Entrada Therapeutics, Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
TRDA$4.89+7.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001689375-25-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001689375-25-000043
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 131 previous paragraphs and 146 current paragraphs.
89 unchanged; 23 reworded; 32 added; 18 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (32)
Current report
We are a clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines which engage intracellular targets that have long been considered inaccessible. Our Endosomal Escape Vehicle (EEV™)-therapeutics are designed to enable the efficient intracellular delivery of a wide range of therapeutics into a variety of organs and tissues, resulting in an improved therapeutic index. Our lead oligonucleotide programs are in development for the potential treatment of people living with Duchenne muscular dystrophy (DMD) who are exon 44, 45, 50 and 51 skipping amenable. We currently have two product candidates, ENTR-601-44 and ENTR-601-45, in clinical development and expect to file for regulatory clearance for a third, ENTR-601-50, in the fourth quarter of 2025. We reported positive preliminary data in healthy volunteers from a Phase 1 clinical trial of ENTR-601-44 in 2024 and anticipate reporting data from the global Phase 1/2 multiple ascending dose (MAD) portion of the study in the first half of 2026. We have also partnered with Vertex to develop a clinical-stage program, VX-670, for myotonic dystrophy type 1. As of June 30, 2025, we had cash, cash equivalents and marketable securities of $354.0 million. Based on our current operating plans, we believe that our cash, cash equivalents and marketable securities as of June 30, 2025 will be sufficient to fund our operations into the second quarter of 2027.
Current report
During the second quarter of 2025, we continued to progress our portfolio and achieved the important milestone of first patient dosed in ELEVATE-44-201. We anticipate data from the first patient cohort of the multi-ascending dose trial in the first half of 2026. We also initiated ELEVATE-45-201 and remain on track to dose the first patient in the third quarter of 2025. We anticipate data from the first patient cohort in mid-2026. Operationally, we strengthened the team in key areas including clinical development and medical affairs, as we continue to activate multiple clinical trial sites in the U.K. and EU for both ELEVATE-44-201 and ELEVATE-45-201. By year end, we expect to have three clinical-stage programs in our DMD franchise (ENTR-601-44, ENTR-601-45, ENTR-601-50), complementing the ongoing progress of our VX-670 partnership with Vertex Pharmaceuticals Incorporated (“Vertex”). This clinical development progress builds upon positive preliminary data in healthy volunteers from a Phase 1 clinical trial, ENTR-601-44-101, as first reported in 2024.
Current report
Development Pipeline
Current report
Since January 2025, Entrada has advanced multiple clinical programs in people living with Duchenne muscular dystrophy (DMD) in the U.K., EU and U.S. These programs include:
Current report
•ELEVATE-44-201: First patient dosed in the global Phase 1/2 multiple ascending dose (MAD) portion of the clinical study of ENTR-601-44 in ambulatory patients living with DMD who are amenable to exon 44 skipping. Multiple clinical trial sites in the U.K. and EU have been activated and are screening patients. We expect to report data from Cohort 1 (6 mg/kg patient dose) during the first half of 2026, with data from Cohort 2 and Cohort 3 (up to 18 mg/kg) to follow.
Current report
•ELEVATE-44-102: Planned Phase 1b MAD clinical study of ENTR-601-44 in ambulatory and non-ambulatory adults living with DMD. The study will run in the U.S. and is on track to initiate in the first half of 2026.
Current report
•ELEVATE-45-201: Initiated a global Phase 1/2 MAD clinical study of ENTR-601-45 in ambulatory patients living with DMD who are amenable to exon 45 skipping. The study received authorization in the U.K. (March 2025) and EU (May 2025). Multiple clinical study sites have been activated and the study is on track to dose the first patient in the third quarter of 2025. We expect to report data from Cohort 1 (5 mg/kg) in mid-2026, with data from Cohort 2 and Cohort 3 (up to 15 mg/kg) to follow.
Current report
•ENTR-601-50 and ENTR-601-51: We expect to submit global regulatory applications for ENTR-601-50 in the fourth quarter of 2025 and for ENTR-601-51 in 2026.
Current report
Beyond DMD, we see continued progress in both partnered and wholly-owned efforts:
Current report
•VX-670: Vertex continues to enroll and dose the MAD portion of the global Phase 1/2 clinical trial of VX-670 in people living with myotonic dystrophy type 1 (DM1), which will assess both safety and efficacy. Vertex is on track to complete enrollment and dosing in the trial in the first half of 2026.
Current report
Organizational Evolution
Current report
To support its accelerated clinical growth and other strategic priorities, we have enhanced the organization as follows:
Current report
•Appointed Navid Khan, Ph.D., to the newly created role of Senior Vice President of Medical Affairs in August 2025. Dr. Khan has extensive expertise in directing medical affairs for pre-commercial and commercial therapies for neuromuscular disorders, including DMD.
Current report
•Expanded our Clinical Development leadership with the appointment of Kiran Patki, M.D., MSc, FFPM, as Senior Vice President of Clinical Development in July 2025. Dr. Patki brings deep expertise in rare diseases including early- and late-stage clinical development, and has a proven track record of securing product regulatory approvals.
Current report
•Appointed Maha Radhakrishnan, M.D. to our Board of Directors in June 2025. Dr. Radhakrishnan brings extensive experience in global drug development and portfolio management, having served in Executive Medical Officer roles at global development- and commercial-stage biopharmaceutical companies.
Current report
Collaboration revenue was $2.0 million for the three months ended June 30, 2025 and $94.7 million for the three months ended June 30, 2024. The decrease of $92.7 million was primarily a result of fewer costs incurred for VX-670 during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, as we substantially completed our research plan activities for VX-670 during the first quarter of 2025.
Current report
•an increase of $2.6 million in direct research and development expenses, driven by additional costs incurred related to the progress of our Duchenne programs, partially offset by fewer costs incurred related to our collaboration with Vertex.
Current report
Comparison of the six months ended June 30, 2025 and 2024
Current report
Collaboration Revenue
Current report
Collaboration revenue was $22.5 million for the six months ended June 30, 2025 and $153.8 million for the six months ended June 30, 2024. The decrease of $131.3 million was primarily a result of fewer costs incurred for VX-670 during the six months ended June 30, 2025, as we substantially completed our research plan activities for VX-670 during the first quarter of 2025.
Current report
Research and development expenses were $69.9 million for the six months ended June 30, 2025, compared to $60.6 million for the six months ended June 30, 2024. The increase of $9.3 million in research and development expenses was primarily attributable to:
Current report
•an increase of $6.2 million in personnel related costs driven by increased compensation costs for employees in the research and development function, inclusive of $1.7 million in costs associated with our strategic workforce reduction for the six months ended June 30, 2025 and stock-based compensation expense of $4.5 million and $3.6 million for the six months ended June 30, 2025 and 2024, respectively;
Current report
•an increase of $2.7 million in direct research and development expenses, driven by additional costs incurred related to the progress of our Duchenne programs, partially offset by fewer costs incurred related to our collaboration with Vertex; and
Current report
General and administrative expenses for the six months ended June 30, 2025 were $21.2 million, compared to $18.6 million for the six months ended June 30, 2024. The increase of $2.6 million was primarily attributable to an increase in personnel costs driven by increased compensation costs for employees in the general and administrative function, inclusive of $0.2 million in costs associated with our strategic workforce reduction during the six months ended June 30, 2025, and stock-based compensation expense of $5.6 million and $4.7 million for the six months ended June 30, 2025 and 2024, respectively.
Current report
Interest and Other Income, net
Current report
Total interest and other income, net was$8.4 million for thesix months ended June 30, 2025, compared to$8.6 million of interest and other income for thesix months ended June 30, 2024. The decrease was driven by changes in interest earned from debt securities and money market funds.
Current report
Overview
Current report
Net cash provided by financing activities was $101.6 million for thesix months ended June 30, 2024, consisting of $100.0 million of proceeds from sales of our common stock and pre-funded warrants, $1.3 million in proceeds from stock option exercises and $0.3 million from the issuance of common stock under our employee stock purchase plan.
Current report
Reduction in Force
Current report
On April 29, 2025, our board of directors approved a strategic plan, designed to increase the focus of our resources on our expanding portfolio of clinical candidates in Duchenne muscular dystrophy (“DMD”) and key preclinical programs. In connection with the new strategic plan, we reduced our workforce by approximately 20% (the "Reduction"). The Reduction was substantially completed during the second quarter of 2025.
Current report
As a result of the Reduction, we incurred charges of $1.9 million, primarily consisting of one-time severance payments and employee termination-related benefits during the three months ended June 30, 2025. $1.7 million of the charge was recorded as research and development expenses and $0.2 million of the charge was recorded as general and administrative expenses. We do not expect to incur additional charges related to the Reduction. As of June 30, 2025, $1.6 million of the costs associated with the Reduction were paid and the remaining $0.3 million were accrued for and recorded in accrued expenses and other current liabilities.
Current report
Emerging Growth Company Status
Removed paragraphs (18)
Previous report
We are a clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines which engage intracellular targets that have long been considered inaccessible. We begin 2025 with significant momentum, having already obtained authorization to move forward with multiple ascending dose ("MAD") studies for ENTR-601-44 in the EU, the UK and the U.S., and for ENTR-601-45 in the UK. We expect to have initiated three clinical trials by year end in our DMD franchise (ENTR-601-44, ENTR-601-45, ENTR-601-50), complementing the ongoing progress of our VX-670 partnership with Vertex Pharmaceuticals Incorporated (“Vertex”). This regulatory progress follows positive preliminary data in healthy volunteers from a Phase 1 clinical trial, ENTR-601-44-101, reported in 2024.
Previous report
•On February 3, 2025, we announced the receipt of authorization from the United Kingdom’s Medicines and Healthcare Products Regulatory Agency (“MHRA”) and Research Ethics Committee for our clinical study of an Investigational Medicinal Product to initiate ELEVATE-44-201, a Phase 1/2 multiple ascending dose (“MAD”) clinical study of ENTR-601-44 for the potential treatment of Duchenne muscular dystrophy (“Duchenne” or “DMD”) in patients with a confirmed mutation in the DMD gene amenable to exon 44 skipping.
Previous report
•On February 24, 2025, we announced that the United States Food and Drug Administration (“FDA”) had lifted the clinical hold on the Investigational New Drug application (“IND”) for ENTR-601-44, and we received authorization to initiate ELEVATE-44-102, a Phase 1b MAD clinical study of ENTR-601-44 in adult DMD patients. We plan to initiate study enrollment in the first half of 2026.
Previous report
•On March 24, 2025 we announced the receipt of authorization from the MHRA and Research Ethics Committee to initiate ELEVATE-45-201. ELEVATE-45-201 is a Phase 1/2 MAD clinical study of ENTR-601-45 for the potential treatment of Duchenne in patients with a confirmed mutation in the DMD gene amenable to exon 45 skipping. We also submitted for authorization in the EU. We are on track to initiate the study in the third quarter of 2025.
Previous report
•On April 29, 2025, we announced a new strategic plan designed to focus our resources on our expanding portfolio of DMD clinical candidates (ENTR-601, -45, -50, and -51), key preclinical programs, including ocular, and maturing platform investments. The new strategic plan will include enhanced hiring efforts to support planned global clinical study execution in DMD, as well as focused reductions in select research areas, which are expected to reduce our workforce by approximately 20%.
Previous report
•On May 8, 2025, we announced the receipt of authorization from the European Medicines Agency ("EMA") to initiate ELEVATE-44-201 in the EU. We are on track to initiate ELEVATE-44-201 in the second quarter of 2025.
Previous report
•Based on the positive preclinical data observed to date, we are on track to initiate a clinical study of our third Duchenne product candidate, ENTR-601-50, in patients who are exon 50 skipping amenable, in the fourth quarter of 2025.
Previous report
•In 2024, we selected ENTR-601-51 as our clinical candidate for our exon 51 program in patients who are exon 51 skipping amenable, and expect to submit global regulatory filings in 2026.
Previous report
•Our Vertex partnered candidate, VX-670, is in an ongoing global Phase 1/2 clinical trial, and in November 2024, Vertex announced completion of the Phase 1 SAD portion of the study and initiation of the Phase 2 MAD portion to evaluate both safety and efficacy.
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
As part of the Tax Cuts and Jobs Act of 2017, beginning with the 2022 tax year, we are required to capitalize research and development expenses, as defined under Internal Revenue Code section 174. For expenses that are incurred for research and development in the U.S., the amounts will be amortized over 5 years, and expenses that are incurred for research and experimentation outside the United States will be amortized over 15 years. See Note 10, Income Taxes, for further discussion of our tax provisions for the three months ended March 31, 2025 and March 31, 2024.
Previous report
Collaboration revenue was $20.6 million for the three months ended March 31, 2025 and $59.1 million for the three months ended March 31, 2024. The decrease was primarily a result of Collaboration revenue for the three months ended March 31, 2024 including a $38.7 million cumulative catch-up adjustment for the clinical advancement milestone achieved in the first quarter of 2024.
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Provision for Income Taxes
Previous report
Emerging Growth Company and Smaller Reporting Company Status
Previous report
Based on the market value of our common stock held by our non-affiliates as of the last business day of the fiscal quarter ended June 30, 2024, we no longer qualify as a “smaller reporting company” as defined in the Exchange Act, effective December 31, 2024. Therefore, beginning with this Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2025, we are no longer eligible to rely on the reduced disclosure and reporting requirements applicable to smaller reporting companies.
Reworded paragraphs (23)
Previous wording
•We have also generated positive preclinical data from programs outside of our neuromuscular franchise, which include new moieties, and expect to share our first clinical candidate in ocular disease later in 2025.
Current wording
•We have generated positive preclinical data from programs outside of our neuromuscular franchise, which include new moieties. We now have a growing ocular franchise, with two ocular programs in lead optimization and additional targets in the research phase. We expect to share our first clinical candidate in ocular disease later in 2025.
Previous wording
•expenses incurred in connection with our research programs and development of our therapeutic candidates, including those incurred under agreements with third parties, such as consultants, contractors, and clinical research organizations ("CROs") to conduct preclinical studies and clinical trials;
Current wording
•expenses incurred in connection with our research programs and development of our therapeutic candidates, including those incurred under agreements with third parties, such as consultants, contractors, and contract research organizations ("CROs") to conduct preclinical studies and clinical trials;
Previous wording
We anticipate that our general and administrative expenses will increase in the future as we increase our headcount and expand our facilities to support our continued research activities and development of our programs and EEV Platform. We also anticipate that we will incur increased accounting, audit, legal, regulatory, compliance, director and officer insurance and investor and public relations expenses associated with operating as a public company.
Current wording
We anticipate that our general and administrative expenses will increase in the future as we increase our headcount and expand our facilities to support our continued research activities and development of our programs and EEV Platform.
Previous wording
Provision for income tax benefit (expense) recorded in any interim period is based on the estimated effective tax rate for the fiscal year for those tax jurisdictions that can be reliably estimated. Our calculation of the estimated effective tax rate requires us to estimate pre‑tax income by tax jurisdiction as well as total tax benefit (expense) for the fiscal year. Accordingly, the annual estimated effective tax rate is subject to adjustment if there are changes to the initial estimates of total tax benefit (expense) or pre‑tax income.
Current wording
Provision for income tax expense (benefit) recorded in any interim period is based on the estimated effective tax rate for the fiscal year for those tax jurisdictions that can be reliably estimated. Our calculation of the estimated effective tax rate requires us to estimate pre‑tax income by tax jurisdiction as well as total tax expense (benefit) for the fiscal year. Accordingly, the annual estimated effective tax rate is subject to adjustment if there are changes to the initial estimates of total tax expense (benefit) or pre‑tax income.
Previous wording
Research and development expenses were $32.1 million for the three months ended March 31, 2025, compared to $28.6 million for the three months ended March 31, 2024. The increase of $3.5 million in research and development expenses was primarily attributable to:
Current wording
Research and development expenses were $37.9 million for the three months ended June 30, 2025, compared to $32.0 million for the three months ended June 30, 2024. The increase of $5.9 million in research and development expenses was primarily attributable
Previous wording
•an increase of $2.9 million in personnel related costs driven by increased headcount in our research and development function, inclusive of stock-based compensation expense of $2.4 million and $1.6 million for the three months ended March 31, 2025 and 2024, respectively; and
Current wording
•an increase of $3.3 million in personnel related costs driven by increased compensation costs for employees in the research and development function, inclusive of $1.7 million in costs associated with our strategic workforce reduction during the three months ended June 30, 2025, and stock-based compensation expense of $2.1 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively; and
Previous wording
General and administrative expenses for the three months ended March 31, 2025 were $10.3 million, compared to $9.4 million for the three months ended March 31, 2024. The increase of $0.9 million was primarily attributable to an increase in personnel costs as the headcount in our general and administrative function increased. Our general and administrative personnel costs are inclusive of stock-based compensation expense of $2.7 million and$2.1 millionfor the three months ended March 31, 2025 and 2024, respectively.
Current wording
General and administrative expenses for the three months ended June 30, 2025 were $10.9 million, compared to $9.2 million for the three months ended June 30, 2024. The increase of $1.7 million was primarily attributable to an increase in professional services to support our growth, as well as an increase in personnel costs driven by increased compensation costs for employees in the general and administrative function, inclusive of $0.2 million in costs associated with our strategic workforce reduction during the three months ended June 30, 2025, and stock-based compensation expense of $2.9 million and$2.6 millionfor the three months ended June 30, 2025 and 2024, respectively.
Previous wording
Total interest and other income, net was$4.4 million for thethree months ended March 31, 2025, compared to$4.2 million of interest and other income for thethree months ended March 31, 2024. The increase was primarily driven by higher interest income from investments in debt securities due to us having more cash available to invest into debt securities.
Current wording
Total interest and other income, net was$3.9 million for thethree months ended June 30, 2025, compared to$4.4 million of interest and other income for thethree months ended June 30, 2024. The decrease was driven by changes in interest earned from debt securities and money market funds.
Previous wording
The Company recorded no income tax provision for the three months ended March 31, 2025 and an income tax provision of $1.8 million for the three months ended March 31, 2024. Forthree months ended March 31, 2024, the income tax provision recorded was driven largely by the $75 million clinical advancement milestone achieved in the first quarter of 2024.
Current wording
We recorded an income tax provision of $0.2 million for the three months ended June 30, 2025 and an income tax provision of $2.8 million for the three months ended June 30, 2024. Forthree months ended June 30, 2024, the income tax provision recorded was driven largely by the $75 million clinical advancement milestone achieved in the first quarter of 2024.
Previous wording
•an increase of $0.6 million in facility related and other costs to support our expanding operations.
Current wording
•an increase of $0.4 million in facility related and other costs to support our expanding operations.
Previous wording
Since our inception, we have devoted substantially all our resources to research and development efforts relating to our EEV Platform, advancing development of our portfolio of programs and general and administrative support for these operations, including raising capital. We have raised over $850.0 million of gross proceeds from equity sales to leading biotechnology investors and from the Vertex Agreement.
Current wording
Since our inception, we have devoted substantially all our resources to research and development efforts relating to our EEV Platform, advancing development of our portfolio of programs and general and administrative support for these operations, including raising capital.
Previous wording
Since inception, we have incurred significant net losses. As of March 31, 2025, we had an accumulated deficit of $146.7 million. Other than the recognition of revenue related to collaboration payments, we expect to continue to generate operating losses and negative operating cash flows for the foreseeable future as we advance our platform and therapeutic candidates. We will not generate any revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for one or more therapeutic candidates, if ever. If we obtain regulatory approval for any therapeutic candidates, we expect to incur significant expenses related to developing our internal commercialization capability to support product sales, marketing and distribution.
Current wording
Since inception, we have incurred significant net losses. As of June 30, 2025, we had an accumulated deficit of $189.8 million. Other than the recognition of revenue related to collaboration payments, we expect to continue to generate operating losses and negative operating cash flows for the foreseeable future as we advance our platform and therapeutic candidates. We will not generate any revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for one or more therapeutic candidates, if ever. If we obtain regulatory approval for any therapeutic candidates, we expect to incur significant expenses related to developing our internal commercialization capability to support product sales, marketing and distribution.
Previous wording
As of March 31, 2025, we had cash, cash equivalents and marketable securities of $382.5 million. Based on our current operating plans, we believe that our cash, cash equivalents and marketable securities as of March 31, 2025 will be sufficient to fund our operations into the second quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” To finance our operations beyond that point we will need to raise additional capital, which cannot be assured.
Current wording
As of June 30, 2025, we had cash, cash equivalents and marketable securities of $354.0 million. Based on our current operating plans, we believe that our cash, cash equivalents and marketable securities as of June 30, 2025 will be sufficient to fund our operations into the second quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured.
Previous wording
Since our inception in 2016, we have incurred significant operating losses. As of March 31, 2025 and December 31, 2024, we had an accumulated deficit of $146.7 million and $129.3 million, respectively. We expect to generate significant operating losses and negative operating cash flows for the foreseeable future as we advance our EEV Platform and therapeutic candidates. Since our inception, we have raised over $850.0 million of gross proceeds from sales of stock to leading biotechnology investors and from the Vertex Agreement. As of March 31, 2025, we had cash, cash equivalents and marketable securities of $382.5 million.
Current wording
Since our inception, we have raised over $850.0 million of gross proceeds from sales of stock to leading biotechnology investors and from the Vertex Agreement. As of June 30, 2025, we had cash, cash equivalents and marketable securities of $354.0 million.
Previous wording
In September 2023, we entered into a sales agreement (the "Sales Agreement") with Cowen and Company, LLC (the "Sales Agent") under which we may, from time to time, issue and sell shares of our common stock having aggregate sales proceeds of up to $150.0 million, in a series of one or more ATM equity offerings (the "2023 ATM Program"). The Sales Agent is not required to sell any specific share amounts but acts as the Company’s sales agent, using commercially reasonable efforts consistent with its normal trading and sales practices. Pursuant to the Sales Agreement, shares will be sold pursuant to our shelf registration statement on Form S-3 (File No. 333-268099) filed with the SEC on November 1, 2022, including the base prospectus contained therein, as declared effective by the SEC on November 7, 2022. Our common stock will be sold at prevailing market prices at the time of the sale, and as a result, prices may vary. As of March 31, 2025 we have not sold any shares of common stock under the 2023 ATM Program.
Current wording
In September 2023, we entered into a sales agreement (the "Sales Agreement") with Cowen and Company, LLC (the "Sales Agent") under which we may, from time to time, issue and sell shares of our common stock having aggregate sales proceeds of up to $150.0 million, in a series of one or more ATM equity offerings (the "2023 ATM Program"). The Sales Agent is not required to sell any specific share amounts but acts as our sales agent, using commercially reasonable efforts consistent with its normal trading and sales practices. Pursuant to the Sales Agreement, shares will be sold pursuant to our shelf registration statement on Form S-3 (File No. 333-268099) filed with the SEC on November 1, 2022, including the base prospectus contained therein, as declared effective by the SEC on November 7, 2022. Our common stock will be sold at prevailing market prices at the time of the sale, and as a result, prices may vary. As of June 30, 2025 we have not sold any shares of common stock under the 2023 ATM Program.
Previous wording
For thethree months ended March 31, 2025, net cash used in operating activities was $38.5 million and was driven by our net loss of $17.3 million, net cash used in changes in our operating assets and liabilities of $25.9 million, adjustments for non-cash expenses relating to stock-based compensation expense of $5.1 million and depreciation expense of $0.9 million, and adjustments for non-cash income relating to accretion of premiums and discounts of $1.3 million.
Current wording
For thesix months ended June 30, 2025, net cash used in operating activities was $68.0 million and was driven by our net loss of $60.5 million, net cash used in changes in our operating assets and liabilities of $17.3 million, adjustments for non-cash expenses relating to stock-based compensation expense of $10.1 million and depreciation expense of $2.0 million, and adjustments for non-cash income relating to accretion of premiums and discounts of $2.3 million.
Previous wording
For thethree months ended March 31, 2024, net cash used in operating activities was $25.5 million and was driven by our net income of $23.5 million, net cash used in changes in our operating assets and liabilities of $51.6 million, adjustments for non-cash expenses relating to stock-based compensation expense of $3.7 million and depreciation expense of $0.9 million, and adjustments for non-cash income relating to accretion of premiums and discounts of $2.0 million.
Current wording
For thesix months ended June 30, 2024, net cash provided in operating activities was $14.3 million and was driven by our net income of $78.5 million, net cash used in changes in our operating assets and liabilities of $70.1 million, adjustments for non-cash expenses relating to stock-based compensation expense of $8.4 million and depreciation expense of $1.8 million, and adjustments for non-cash income relating to accretion of premiums and discounts of $4.3 million.
Previous wording
Net cash provided by investing activities was $4.8 million for thethree months ended March 31, 2025, consisting primarily of $85.9 million from the maturities of marketable securities, partially offset by $80.0 million in purchases of marketable securities and $1.1 million of purchases of property and equipment.
Current wording
Net cash provided by investing activities was $38.6 million for thesix months ended June 30, 2025, consisting primarily of $136.6 million from the maturities of marketable securities, partially offset by $96.6 million in purchases of marketable securities and $1.4 million of purchases of property and equipment.
Previous wording
Net cash provided by investing activities was $26.1 million for thethree months ended March 31, 2024, consisting primarily of $123.9 million from the maturities of marketable securities, partially offset by $96.9 million in purchases of marketable securities and $0.9 million of purchases of property and equipment.
Current wording
Net cash provided by investing activities was $1.8 million for thesix months ended June 30, 2024, consisting primarily of $211.3 million from the maturities of marketable securities, partially offset by $207.6 million in purchases of marketable securities and $1.9 million of purchases of property and equipment.
Previous wording
Net cash provided by financing activities was $0.4 million for thethree months ended March 31, 2025, consisting of $0.4 million in proceeds from stock option exercises.
Current wording
Net cash provided by financing activities was $0.7 million for thesix months ended June 30, 2025, consisting of $0.4 million in proceeds from stock option exercises and $0.3 million from the issuance of common stock under our employee stock purchase plan.
Previous wording
We expect to incur significant expenses and operating losses for the foreseeable future as we advance the preclinical and, if successful, the clinical development of our programs. In addition, we expect to incur additional costs associated with operating as a public company. Our operating expenses and future funding requirements are expected to increase substantially as we continue to advance our portfolio of programs. Based on our current operating plans, we believe that our cash, cash equivalents and marketable securities as of March 31, 2025 will be sufficient to fund our operations into the second quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect.
Current wording
We expect to incur significant expenses and operating losses for the foreseeable future as we advance the preclinical and, if successful, the clinical development of our programs. Our operating expenses and future funding requirements are expected to increase substantially as we continue to advance our portfolio of programs. Based on our current operating plans, we believe that our cash, cash equivalents and marketable securities as of June 30, 2025 will be sufficient to fund our operations into the second quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect.
Previous wording
During the three months ended March 31, 2025, there were no material changes to our lease commitments from those described in Note 11, Leases, of our financial statements in the Annual Report.
Current wording
During the six months ended June 30, 2025, there were no material changes to our lease commitments from those described in Note 11, Leases, of our financial statements in the Annual Report.
Previous wording
We have also entered into license agreements under which we are obligated to make certain payments. During the three months ended March 31, 2025, there were no material changes to our commitments and contingencies related to our license agreements from those described in “Business—Intellectual property— License agreement with The Ohio State University” and Note 10, Commitments and Contingencies, to our financial statements in the Annual Report. For additional information regarding our license agreements, refer to Note 11, Commitments and Contingencies, to our condensed consolidated financial statements in this Quarterly Report.
Current wording
We have also entered into license agreements under which we are obligated to make certain payments. During the six months ended June 30, 2025, there were no material changes to our commitments and contingencies related to our license agreements from those described in “Business—Intellectual property— License agreement with The Ohio State University” and Note 10, Commitments and Contingencies, to our financial statements in the Annual Report. For additional information regarding our license agreements, refer to Note 11, Commitments and Contingencies, to our condensed consolidated financial statements in this Quarterly Report.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
We expect that our research and development expenses will increase as we advance ENTR-601-44 and ENTR-601-45 through clinical trials, and ENTR-601-50 and ENTR-601-51 through preclinical development and into clinical trials, and continue to perform discovery work for future product candidates.
Current report — wording carried from elsewhere
We recorded an income tax provision of $0.2 million for the six months ended June 30, 2025 and an income tax provision of $4.6 million for the six months ended June 30, 2024. Forsix months ended June 30, 2024, the income tax provision recorded was driven largely by the $75 million clinical advancement milestone achieved in the first quarter of 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Net cash provided by financing activities was $0.2 million for thethree months ended March 31, 2024, consisting of $0.2 million in proceeds from stock option exercises.