Detailed financial statements for Entrada Therapeutics, Inc. (TRDA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Entrada Therapeutics, Inc. operates as a biotechnology enterprise dedicated to pioneering endosomal escape vehicle (EEV) therapeutics, specifically engineered to tackle a range of neuromuscular ailments. The company leverages its proprietary EEV platform to cultivate a rich pipeline of therapeutic programs, integrating oligonucleotide, antibody, and enzyme-based approaches.
Analysis Summary
Trailing-twelve-month margins: gross margin -7.5%, operating margin -37.7%, net margin -35.4%.
At the current price of $6.89, TRDA has negative trailing earnings (P/E not meaningful) and an ROE of -57.61%. Market capitalisation stands at $267M.
Balance sheet quality for TRDA: current ratio of 12.5, net cash position of $244.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | $129.0M | $210.8M | $25.4M |
| Cost of Revenue | $104000 | $326000 | 0 | 0 | 0 | 0 | $4.1M |
| Gross Profit | -$104000 | -$326000 | 0 | 0 | $129.0M | $210.8M | $21.3M |
| Research & Development | $8.2M | $21.1M | $35.9M | $66.6M | $99.9M | $125.3M | $142.3M |
| Selling, General & Admin | $3.6M | $5.2M | $15.2M | $30.6M | $32.3M | $38.5M | $41.0M |
| Operating Expenses | $11.8M | $26.3M | $51.1M | $97.2M | $132.2M | $163.8M | $177.3M |
| Operating Income | -$11.8M | -$26.7M | -$51.1M | -$97.2M | -$3.2M | $47.0M | -$156.0M |
| EBITDA | -$11.7M | -$26.2M | -$50.0M | -$90.1M | $14.9M | $70.3M | -$142.4M |
| Interest Expense | 0 | 0 | 0 | $2.6M | 0 | 0 | 0 |
| Pre-tax Income | -$5.1M | -$26.5M | -$51.2M | -$94.6M | $12.1M | $66.5M | -$142.8M |
| Income Tax | 0 | 0 | 0 | 0 | $18.7M | $859000 | $924000 |
| Net Income | -$4.6M | -$26.5M | -$51.2M | -$94.6M | -$6.7M | $65.6M | -$143.8M |
| EPS | $-4.44 | $-0.84 | $-1.60 | $-2.79 | $-0.20 | $1.76 | $-3.47 |
| EPS (Diluted) | $-4.44 | $-0.84 | $-1.60 | $-2.79 | $-0.20 | $1.68 | $-3.47 |
| Shares Outstanding (Diluted) | $1.0M | $31.2M | $31.2M | $31.3M | $33.1M | $39.0M | $41.4M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.8M | $39.0M | $291.1M | $45.2M | $67.6M | $101.2M | $90.4M |
| Short-term Investments | 0 | 0 | 0 | $143.6M | $284.4M | $318.8M | $205.3M |
| Receivables | 0 | 0 | 0 | 0 | $5.9M | $3.7M | $2.6M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $17.4M | $39.9M | $298.7M | $209.9M | $369.8M | $440.0M | $306.3M |
| Property, Plant & Equipment | $801000 | $3.0M | $6.3M | $33.0M | $92.7M | $82.0M | $67.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $18.2M | $43.5M | $305.8M | $252.1M | $469.2M | $526.3M | $377.4M |
| Accounts Payable | $710000 | $1.6M | $706000 | $6.0M | $3.3M | $4.3M | $2.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.9M | $3.4M | $6.7M | $22.0M | $158.8M | $39.5M | $24.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $33.8M | $85.0M | $7.1M | $39.5M | $226.8M | $97.6M | $71.2M |
| Retained Earnings | -$16.0M | -$42.5M | -$93.7M | -$188.3M | -$195.0M | -$129.3M | -$273.1M |
| Total Equity | -$15.5M | -$41.5M | $298.7M | $212.6M | $242.4M | $428.7M | $306.1M |
| Total Debt | 0 | 0 | 0 | $25.9M | $68.2M | $59.2M | $50.9M |
| Net Debt | -$16.8M | -$39.0M | -$291.1M | -$162.8M | -$283.7M | -$360.8M | -$244.8M |
| Working Capital | $15.5M | $36.6M | $292.0M | $187.9M | $211.0M | $400.6M | $281.8M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$5.1M | -$26.5M | -$51.2M | -$94.6M | -$6.7M | $65.6M | -$143.8M |
| Depreciation & Amortization | $104000 | $326000 | $1.1M | $1.9M | $2.8M | $3.8M | $4.1M |
| Stock-based Compensation | $294000 | $325000 | $2.5M | $9.9M | $13.1M | $17.9M | $19.6M |
| Change in Working Capital | $174000 | $282000 | -$3.4M | -$11.1M | $136.3M | -$118.9M | -$4.8M |
| Operating Cash Flow | -$10.8M | -$25.6M | -$50.9M | -$93.8M | $139.8M | -$41.6M | -$128.5M |
| Capital Expenditure | -$630000 | -$2.3M | -$4.6M | -$2.9M | -$5.6M | -$3.2M | -$1.0M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$11.4M | -$27.9M | -$55.4M | -$96.7M | $134.2M | -$44.7M | -$129.6M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +63.4% | -87.9% | |||||
| Net Income Growth (YoY) | -470.5% | -92.9% | -84.9% | +92.9% | +1081.7% | -319.0% | |
| EPS Growth (YoY) | +81.1% | -90.5% | -74.4% | +92.8% | +980.0% | -297.2% | |
| Shares Change (YoY) | +2881.7% | -0.1% | +0.2% | +5.6% | +18.0% | +6.1% | |
| FCF Growth (YoY) | -144.0% | -98.8% | -74.4% | +238.8% | -133.3% | -189.7% | |
| Gross Margin | 100.0% | 100.0% | 83.9% | ||||
| Operating Margin | -2.5% | 22.3% | -613.7% | ||||
| EBITDA Margin | 11.5% | 33.3% | -560.2% | ||||
| Net Margin | -5.2% | 31.1% | -565.5% | ||||
| FCF Margin | 104.0% | -21.2% | -509.6% | ||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | 155.4% | 1.3% | -0.6% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-10.91 | $-0.89 | $-1.78 | $-3.09 | $4.06 | $-1.15 | $-3.13 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.0M | $31.2M | $31.2M | $31.3M | $33.1M | $37.3M | $41.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -57.61% |
| Return on Invested Capital | -62.61% |
| Return on Assets | -55.47% |
| Gross Margin | -754.72% |
| Operating Margin | -3767.07% |
| Net Margin | -3537.73% |
Financial Health
| Debt / Equity | 0.21 |
| Current Ratio | 10.89 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 2.17 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -5.39 | -28.51 | -10.70 | -4.85 | -75.45 | 9.82 | -2.96 |
| P/B | -1.62 | -18.04 | 1.79 | 1.99 | 2.06 | 1.50 | 1.39 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 3.87 | 3.06 | 16.73 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 83.9% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -2.5% | 22.3% | -613.7% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -5.2% | 31.1% | -565.5% |
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