Entrada Therapeutics, Inc. (TRDA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo de ponta de terapêutica de doenças raras, a Entrada Therapeutics, Inc. (TRDA) surge como um inovador pioneiro de biotecnologia, alavancando sua inovadora plataforma de entrega direcionada ao músculo para transformar a paisagem dos tratamentos de distúrbios genéticos. Ao combinar engenharia avançada de proteínas com abordagens de medicina de precisão, a empresa está pronta para desbloquear possíveis soluções inovadoras para os pacientes que enfrentam condições anteriormente intratáveis, oferecendo um farol de esperança por meio de suas sofisticadas capacidades de engenharia molecular e ecossistema colaborativo estratégico.

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica e centros acadêmicos

Instituição	Foco de colaboração	Ano estabelecido
Escola de Medicina de Harvard	Pesquisa de distrofia muscular	2021
Universidade de Stanford	Plataformas terapêuticas de doenças raras	2022

Potenciais colaboradores estratégicos em terapêutica de doenças raras

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

Empresas de capital de investimento e risco de biotecnologia

Empresa	Valor do investimento	Ano de investimento
Ventuos versantes	US $ 55 milhões	2020
F-Prime Capital	US $ 42 milhões	2021

Organizações de pesquisa contratada (CROs)

• Iqvia
• Parexel International
• PPD (Desenvolvimento de Produtos Farmacêuticos)

Empresas farmacêuticas em potencial para desenvolvimento de medicamentos futuros

Empresa	Área de colaboração potencial	Foco terapêutico
Pfizer	Distúrbios genéticos raros	Distrofia muscular
Roche	Terapêutica neurológica	Doenças neuromusculares

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: Atividades -chave

Engenharia de proteínas avançada e desenvolvimento de medicamentos

A Entrada Therapeutics se concentra no desenvolvimento de terapêuticas direcionadas ao músculo usando sua plataforma proprietária de veículos de fuga endossômica (EEV). A partir do quarto trimestre de 2023, a empresa investiu US $ 42,3 milhões em esforços de pesquisa e desenvolvimento.

Categoria de investimento em P&D	Quantidade (USD)
Despesas totais de P&D (2023)	US $ 42,3 milhões
Orçamento de engenharia de proteínas	US $ 18,7 milhões
Desenvolvimento de tecnologia da plataforma	US $ 23,6 milhões

Pesquisa e desenvolvimento de terapêuticas direcionadas ao músculo

As principais áreas de foco terapêutico da empresa incluem:

• Distrofia muscular de Duchenne (DMD)
• Distúrbios genéticos relacionados ao músculo
• Doenças neuromusculares raras

Ensaios clínicos para candidatos a tratamento de doenças raras

Atualmente, a Entrada Therapeutics possui dois programas de estágio clínico primários:

Programa	Alvo de doença	Estágio clínico
ETX-101	Distrofia muscular de Duchenne	Ensaio Clínico de Fase 1/2
ETX-201	Transtorno genético relacionado ao músculo	Desenvolvimento pré -clínico

Otimização de plataforma de engenharia molecular proprietária

A plataforma de fuga endossômica da Entrada (EEV) representa um ativo tecnológico crítico. A partir de 2024, a empresa possui:

• 5 patentes emitidas Relacionado à tecnologia de engenharia molecular
• 12 pedidos de patente pendente em várias jurisdições
• Portfólio de propriedade intelectual avaliada em aproximadamente US $ 35,6 milhões

Processos de conformidade regulatória e aprovação de medicamentos

As atividades de engajamento e conformidade regulatórias incluem:

Atividade regulatória	Status
Interações FDA	Comunicação ativa para o programa ETX-101
IND (NOVO DOMENTO DE INFERTA	1 Submissão ativa para tratamento DMD
Orçamento de conformidade regulatória	US $ 5,2 milhões (alocação de 2024)

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: Recursos -chave

Tecnologia de plataforma de entrega direcionada ao músculo proprietário

Entrada Therapeutics desenvolveu um Plataforma de Escape Endossômico (EEV) Tecnologia projetada especificamente para entrega de proteínas e peptídeos direcionados.

Atributo de tecnologia	Detalhes específicos
Nome da tecnologia	Plataforma de entrega direcionada ao músculo
Aplicações de patentes	12 Famílias de patentes a partir do quarto trimestre 2023
Estágio de desenvolvimento	Ensaios clínicos pré -clínicos e de fase 1

Portfólio de propriedade intelectual em engenharia de proteínas

A Entrada mantém uma estratégia de propriedade intelectual robusta focada na terapêutica de doenças raras.

• Total de registros de patentes: 35 pedidos de patentes globais
• Jurisdições de patentes: Estados Unidos, Europa, Japão
• Principais áreas de tecnologia: entrega de proteínas, mecanismos de direcionamento muscular

Experiência científica em terapêutica de doenças raras

Categoria especialista	Número
Pesquisadores de doutorado	22
Especialistas em desenvolvimento clínico	8
Especialistas em engenharia de proteínas	15

Infraestrutura de pesquisa e desenvolvimento

A Entrada opera uma instalação de pesquisa dedicada em Boston, Massachusetts.

Componente de infraestrutura	Especificação
Localização da instalação de pesquisa	Cambridge, Massachusetts
Espaço de laboratório	7.500 pés quadrados
Investimento em equipamentos de pesquisa	US $ 4,2 milhões em 2023

Pesquisa especializada e equipes clínicas

• Total de funcionários: 65 em dezembro de 2023
• Composição da equipe de P&D: 45 cientistas de pesquisa
• Equipe de Desenvolvimento Clínico: 12 Especialistas Clínicos
• Experiência média de pesquisa: 12,5 anos

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: proposições de valor

Soluções terapêuticas inovadoras para doenças raras relacionadas ao músculo

A Entrada Therapeutics se concentra no desenvolvimento de terapias para distúrbios genéticos raros relacionados ao músculo, direcionando especificamente condições com necessidades médicas não atendidas significativas.

Alvo de doença	Prevalência	Status do tratamento atual
Distrofia muscular de Duchenne	1 em 3.500 nascimentos masculinos	Opções de tratamento limitado
Miopatia miotubular	1 em 50.000 nascidos vivos	Sem terapias aprovadas

Capacidades avançadas de engenharia de proteínas

A Entrada utiliza a tecnologia proprietária da plataforma endoporter para entrega direcionada de proteínas.

• Abordagem de engenharia molecular proprietária
• Ativa a proteína intracelular e a entrega genética de carga
• Potencial para superar as barreiras da membrana celular

Potenciais tratamentos inovadores

A partir do quarto trimestre 2023, a Entrada possui vários candidatos terapêuticos em estágios de desenvolvimento pré -clínico e clínico.

Programa	Estágio de desenvolvimento	Indicação alvo
ETX-101	Pré -clínico	Distrofia muscular de Duchenne
ETX-201	Estudos de ativação de IND	Miopatia miotubular

Mecanismos de entrega de medicamentos direcionados

A tecnologia de entrega exclusiva da Entrada se concentra no direcionamento celular preciso.

• A plataforma de endoPorter permite o transporte de proteínas intracelulares
• Potencial para superar as limitações tradicionais de administração de medicamentos
• Minimiza os efeitos fora do alvo

Abordagem de medicina de precisão para distúrbios genéticos

O investimento financeiro em pesquisa e desenvolvimento demonstra compromisso com a terapêutica de precisão.

Métrica financeira	2023 valor
Despesas de P&D	US $ 48,3 milhões
Dinheiro e investimentos	US $ 202,1 milhões

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com comunidades de pacientes com doenças raras

A partir do quarto trimestre 2023, a Entrada Therapeutics se concentrou em distúrbios neuromusculares e neurodegenerativos raros, direcionando especificamente as populações de pacientes para a distrofia muscular de Duchenne (DMD).

Métricas de engajamento da comunidade de pacientes	2023-2024 dados
Programas de apoio ao paciente	3 redes de apoio a doenças raras ativas
Colaborações de defesa do paciente	7 organizações de doenças raras
Participantes do registro de pacientes	458 pacientes registrados

Colaboração científica e comunicação

A Entrada Therapeutics mantém parcerias científicas estratégicas para avançar na pesquisa terapêutica.

• Parcerias de Pesquisa Acadêmica: 5 Colaborações Ativas Universitárias
• Colaborações de instituições de pesquisa: 3 principais centros de pesquisa
• Membros do conselho consultivo científico: 9 especialistas

Suporte de participante de ensaios clínicos em andamento

Métricas de suporte ao ensaio clínico	2023-2024 dados
Ensaios clínicos ativos	2 ensaios de fase 1/2 em andamento
TOTAL DE ENTRADOS CLÍNICOS PARTICIPANTES	87 pacientes inscritos
Coordenadores de apoio ao paciente	6 funcionários dedicados

Comunicação transparente de pesquisa e desenvolvimento

A Entrada Therapeutics mantém canais de comunicação transparentes para atualizações de pesquisa.

• Atualização trimestral de pesquisa webinars: 4 por ano
• Documentos de pesquisa publicados: 6 em revistas revisadas por pares
• Simpósio de pesquisa anual: 1 evento abrangente

Profissional médico e redes de pesquisadores

Métricas de engajamento de rede	2023-2024 dados
Apresentações da conferência médica	9 Conferências Internacionais
Conexões de rede profissional	1.247 profissionais médicos verificados
Plataformas de colaboração de pesquisa	3 plataformas de rede digital ativa

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: canais

Conferências e apresentações científicas diretas

A Entrada Therapeutics utiliza conferências científicas direcionadas para a comunicação de canais, com a participação em 4-6 Principais conferências de biotecnologia anualmente.

Tipo de conferência	Participação anual	Público -alvo
Conferências de doenças raras	2	Pesquisadores acadêmicos
Simpósios de terapia genética	2	Profissionais farmacêuticos
Fóruns de doenças neuromusculares	1	Investigadores clínicos

Publicações da indústria de biotecnologia

A Entrada mantém a visibilidade por meio de canais de publicação estratégicos.

• Biotecnologia da natureza
• Célula
• Ciência Medicina Translacional
• Terapia molecular

Plataformas de relações com investidores

A estratégia de canal inclui Chamadas de ganhos trimestrais e apresentações de investidores.

Plataforma	Freqüência	Alcançar
Site de relações com investidores da NASDAQ	Contínuo	Investidores globais
Webinars trimestrais de ganhos	4 vezes/ano	Investidores institucionais

Redes de recrutamento de ensaios clínicos

A Entrada aproveita os canais especializados de recrutamento clínico.

• ClinicalTrials.gov
• Registro de doenças raras globais
• Redes de centro médico acadêmico

Comunicação digital e plataformas científicas

Os canais digitais incluem Estratégias de comunicação científica online direcionadas.

Plataforma digital	Engajamento mensal	Propósito primário
Rede científica do LinkedIn	3.500 seguidores	Networking profissional
Site da empresa	12.000 visitantes únicos	Disseminação de informações de pesquisa

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: segmentos de clientes

Populações de pacientes com doenças raras

A Entrada Therapeutics se concentra em distúrbios genéticos raros com métricas específicas da população de pacientes:

Categoria de doença	População estimada de pacientes	Prevalência anual
Distrofia muscular de Duchenne	15.000-20.000 pacientes nos EUA	1 em 5.000 nascimentos masculinos
Miopatia miotubular	1.250-1.500 pacientes globalmente	1 em 50.000 nascidos vivos

Comunidades de pesquisa de transtornos genéticos

Os segmentos de pesquisa -alvo incluem:

• Instituições de pesquisa acadêmica: mais de 250 centros de doenças raras especializadas
• Institutos Nacionais de Saúde Programas de Pesquisa de Doenças Raras: 27 centros dedicados
• Redes internacionais de pesquisa de doenças raras: 12 principais plataformas colaborativas

Provedores de saúde especializados em doenças raras

Cenário especializado em provedores de saúde:

Tipo de provedor	Total de fornecedores especializados	Consultas anuais de doenças raras
Especialistas genéticos	3.750 profissionais certificados	45.000-50.000 consultas
Centros de doenças neuromusculares	85 centros de tratamento especializados	22.000-25.000 interações de pacientes

Instituições de pesquisa farmacêutica

Métricas de engajamento da instituição de pesquisa:

• Instituições totais de pesquisa de doenças raras: 340
• Financiamento anual de pesquisa: US $ 1,2 bilhão dedicado a distúrbios genéticos raros
• Ensaios clínicos ativos: 215 protocolos de pesquisa de doenças raras

Investidores de biotecnologia e partes interessadas

Cenário de investimento para terapêutica de doenças raras:

Categoria de investimento	Investimento total	Taxa de crescimento anual
Capital de risco de doença rara	US $ 3,7 bilhões	12.5%
Investimentos de transtorno genético raros	US $ 2,1 bilhões	15.3%

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal encerrado em 31 de dezembro de 2023, a Entrada Therapeutics reportou despesas de P&D de US $ 80,4 milhões.

Ano fiscal	Despesas de P&D	Aumento percentual
2022	US $ 62,1 milhões	29.5%
2023	US $ 80,4 milhões	29.5%

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para 2023 totalizaram aproximadamente US $ 45,2 milhões, concentrando -se em seus programas principais em distrofia muscular e outros distúrbios genéticos raros.

• Ensaios clínicos de fase 1: US $ 18,7 milhões
• Ensaios clínicos de fase 2: US $ 26,5 milhões

Proteção à propriedade intelectual

Os custos de proteção da propriedade intelectual para 2023 foram de US $ 3,6 milhões, cobrindo o registro de patentes, manutenção e despesas legais.

Categoria IP	Custo
Registro de patentes	US $ 1,8 milhão
Manutenção de patentes	US $ 1,2 milhão
Proteção legal	US $ 0,6 milhão

Pessoal e recrutamento de talentos científicos

Os custos de pessoal para 2023 totalizaram US $ 42,3 milhões, incluindo salários, benefícios e despesas de recrutamento.

• Total de funcionários: 187
• Salário médio de pessoal científico: US $ 215.000
• Custos de recrutamento: US $ 2,1 milhões

Manutenção e aprimoramento da plataforma de tecnologia

Os custos da plataforma de tecnologia para 2023 foram de US $ 12,5 milhões, cobrindo infraestrutura, software e atualizações tecnológicas.

Categoria de investimento em tecnologia	Custo
Infraestrutura	US $ 5,6 milhões
Licenciamento de software	US $ 3,9 milhões
Atualizações tecnológicas	US $ 3,0 milhões

Entrada Therapeutics, Inc. (TRDA) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento de medicamentos

A partir do quarto trimestre 2023, a Entrada Therapeutics não tem acordos de licenciamento de medicamentos executados. O valor total potencial de licenciamento permanece não revelado.

Subsídios de pesquisa e financiamento científico

Fonte de financiamento	Quantia	Ano
Institutos Nacionais de Saúde (NIH)	US $ 2,4 milhões	2023
Programas de concessão SBIR/STTR	US $ 1,1 milhão	2023

Potenciais pagamentos marcantes de colaborações

O oleoduto da Entrada inclui pagamentos potenciais de marcos de colaborações de pesquisa em andamento, embora detalhes financeiros específicos permaneçam confidenciais.

Futura comercialização de produtos farmacêuticos

• Programa Líder: Distrofia Muscular Candidata Terapêutica
• Tamanho potencial estimado do mercado: US $ 1,2 bilhão anualmente
• Linha do tempo de desenvolvimento clínico esperado: 2024-2026

Estratégias de monetização da propriedade intelectual

Categoria IP	Número de patentes	Estratégia de monetização potencial
Plataforma de entrega proprietária	7 patentes emitidas	Licenciamento potencial para parceiros farmacêuticos
Candidatos terapêuticos	3 famílias de patentes	Venda ou co-desenvolvimento potencial

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.