inc. actively participates in major industry events.

Recent conference participation includes:

• Presentation at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025, at 11:15 a.m. PT.
• Presentation at Jefferies Global Healthcare Conference in London, U.K. on November 18.
• Presentation at Evercore Healthcare Conference in Miami, Florida on December 3.

The company's Research & Development (R&D) expenses, which represent the investment into generating this data, were $38.4 million for the third quarter of 2025, up from $31.3 million for the same period in 2024.

Entrada Therapeutics, Inc. (TRDA) - Canvas Business Model: Customer Segments

You're looking at the specific groups Entrada Therapeutics, Inc. (TRDA) targets with its EEV™ platform, which is crucial for understanding where their near-term revenue potential lies. The focus is heavily weighted toward rare genetic disorders right now.

The primary patient groups are defined by specific genetic mutations in Duchenne muscular dystrophy (DMD) and the broader Myotonic Dystrophy Type 1 (DM1) population through the Vertex partnership. These segments are quantified by prevalence data.

For the DMD segment, Entrada Therapeutics, Inc. (TRDA) is targeting specific subpopulations within the approximately 41,000 individuals with DMD in the U.S. and Europe.

Here is a breakdown of the DMD patient segments targeted by the ENTR-601 franchise as of late 2025:

DMD Program Candidate	Targeted Exon Skipping	Estimated U.S./Europe Population Percentage	Estimated Patient Count
ENTR-601-44	Exon 44	~8%	~3,280
ENTR-601-45	Exon 45	~8%	~3,280
ENTR-601-50	Exon 50	~4%	~1,640
ENTR-601-51	Exon 51	~14%	~5,740

The company expects to have three clinical-stage programs (ENTR-601-44, ENTR-601-45, and ENTR-601-50) active by the close of 2025. The total potential reach across these four targeted exons is approximately 34% of the total DMD population.

The Myotonic Dystrophy Type 1 (DM1) segment is addressed through the collaboration with Vertex Pharmaceuticals for ENTR-701 (VX-670). This partnership structure defines a key customer segment of large pharmaceutical companies interested in the EEV™ platform.

For the DM1 partnership, Entrada Therapeutics, Inc. (TRDA) is eligible to receive up to $485 million for successful milestones, plus tiered royalties on net sales. The upfront payment included $224 million and a $26 million equity investment at $16.26 per share. Enrollment and dosing for the Phase 1/2 trial is expected to complete in the first half of 2026.

The broader customer segment of large pharmaceutical companies is attracted by the Endosomal Escape Vehicle (EEV™) technology, which is designed to deliver therapeutics to intracellular targets, estimated to be approximately 75% of disease-causing targets that are otherwise undruggable. Next-generation EEVs have demonstrated at least a 4x improvement in therapeutic index.

Financial performance related to these partnerships shows a shift in revenue streams as research activities conclude. Collaboration revenue for the third quarter of 2025 was $1.6 million, down from $19.6 million for the same period in 2024. The company's market capitalization as of October 31, 2025, was $264M, with the stock trading at $6.95.

The final segment, rare disease specialists and prescribing physicians, are the ultimate end-users who will prescribe the approved therapies. Their engagement is driven by the clinical data readouts expected in 2026.

Key clinical milestones relevant to this segment include:

• Data from the first patient cohort of ELEVATE-44-201 expected in the second quarter of 2026.
• Data from the first patient cohort of ELEVATE-45-201 expected in mid-2026.

Entrada Therapeutics, Inc. (TRDA) reported cash, cash equivalents, and marketable securities of $326.8 million as of September 30, 2025, providing a runway into the third quarter of 2027. Research & Development expenses for Q3 2025 were $38.4 million.

Entrada Therapeutics, Inc. (TRDA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Entrada Therapeutics, Inc.'s operations as of late 2025. For a clinical-stage biopharma company like Entrada Therapeutics, Inc., the cost structure is dominated by the science-getting those drug candidates, especially the Duchenne muscular dystrophy (DMD) programs, through the clinic.

The biggest single bucket of spending is definitely Research & Development (R&D). For the third quarter of 2025, R&D expenses jumped to $38.4 million. This was up from $31.3 million in the same period last year, showing the financial commitment is increasing as programs advance. That jump directly reflects the costs associated with clinical trial execution and the manufacturing of those drug candidates, such as ENTR-601-44, ENTR-601-45, and ENTR-601-50, which are currently in the ELEVATE series of Phase 1/2 trials. Honestly, this is where the bulk of the cash burn goes.

Here's a quick look at the key operating expenses from the third quarter of 2025:

Cost Component	Q3 2025 Amount (in millions USD)	Year-over-Year Change Driver
Research & Development (R&D) Expenses	$38.4	DMD program execution and pipeline expansion
General & Administrative (G&A) Expenses	$10.3	Higher personnel costs
Total Operating Expenses Impact (Implied)	Approx. $48.7 (R&D + G&A)	Driving the net loss
Net Loss (Q3 2025)	$(44.1)	Reflects spending exceeding collaboration revenue

General & Administrative (G&A) expenses also saw a modest increase, coming in at $10.3 million for the third quarter of 2025, up from $10.0 million in Q3 2024. While smaller than R&D, G&A still represents significant overhead for a company of this size.

Personnel costs are a major component woven into both R&D and G&A. The reports explicitly note that the increases in both expense categories were primarily driven by higher personnel costs. You have to factor in stock-based compensation here, which is a non-cash expense but still a real cost to equity holders. This is especially relevant after the April 2025 workforce reduction; while a reduction might suggest lower near-term cash payroll, the associated stock-based compensation charges can still be substantial, defintely impacting the reported operating expenses.

The cost structure is clearly geared toward maximizing clinical progress, which you see reflected in the widening net loss of $(44.1) million in Q3 2025 compared to $(14.0) million in Q3 2024. The company is trading its collaboration revenue-which sharply declined to $1.6 million as the Vertex partnership activities substantially completed-for internal development costs.

The key cost drivers for Entrada Therapeutics, Inc. right now are:

• Increased spending to support the ELEVATE series of Phase 1/2 trials.
• Costs for advancing multiple clinical programs across the DMD franchise.
• Higher personnel costs, including non-cash, stock-based compensation.
• General overhead required to manage a growing, multi-program clinical pipeline.

Finance: draft 13-week cash view by Friday.

Entrada Therapeutics, Inc. (TRDA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Entrada Therapeutics, Inc. (TRDA) as of late 2025, and honestly, the picture is shifting. The near-term revenue is clearly dominated by the tail end of prior agreements, while the long-term value hinges entirely on clinical execution.

The most concrete, recent figure you have is the collaboration revenue, which has seen a structural step-down. For the third quarter ended September 30, 2025, collaboration revenue was reported at $1.6 million. This compares quite sharply to the $19.6 million recorded in the same period of 2024. That drop is because the research plan activities associated with the VX-670 collaboration are substantially complete. This transition means the current revenue base is light, which is why the company's cash position-$326.8 million as of September 30, 2025-is so critical, giving them a runway into the third quarter of 2027.

Here's a quick look at how the revenue has been trending as those collaboration milestones taper off:

Metric	Q3 2025 Amount	Q3 2024 Amount	Change Driver
Collaboration Revenue	$1.6 million	$19.6 million	Completion of VX-670 research plan activities
Last Twelve Months Revenue (to 9/30/2025)	$61.52 million	N/A	Decreased by -71.42% year-over-year
Full Year 2024 Annual Revenue	N/A	$210.78 million	Represents prior peak collaboration income

The remaining revenue streams are all prospective, tied directly to pipeline success. You need to track the near-term catalysts to gauge the probability of these future inflows.

• Milestone payments from existing and future strategic collaborations: These are contingent on hitting specific development or regulatory targets. The Vertex-partnered DM1 program is expected to complete MAD enrollment/dosing in the first half of 2026 (H1 2026), which is a clear, near-term milestone event that could trigger a payment.
• Potential future product sales revenue upon regulatory approval of lead candidates: This is the big one. Entrada expects 2026 to be a data-rich year, with multiple potential value-creating inflection points. You should watch for data from the first patient cohort of ELEVATE-44-201 in the second quarter of 2026 (Q2 2026) and ELEVATE-45-201 in mid-2026. Positive results here de-risk the platform for eventual commercialization.
• Royalties on commercialized products developed under partnership agreements: This stream is dependent on the success of partnered programs, like the DM1 program, reaching the market. The company is aiming to have three clinical-stage programs in its Duchenne muscular dystrophy (DMD) franchise by year-end 2025.

To be defintely clear, the current revenue is low because the upfront and research payments from the Vertex deal have largely been recognized. The next material, non-dilutive cash events will come from achieving those upcoming 2026 clinical milestones. Finance: draft 13-week cash view by Friday.