1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
TRDA
Listed on
2021-10-29
Sector
Health Care
Subsector
Pharmaceuticals
Offer Price
$20.00
first filed $19.00–$21.00Shares Offered
9.07M
31.21M
$597.7M
29.1%
Implied Upside vs Midpoint
Description
We aim to transform the lives of patients by establishing Endosomal Escape Vehicle (EEV) therapeutics as a new class of medicines and we aim to become the world’s foremost intracellular therapeutics company. EEV therapeutics are comprised of small cyclic peptides that are chemically conjugated to a wide range of specific and active biological therapeutics. Our EEV therapeutics are designed to engage intracellular targets that have long been considered inaccessible and undruggable. Through our proprietary, highly versatile and modular EEV platform (EEV Platform), we are building a robust development portfolio of EEV therapeutic candidates designed to enable the efficient intracellular delivery of therapeutics in various organs and tissues with an improved therapeutic index. We believe that the potential success of our early programs can translate into the efficient development of additional EEV therapeutic candidates and allow us to build portfolios in rare disease, immunology and oncology. We are initially focused on the development of EEV therapeutics for rare neuromuscular diseases, including Duchenne muscular dystrophy (DMD) and myotonic dystrophy type 1 (DM1). DMD is caused by genetic mutations that prevent the creation of functional dystrophin, a protein required to maintain the structural integrity of muscle cells. In our neuromuscular disease programs, we link EEVs to small strands of nucleic acids called oligonucleotides, including phosphorodiamidate morpholino oligomers (PMOs). We are developing EEV-PMOs that promote the skipping of these mutations associated with DMD. We believe that our EEV-PMO exon-skipping therapy will enable the production of functional dystrophin to slow, stop or even reverse disease progression. Our most advanced therapeutic candidate, ENTR-601-44, is being developed for patients with DMD that are exon 44 skipping amenable. We plan to submit an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for ENTR-601-44 in 2022. We are developing a second lead program for patients with DM1. Patients with DM1 carry extra cytosine-uracil-guanine (CUG) triplet repeats that result in misprocessing of several proteins and multisystemic clinical manifestations. Our EEV-PMO for DM1 is designed to block the triplet repeats in the messenger RNA (mRNA) that sequesters these critical proteins and restore muscle function. We plan to submit an IND to the FDA for an EEV-PMO candidate for the treatment of DM1 in 2023. --- We were incorporated under the laws of the State of Delaware on September 22, 2016 as CycloPorters, Inc. On October 26, 2017, we changed our name to Entrada Therapeutics, Inc. Our principal corporate offices are located at 6 Tide Street, Boston, MA 02210, and our telephone number is (857) 520-9158. Our website address is www.entradatx.com.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
Net cash / market cap | 6.5% | 4.8% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 11.89 | 4.62 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
= Priced at $20.00, 0% above the midpoint of the first filed range ($19.00–$21.00, 2021-10-25).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-10-25 | S-1/A | $19.00–$21.00 | — | 7,500,000 | $150.0M |
| 2021-11-01 | 424B4 | — | $20.00 | 9,075,000 | $181.5M |
Entrada Therapeutics, Inc. income statement and balance sheet, FY Dec 2021 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | — | — | $211M | $25.4M |
| Operating income | ($51.1M) | ($97.2M) | $47.0M | ($158M) |
| Net income | ($51.2M) | ($94.6M) | $65.6M | ($144M) |
| Revenue growth | — | — | — | −87.9% |
| Operating margin | — | — | 22.3% | −621% |
| Net margin | — | — | 31.1% | −565% |
| Metric | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | $306M | $252M | $526M | $377M |
| Total liabilities | $7.1M | $39.5M | $97.6M | $71.2M |
| Total equity | $299M | $213M | $429M | $306M |
| Cash & equivalents | $291M | $45.2M | $101M | $90.4M |